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Facial Recognition - Greece

Greece
  • The market size in the Facial Recognition market is projected to reach US$11.33m in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 9.35%, resulting in a market volume of US$19.38m by 2030.
  • In global comparison, the largest market size will be United States (US$1.32bn in 2024).

Definition:
Facial recognition, as part of computer vision, is a technology that involves the identification and verification of individuals by analyzing and comparing unique facial features. It uses algorithms to capture, analyze, and match facial patterns from images or video frames. By extracting key facial landmarks and characteristics, such as the distance between the eyes, the shape of the nose, and the contours of the face, facial recognition systems can accurately recognize and authenticate individuals. The applications for this technology are diverse and include the areas of access control, surveillance, user authentication, and personalized experiences in digital platforms.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Nvidia, Intel, and IBM.

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In-Scope

  • Technologies that use machine learning algorithms to analyze and identify human faces in digital images and/or videos, such as face detection and recognition software
  • Products and services that use facial recognition technology, such as security systems, mobile devices, and augmented reality apps.

Out-Of-Scope

  • Technologies that do not rely on facial recognition, such as voice recognition and image recognition technologies that do not specifically target faces
  • Products and services that do not use facial recognition technology, such as physical goods and traditional customer service support.
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Study Details

    Value

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Facial Recognition Market in Greece has been experiencing subdued growth, influenced by factors such as slow adoption of digital technologies, lack of awareness among consumers, and limitations of online health services. However, the market is expected to grow due to the increasing demand for AI-based solutions in various industries.

    Customer preferences:
    As facial recognition technology continues to advance, consumers in Greece are increasingly interested in using it for convenience and security purposes. The rise in contactless payments and touchless access control systems has also fueled the demand for facial recognition. Additionally, with the growing concern for personal data protection, there is a shift towards advanced facial recognition systems that prioritize privacy and security.

    Trends in the market:
    In Greece, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to the increasing use of facial recognition technology in various industries, such as security, retail, and healthcare. This trend is expected to continue, with facial recognition being integrated into more applications, such as payment systems and access control. This has significant implications for industry stakeholders, as it presents opportunities for increased efficiency and convenience, but also raises concerns about privacy and ethical use of data. Additionally, with the Greek government investing in AI and digital transformation, the market is expected to experience further growth in the coming years.

    Local special circumstances:
    In Greece, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is impacted by the country's economic challenges and strict data protection laws. These factors have slowed down the adoption of facial recognition technology, with companies facing hurdles in obtaining consent from individuals for the use of their biometric data. Additionally, cultural concerns regarding privacy and security have led to a cautious approach towards implementing facial recognition solutions. This has resulted in a slower growth rate for the market compared to other countries.

    Underlying macroeconomic factors:
    The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Greece is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investments in digital infrastructure. Countries with supportive regulatory environments and robust investments in emerging technologies are experiencing significant growth in the market. On the other hand, regions with regulatory challenges and limited funding for technological advancements are facing slower market growth. Furthermore, the rising aging population and prevalence of chronic diseases globally are driving the demand for facial recognition solutions to improve healthcare access and outcomes.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

    Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

    Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

    Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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