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Facial Recognition - MENA

MENA
  • The market size in the Facial Recognition market is projected to reach US$211.10m 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$360.90m 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

    Market Size

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

    Most recent update: Jul 2024

    Source: Statista Market Insights

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

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Facial Recognition Market in the MENA region has seen a subdued growth rate, influenced by factors such as lack of regulations and concerns over privacy. Despite this, the market is expected to grow due to increasing adoption of AI and rising security concerns.

    Customer preferences:
    Consumers in the MENA region are increasingly adopting facial recognition technology for security and identification purposes, with a particular focus on airports and border control. This can be attributed to the region's heightened security concerns and efforts to streamline processes and improve efficiency. Additionally, advancements in AI and computer vision technology have led to increased accuracy and reliability of facial recognition systems, further driving its adoption. However, there are also growing concerns about privacy and potential misuse of personal data, leading to debates and discussions around regulations and ethical considerations.

    Trends in the market:
    In the MENA region, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for security and surveillance systems. This trend is driven by the government's initiatives to enhance public safety and the increasing adoption of advanced technologies in various industries. As the region continues to invest in smart city projects and digitization, the demand for facial recognition technology is expected to grow further. This presents opportunities for industry stakeholders to expand their market presence and cater to the evolving needs of the region's digital transformation.

    Local special circumstances:
    In the MENA region, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by cultural and regulatory factors. In countries like Saudi Arabia and the UAE, there is a strong push for smart city initiatives, leading to the adoption of facial recognition technology for security and surveillance purposes. However, in countries like Iran and Syria, where there are strict regulations on personal privacy, the use of facial recognition technology is limited. Furthermore, cultural and religious beliefs also play a role in the acceptance and use of this technology in the region, affecting market dynamics.

    Underlying macroeconomic factors:
    The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in MENA is strongly influenced by macroeconomic factors such as technological advancements, government support, and investments in digital infrastructure. Countries with favorable regulatory environments and strong investments in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Furthermore, the increasing demand for security and surveillance solutions in the region, combined with the growing awareness and adoption of facial recognition technology, is driving market growth in the MENA region.

    Global Comparison

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

    Most recent update: Jul 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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