Facial Recognition - New Zealand

The Facial Recognition Market in New Zealand has seen moderate growth due to factors such as the slow adoption of digital technologies, limited awareness about facial recognition, and privacy concerns related to its use. Despite this subdued growth, the market is expected to expand in the coming years with the increasing focus on AI and its applications in various industries.

Customer preferences: With the rise of digitalization and the increasing use of technology in everyday life, consumers are becoming more open to facial recognition technology for various applications. This trend is further accelerated by the growing concerns around security and safety, especially in the wake of recent global events. As a result, there has been a significant increase in the adoption of facial recognition technology in various industries, such as banking, retail, and transportation. This trend is expected to continue as more businesses and organizations explore the potential of facial recognition technology to enhance customer experiences and improve safety and security measures.

Trends in the market: In New Zealand, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to its potential applications in security and surveillance. The trajectory of this trend is expected to continue upwards, with increasing adoption in various industries such as banking and retail. This poses significant implications for industry stakeholders, as it opens up new opportunities for revenue growth and efficiency. However, there are also concerns raised around privacy and ethical implications, which may need to be addressed to ensure responsible use of this technology.

Local special circumstances: In New Zealand, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by the country's strict privacy laws and ethical concerns surrounding the use of biometric data. Additionally, the small population and geographical isolation present challenges for market growth and adoption. However, the country's high-tech sector and strong government support for innovation could drive advancements and create opportunities for facial recognition technology in areas such as public safety and border control.

Underlying macroeconomic factors: The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in New Zealand is impacted by macroeconomic factors such as technological advancements, government policies, and investment in AI infrastructure. With the government's focus on promoting the adoption of AI technologies, the market is expected to experience significant growth. The rise in demand for facial recognition technology, driven by its applications in security, healthcare, and retail sectors, is also contributing to market growth. Moreover, the country's stable economic climate and increasing investments in AI research and development are further propelling the market forward.

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.