Facial Recognition - Portugal

The Facial Recognition market in Portugal has seen moderate growth within the Computer Vision sector of the Artificial Intelligence market. This growth is impacted by factors such as slow adoption of digital technologies and limited awareness of the benefits of facial recognition technology. However, with increasing advancements and adoption in the tech industry, the market is expected to experience a gradual rise in growth.

Customer preferences: With the rise of facial recognition technology, consumers in Portugal are becoming more concerned about data privacy and security. This has led to a growing demand for AI-powered solutions that offer advanced encryption and secure data storage. Additionally, there is a trend towards using facial recognition in retail and hospitality sectors for personalized customer experiences. This is driven by the desire for convenience and efficiency, as well as the integration of AI in everyday activities.

Trends in the market: In Portugal, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to the growing adoption of advanced security systems in various industries. This trend is expected to continue as the government is investing in implementing facial recognition technology in public spaces. Additionally, there is a rising trend of using facial recognition in retail and marketing to personalize customer experiences. These developments have significant implications for industry stakeholders, as they can improve security measures and enhance customer engagement. However, concerns over privacy and data protection may pose challenges for market growth.

Local special circumstances: In Portugal, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the country's strong focus on data privacy and security. The General Data Protection Regulation (GDPR) has influenced the development of facial recognition technology, with strict regulations in place to protect individuals' personal information. Additionally, Portugal's location within the European Union has led to its adoption of EU-wide standards for facial recognition technology, further shaping the market dynamics in the country.

Underlying macroeconomic factors: The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Portugal is influenced by macroeconomic factors such as the country's economic stability, government policies, and investment in technology. Portugal's strong economic growth and favorable regulatory environment have led to increased adoption of facial recognition technology in various industries, such as banking, retail, and security. Additionally, the rising demand for improved security and customer experience, coupled with the growing use of smartphones and other smart devices, is driving the growth of the facial recognition market in Portugal.

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.