Facial Recognition - United Kingdom

The market size in the Facial Recognition market is projected to reach US$159.30m 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$272.40m 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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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.

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.

The Facial Recognition market in the UK has seen subdued growth due to factors such as privacy concerns, lack of regulatory frameworks, and technical limitations. Despite this, the market is expected to grow due to the increasing adoption of facial recognition technology in various industries, such as security, banking, and retail. This is driven by the convenience and efficiency offered by the technology. Within the wider Artificial Intelligence market, the Facial Recognition market is a key component of the Computer Vision sector, which is experiencing significant growth globally.

Customer preferences: One notable trend in the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in the United Kingdom is the increasing use of facial recognition technology for security purposes. With rising concerns over security and privacy, consumers are becoming more accepting of biometric authentication methods, leading to an increase in demand for facial recognition systems. Furthermore, the growing adoption of contactless technology due to the COVID-19 pandemic has also accelerated the use of facial recognition for identity verification and access control.

Trends in the market: In the United Kingdom, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to its wide application in security, retail, and healthcare industries. With increasing concerns over data privacy and security, there is a growing trend towards the development of more accurate and ethical facial recognition algorithms. This trend is expected to continue in the coming years, with the UK government investing heavily in AI research and development. This presents significant opportunities for industry stakeholders, but also raises concerns about potential biases and discrimination in the technology. As the market grows, it will be important for companies to address these issues and ensure responsible and transparent use of facial recognition technology.

Local special circumstances: In United Kingdom, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the strict data privacy regulations and concerns. The government's push for biometric identification in public spaces, such as airports and train stations, has also fueled the market growth. Additionally, the country's high adoption of digital technology and advanced infrastructure have created a conducive environment for the development and implementation of facial recognition technology. However, the recent controversies surrounding the use of facial recognition in law enforcement have raised ethical concerns and could potentially impact market dynamics.

Underlying macroeconomic factors: The demand for facial recognition technology in the United Kingdom is greatly impacted by macroeconomic factors such as government policies, technological advancements, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in artificial intelligence technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing need for security and surveillance in public and private sectors is driving the demand for facial recognition technology, as well as the growing trend of using biometric data for authentication and identification purposes.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Facial Recognition - United Kingdom

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