Global Face Recognition AI Camera Market, By Components (Software Tools, Services), Verticals (BFSI, Government and Defence, Retail and E-Commerce, Healthcare, Education, Automotive, Others), Application (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement, Others) – Industry Trends and Forecast to 2029.
Face Recognition AI Camera Market Analysis and Size
Technology is rapidly improving, evolving, and expanding. Facial recognition technology is a type of image recognition technology that has grown in popularity in recent years. This technology uses a connected or digital camera to detect faces in captured images and then quantifies the image's features to match against templates in the database.
Data Bridge Market Research analyses that the face recognition AI camera market which was growing at a value of 4.77 billion in 2021 and is expected to reach the value of USD 25.99 billion by 2029, at a CAGR of 23.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Face Recognition AI Camera Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software, Services), Technology (Barcode Recognition, Facial Recognition, Object Recognition, Pattern Recognition), Application (Scanning and Imaging, Security and Surveillance, Face Search, Augmented Reality and Others), Deployment (On Premises, Cloud), End User (BFSI, Media, Entertainment),
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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AllGoVision Technologies Pvt. Ltd. (India), Axis Communications AB (Sweden), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd. (India), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), Intuvision, Inc. (U.S.), Avigilon Corporation (Canada), Stanley Convergent Security Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S (Denmark),
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Opportunities
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Market Definition
The detection and identification of an object or feature in a digital face or video is referred to as face recognition. It includes parameters such as pattern recognition, face recognition, fingerprint recognition, hand geometry, hand veins, finger geometry, palm recognition, retina recognition, and voice recognition. Businesses all over the world use it to improve customer experiences while also increasing surveillance and security.
Global Face Recognition AI Camera Market Dynamics
Drivers
- Futurization of technologies around the world
Face recognition is changing the way we see the world and is playing a critical role in the future of technology. Face recognition is now used in many areas of our lives, including gaming, healthcare, retail, social media platforms, security, and automobiles. Many car manufacturers are incorporating this technology into self-driving cars in order to reduce the number of accidents and keep traffic rules and regulations in order. This technology is also being used in the healthcare industry for microsurgical procedures. Drones, security cameras, facial recognition devices, and other face recognition devices have been developed for security and safety purposes. The increasing use of face recognition in various applications is driving market growth.
- Growing emphasis on security concerns
Security is critical for everyone, and many new technologies and developments are being implemented to improve security everywhere. Many different security devices with face recognition have been developed today. People's safety and security are enhanced by facial recognition biometric devices, security cameras, and drones. This face recognition technology is used in a variety of products, including gaming and retail, because it improves people's overall experiences and creates a new platform for them.
Opportunity
- Modernization and growing marketing strategies
Modernization, rising end-user demand for brand recognition, and an increasing number of market strategies will create new opportunities for the face recognition AI camera market during the forecast period.
Restraints
- High installation cost
However, among other factors, the high cost of installing face recognition systems and a lack of technical experts in the industry are major restraints that will further challenge the face recognition AI camera market during the forecast period.
This face recognition AI camera market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the face recognition AI camera market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Global Face Recognition AI Camera Market
The global economy and humanity have been devastated by the COVID-19 pandemic. Due tothe high infection rate and the negative impact on public health systems, governments in various countries were forced to implement state-wide lockdowns, causing disruptions in production, supply chains, trade, and related services. Due to a shortage of semiconductor chips on the market, manufacturing of smartphones and cameras was halted, causing delays in the AI camera market. Furthermore, as people became more isolated in their homes, demand for security systems fell dramatically. However, the AI camera market has been steadily growing in recent months and is expected to continue doing so over the next five years. In the coming years, the demand for video systems that detect employees who are not wearing masks or alert managers to perform mandatory safety checks in workplace premises is expected to skyrocket. Furthermore, the growing use of AI cameras that can alert growers if their plants are drooping and plant managers if there is a problem with a production line may boost market growth.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures
Global Face Recognition AI Camera Market Scope
The face recognition AI camera market is segmented on the basis of components, verticals and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Software tools
- 2D facial recognition
- 3D facial recognition
- Facial analytics
- Services
- Training and consulting
- Cloud-based facial recognition
Application
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Law Enforcement
- Others
End User
- BFSI
- Government and Defence
- Retail and E-Commerce
- Healthcare
- Education
- Automotive
- Others
Face Recognition AI Camera Market Regional Analysis/Insights
The face recognition AI camera market is analysed and market size insights and trends are provided by country, components, verticals and application as referenced above.
The countries covered in the face recognition AI camera market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
During the forecast period, North America is expected to have the highest revenue share in the face recognition AI camera market. Profit growth in the North American market is being driven by an increase in the use of cutting-edge technology, the rise of the retail and e-commerce sectors, and the presence of major industry players. North America has a significant influence on the global face recognition industry.
Asia Pacific region ranks highest in the growth rate. The area accounts for a significant market share in the global AI camera security market due to the abundance of cost-competitive workforces and raw material advantages. With significant breakthroughs in surveillance, consumer electronics, and retail, China and Japan are the regional market leaders. China produces roughly 40% of the world's CCTV cameras. The APAC AI camera market is expected to grow at the fastest rate during the forecast period.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Face Recognition AI Camera Market Share Analysis
The face recognition AI camera market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to face recognition AI camera market.
Some of the major players operating in the face recognition AI camera market are:
- AllGoVision Technologies Pvt. Ltd. (India)
- Axis Communications AB (Sweden)
- Cisco Systems, Inc. (U.S.)
- Honeywell International, Inc. (U.S.)
- IBM Corporation (U.S.)
- IntelliVision (U.S.)
- Verint Systems, Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Gorilla Technology Group, Inc. (R.O.C.)
- i2v Systems Pvt. Ltd. (India)
- ADT, Inc. (U.S.)
- Agent Video Intelligence Ltd. (U.S.)
- Intuvision, Inc. (U.S.)
- Avigilon Corporation (Canada)
- Stanley Convergent Security Solutions, Inc. (U.S.)
- Eagle Eye Networks (U.S.)
- Milestone Systems A/S (Denmark),
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