These cameras utilize deep learning and artificial intelligence capabilities to analyze facial features and identify individuals. The growing need for enhanced security and surveillance solutions at public places as well as enterprises is a major factor driving the demand for face recognition AI cameras. Adoption of facial recognition technology has enabled touchless verification and contactless access control, which has become increasingly important amid the ongoing pandemic.
The Global Face Recognition Ai Camera Market is estimated to be valued at US$ 3.08 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Face Recognition Ai Camera are IDEMIA , TECH5 Group, Onfido, Hangzhou Hikvision Digital Technology Co., Ltd. , Honeywell International Inc., Panasonic Holdings Corporation, Dahua Technology, Megvii, Ayonix , AnyVision, NEC Corporation, Cognitec Systems GmbH, Aware, Inc., Thales, VIVOTEK Inc., Sony Group Corporation, Axis Communications AB. , Nikon Corporation. These players are focusing on developing advanced facial recognition solutions and partnering with system integrators to strengthen their market position.
The growing demand for contactless verification and access control across various industries due to the pandemic is opening up new opportunities for facial recognition camera providers. Technologies such as thermal imaging are being integrated to screen for fever and other health parameters, expanding use cases for these cameras.
Asia Pacific region is expected to witness highest growth owing to increasing investments by key players in countries such as China, India and Japan. Face Recognition AI Camera Market Size Players are also focusing on other regions through partnerships to leverage opportunities arising from rising security expenditures.
Market drivers
Increasing adoption of facial recognition technology across industries such as banking, retail and transportation for security and surveillance is the key driver. Rising safety concerns across public places is further augmenting demand. Facial recognition enables touchless verification and contactless access control which has become more important in the ongoing pandemic scenario.
Market restrain
Privacy and security concerns related to facial data collection and storage can hamper demand to some extent. Strict regulations around use of facial biometrics in some countries is another challenge. However, advancements in AI are helping address such issues to a large extent.
Segment Analysis
The face recognition AI camera market is dominantly segmented by component. The hardware segment accounts for the major market share as face recognition AI cameras require hardware equipments like cameras, sensors, and processors to function. Within hardware, the cameras sub-segment dominates due to rising use of these cameras across industries for security and surveillance purposes. Industries like commercial, public and residential heavily rely on face recognition AI cameras and their real time detection capabilities for access control and security monitoring.
Global Analysis
North America is projected to be the fastest growing as well as dominating regional market for face recognition AI cameras during the forecast period. This is attributed to growing security concerns and increasing focus on public safety across countries like US and Canada. Government investments to enhance security infrastructure using technologies like facial recognition is driving the regional market. Asia Pacific region is also poised to witness notable growth and emerge as another lucrative market for facial recognition AI cameras market. Expanding AI tech adoption across industries, rising smart city projects and increasing consumer spending in countries like China, India are factors spurring the regional market demand.
Get more insights on This Topic- Face Recognition AI Camera Market
Comments
0 comment