June 17, 2024
Face Recognition Ai Camera Market

Face Recognition Ai Camera Market Poised For Strong Growth Driven By AI-powered Remote Monitoring Applications

Face recognition Ai camera market development revolves around advanced computer vision capabilities to identify individuals through facial features, expressions and relationships to other people, activities or objects in a video stream. Development of deep learning algorithms have enabled creation of cameras with integrated artificial intelligence which are able to recognize one or more faces in real-time and tag individuals automatically without any human intervention. These AI cameras are finding widespread adoption across security and surveillance, law enforcement, retail analytics, smart cities, banking and travel & transportation sectors due to advantages like contactless biometric identification, access control and monitoring capabilities.

The Global Face Recognition Ai Camera Market is estimated to be valued at US$ 3.08 Billion 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 market 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 companies are investing heavily in developing advanced ai algorithms and integrating them with advanced camera hardware.

Growing demand for security across public places like airports, railway stations, government buildings etc coupled with increasing spending on video analytics software by law enforcement agencies is fuelling Face Recognition Ai Camera Demand. Rapid establishment of smart city infrastructure across developed and developing economies is also supporting market expansion.

Major players are focusing on partnerships with system integrators and technology providers to leverage global sales networks and establish footprint across international markets. North America and Asia Pacific currently hold majority share of face recognition camera installations globally due to rapid digital transformation of cities and industries.

Market Key Trends

Development of smarter cameras integrated with edge computing capabilities is a major trend in the face recognition ai camera market. Edge AI allows partial or complete AI model processing to happen locally on camera devices resulting in faster processing speeds and ability to work independently without internet. This makes them ideal for applications demanding real-time response like access control and queue management. Ongoing research in gait recognition, facial expression analysis and combining face recognition capabilities with advanced video analytics is also expanding use cases for AI cameras across diverse industry verticals.

Porter’s Analysis

Threat of new entrants: The face recognition Ai camera market has moderate threat from new entrants due to large resources required for R&D and technological capabilities. However, the growing market offers opportunities for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several vendors offering customized solutions. However, differentiated products and need for security boosts loyalty.

Bargaining power of suppliers: Component manufacturers have low bargaining power due to availability of substitutes and less differentiation. However, technological expertise remains an important factor.

Threat of new substitutes: Threat from substitutes is low as face recognition solutions integrate hardware and software. However, alternatives from other biometrics pose threat.

Competitive rivalry: The market has high competition due to presence of global and local players. Players focus on new technologies, customization and pricing to gain shares.

Geographical Regions

In terms of value, the Asia Pacific region dominates the face recognition AI camera market due to the presence of major manufacturers and rising security spending in countries like China and India. China accounts for over 30% of the global market value due to large-scale deployments across airports, railway stations and government buildings.

North America is the fastest growing region for the face recognition AI camera market driven by increased employment of thermal cameras for access control and rising focus on public safety across the US and Canada. Growing investments by government and law enforcement agencies have bolstered the regional market growth.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it