The North America Facial Recognition Market would witness market growth of 13.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America Facial Recognition Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4,027.3 million by 2031. The Canada market is experiencing to witness a CAGR of 16.2% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 15.2% during (2024 - 2031).
The use of such technology has revolutionized how people engage with digital systems, devices, and services. It has become a potent tool for identity verification, authentication, and access control. Identity verification technology, which offers unmatched convenience, security, and efficiency in verifying people's identities, has been widely adopted across various industries and sectors owing to advancements in artificial intelligence, computer vision, and biometric authentication.
In recent years, face recognition technology has increased exponentially due to the growing need in both the public and private sectors for easy and secure identity verification solutions. Identity verification technology is implemented across numerous sectors, including banking, finance, retail, healthcare, transportation, and law enforcement, to enhance security, streamline operations, and optimize customer experiences.
BFSI organizations in Canada are subject to stringent regulatory requirements regarding customer authentication, data protection, and privacy. This technology helps banks and insurers comply with regulatory standards. Identity verification systems provide secure and compliant customer identification and authentication methods, ensuring that sensitive data is protected, and privacy rights are upheld. As per the data published in 2023 by the International Trade Administration, Canada’s banking industry contributed 3.6% (or US$55 billion) to Canada’s GDP. Additionally, as per the data published in 2023 by the International Trade Administration, the principal law enforcement agencies and the Mexican military (Army, Air Force, Navy, and the Secretary of Public Security and Citizen Protection or SSPC) will be funded by the national security and defense budget in 2023, which increased from USD 16.5 billion in 2022 to USD 17.8 billion. Hence, North America's growing BFSI and national security sectors are expected to boost the region's demand for such systems.
Free Valuable Insights: The Facial Recognition Market is Predict to reach USD 16.8 billion by 2031, at a CAGR of 14.5%
Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Deployment Mode, the market is segmented into On-premises, and Cloud. Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Technology, the market is segmented into 3D, 2D, and Facial Analytics. Based on Application, the market is segmented into Access Control, Attendance Tracking & Monitoring, Security & Surveillance, Emotion Recognition, and Others. Based on Vertical, the market is segmented into Government, Media & Entertainment, Education, Healthcare & Lifesciences, Automobile & Transportation, Manufacturing, Retail & eCommerce, IT & Telecom, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Organization Size
By Deployment Mode
By Offering
By Technology
By Application
By Vertical
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 