Facial Recognition - India

The Facial Recognition market in India is seeing subdued growth due to factors such as slow adoption of digital technologies and privacy concerns. However, with increasing awareness and convenience offered by AI-based facial recognition systems, the market is expected to grow significantly in the future.

Customer preferences: As the use of facial recognition technology becomes increasingly prevalent in India, there has been a noticeable shift in consumer preferences towards more personalized and convenient experiences. This trend is particularly evident in the retail sector, where facial recognition is being used for targeted advertising and personalized recommendations based on individual preferences. Additionally, the adoption of facial recognition in the education sector for attendance and security purposes has gained traction, especially as the country continues to witness a rise in online and remote learning due to the COVID-19 pandemic. This growing acceptance of facial recognition technology is also indicative of the country's increasing reliance on digital solutions and the integration of technology in everyday life.

Trends in the market: In India, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for security and surveillance applications. This trend is expected to continue as the government invests in smart city initiatives and businesses adopt facial recognition technology for customer identification and fraud prevention. There is also a focus on developing more accurate and ethical facial recognition systems to address privacy concerns. This presents opportunities for industry stakeholders to tap into a growing market and innovate with responsible AI solutions.

Local special circumstances: In India, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing significant growth due to the government's push for digitalization and the country's high adoption of facial recognition technology. Cultural factors, such as the importance of identity authentication in Indian society, have also contributed to the market's growth. Additionally, regulatory initiatives, such as the National Digital Health Mission, are expected to further drive the adoption of facial recognition technology in various sectors, including healthcare and banking.

Underlying macroeconomic factors: The Facial Recognition Market in India is heavily influenced by macroeconomic factors such as technological advancements, government initiatives, and investment in digital infrastructure. With the Indian government's push towards digitalization and the increasing adoption of AI technologies in various industries, the Facial Recognition Market is expected to witness significant growth. Furthermore, the rising demand for enhanced security and surveillance systems, coupled with the increasing use of facial recognition in e-commerce and retail, is also driving market growth. Additionally, the growing population and increasing disposable income in India are creating a favorable market for facial recognition solutions.

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.