The global facial recognition technology market will witness a huge growth over the next decade or so, a new research report has claimed.
According to Tractica, annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024.
The market intelligence firm forecasts that during the 10 year period from 2015 through 2024, annual revenue for facial biometrics – including both visible light facial recognition and infrared-based facial thermography – will increase from $149.5 million to $882.5 million, at a compound annual growth rate (CAGR) of 22 percent.
As per the report, the facial recognition market is currently experiencing a period of growth as the convergence of cost curves and use cases have created a wide selection of applications in consumer, enterprise, and government markets worldwide.
The research firm expects that facial recognition’s adoption will be particularly strong in mobile device authentication, while areas of growth will include government applications such as national ID cards and biometrics passports, as well as finance/banking and retail applications.
In terms of regions, it is expected that the Asia-Pacific will witness the fastest growth in facial recognition revenues through 2024, while Africa, Latin America and the Middle East will lag in terms of facial biometrics adoption.
“The largest use case for facial recognition is mobile device authentication,” said principal analyst Bob Lockhart.
“This use case is defined in massive volumes, but at a small unit price. The next substantial use case for facial recognition is to identify persons of interest. This use case exists in government, defense, law enforcement, and enterprise markets. Future applications include anonymously profiling people for uses like customized digital signage.”
Tractica’s report titled “Facial Recognition,” examines the market for facial recognition biometrics hardware and software, including 10-year forecasts for the period from 2015 through 2024.
The report examines a total of 20 use cases specific to face biometrics, forecasting revenue and software licenses for facial recognition, as well as with revenue and device shipments for facial thermography.
An Executive Summary of the “Facial Recognition” report is currently available for download on Tractica’s website for free.
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