Springing from technological breakthroughs in the 1980s and 1990s, facial recognition is currently experiencing a period of growth as cost curves and use cases converge to produce an increasing variety of applications in consumer, enterprise, and government markets worldwide. According to a new report from Tractica, adoption of facial recognition will be particularly strong during the next several years in mobile device authentication, but areas of growth will also include government applications such as national ID cards and biometrics passports, as well as finance/banking and retail applications.
The market intelligence firm forecasts that annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024. During that period, 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%.
“The largest use case for facial recognition is mobile device authentication,” says 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, “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 20 use cases specific to face biometrics, forecasting revenue and software licenses for facial recognition, along with revenue and device shipments for facial thermography. An Executive Summary of the report is available for free download on the firm’s website.