Looking at emerging growth areas, Tractica points to opportunities in finance and also retail, where facial recognition could find some uses in marketing deployments.
Tractica is predicting huge growth in the global facial recognition market over the next decade or so. In a new report, the market research firm says that annual revenues in the market will grow from $149.5 million in 2015 to $882.5 million in 2024.
That reflects an annual growth rate of 22 percent (CAGR), and would see the number of facial recognition devices and licenses per year jump from 28.5 million to 122.8 million. So what’s driving the growth? The biggest area is mobile device authentication, which we’re already starting to see in the case of Alipay’s planned Smile to Pay system and similar app-based authentication systems. But government applications like national ID programs and defense and law enforcement are also going to be big going forward. Looking at emerging growth areas, Tractica points to opportunities in finance and also retail, where facial recognition could find some uses in marketing deployments.
The report reflects, and in some cases surpasses, the enthusiasm for this market that other researchers have also displayed. And it trends along with the overall global biometrics market, about which Tractica is very excited.
June 26, 2015 – by Alex Perala