Biometric Facial Recognition Market to Reach $7B by 2024: Report

“Notably, despite the growing popularity of facial recognition in consumer technology since Apple helped to popularize selfie authentication with its Face ID system, MarketsandMarkets points to demand in government, surveillance, and industry areas as being key to the modality’s growth.”

Biometric Facial Recognition Market to Reach $7B by 2024: Report

The global facial recognition market will grow from an estimated value of $3.2 billion this year to $7 billion by 2024, according to a new forecast report from MarketsandMarkets. That growth will reflect a CAGR of 16.6 percent.

Notably, despite the growing popularity of facial recognition in consumer technology since Apple helped to popularize selfie authentication with its Face ID system, MarketsandMarkets points to demand in government, surveillance, and industry areas as being key to the modality’s growth. Law enforcement will hold the largest market segment during the forecast period, though MarketsandMarkets lumps national IDs and border control applications such as e-passports in this area too; and new opportunities are expected to open up in healthcare for the handling of patient identification, and in retail for customer analytics.

As for the key region in the global growth trend, MarketandMarkets says it’s going to be North America, thanks in large part to the presence of early adopters, major market players, large-scale programs, and deployments in access control. Other recent reports have also highlighted North America as the key market region for facial recognition, though opinions have differed as to whether it’s followed more closely by Europe or APAC.

On that note, MarketsandMarkets’ overall growth forecast is rather consistent with those of other recent predictions. Market Research Future was a bit more bullish, forecasting a market value of $8 billion by 2022; and Reports and Data came to a figure of $11.3 billion, though that was for a forecast period ending in 2026.

Finally, major market players highlighted in the MarketsandMarkets report include NEC, Aware, Nuance, IDEMIA, and HYPR, among others.

June 28, 2019 – by Alex Perala