• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

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

June 28, 2019

“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

Related News

  • Airports to Drive $10.1 Billion Security Screening MarketAirports to Drive $10.1 Billion Security Screening Market
  • Remote Identity Verification Market to Hit $17.2 Billion by 2026: Goode IntelligenceRemote Identity Verification Market to Hit $17.2 Billion by 2026: Goode Intelligence
  • Emergen Forecasts $13.87 Billion Facial Recognition MarketEmergen Forecasts $13.87 Billion Facial Recognition Market
  • AMR Credits Facial Recognition and COVID-19 for Booming Virtual Meeting Software MarketAMR Credits Facial Recognition and COVID-19 for Booming Virtual Meeting Software Market
  • COVID Will Help Fuel $28.83B Contactless Biometrics Market: ReportCOVID Will Help Fuel $28.83B Contactless Biometrics Market: Report
  • Reports and Data Forecasts $50.41 Billion Forensics Technology MarketReports and Data Forecasts $50.41 Billion Forensics Technology Market

Filed Under: News Tagged With: Biometric, biometric border control, biometrics, face biometrics, face scanning, facial recognition, government biometrics, industry trends, market forecasts, market reports, MarketsandMarkets

Primary Sidebar

Want To Deploy Biometric Access? Download This First:

The resources in this bundle will give you the know-how to choose the right biometric access for your organization.

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

With its secunet border gears product portfolio and specialised consulting expertise, secunet supports police forces and security authorities in their sovereign tasks. Whether ABC gates, self-service kiosks or biometric middleware – each component helps to strengthen identity protection and to accelerate verification – in mobile and stationary scenarios.

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • Highlighting Biometric Security, NC DMV Head Pushes for Mobile Driver’s License
  • NY Attorney General Takes Aim at Madison Square Garden: Identity News Digest
  • [New Sponsors Announced] Feb 15 Virtual Summit Sessions Announced: Digital ID in Healthcare, Financial Services, Travel
  • After 250% Revenue Spike, São Paulo Onboarding Startup Goes Global
  • In Pursuit of Digital ID: Identity News Digest

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 FindBiometrics