Adroit Market Research has released a new report that predicts that the global facial recognition market will climb above $12 billion by 2025. That figure eclipses previous reports from MarketsandMarkets and Reports and Data. The former predicted that the global facial recognition market would reach $7 billion by 2024, while the latter forecast that the market would not hit $11.3 billion until 2026.
Adroit credits the anticipated growth to the rising demand for facial recognition in data security and surveillance. Data security refers to scenarios in which facial recognition is used to verify the identity of an individual during an online or in-person interaction. For example, Adroit notes that facial recognition technology has already been deployed at ATMs, while Alibaba’s Alipay has been used to enable purchases on mobile devices.
Surveillance, meanwhile, encompasses facial recognition platforms that use the technology to identify and process people in real-world settings. U.S. Customs and Border Protection has deployed cameras at multiple border checkpoints, while the FBI has compiled a massive database of driver’s license photos in an effort to catch suspected criminals.
Local law enforcement agencies have displayed a similar enthusiasm for the technology, both in the U.S. and elsewhere. However, there has been considerable backlash from privacy advocates, especially in the wake of a bombshell New York Times report that revealed that hundreds of police departments have partnered with an unmonitored and unregulated facial recognition provider.
According to Adroit, North America is currently the biggest market for facial recognition tech, and is expected to remain so throughout the forecast period. The firm highlights NEC, Cognitec, Gemalto, Daon, IDEMIA, Innovatrics, Megvii, and Neurotechnology as some of the key players in the space, although it emphasized the fact that the market is fragmented in a way that creates plenty of business opportunities for startups and local developers.
January 27, 2020 – by Eric Weiss