Visiongain has released a new report on the facial recognition market, analyzing a number of different variables to create a comprehensive forecast for the next ten years. The outlook is positive for those in the industry. The report evaluated the market at $4.6 billion in 2019, and expects that figure to grow as the demand for facial recognition technology increases in the next few years.
For those looking for more detail, the Facial Recognition Technology Market Report goes on to break things down by region, type, component, application, and industry vertical, with separate forecasts for each stream. Type refers to 2D, 3D, and facial analytics, while component refers to the role a company plays in the facial recognition industry and whether it is a provider of hardware, software, and/or services.
Application and industry vertical are broader categories. The former indicates what facial recognition technology is being used for, and includes things like access control, emotion recognition, and attendance tracking. The latter divides the market into distinct industries, including government, healthcare, and financial services.
The report also features analysis of Gemalto, IDEMIA, NEC, Nuance, and other key players in the facial recognition space. All told, the report provides a wealth of information for banks, government agencies, and other parties that might be considering facial recognition technology as part of their security strategy.
Visiongain previously predicted similar growth in healthcare biometrics. The facial recognition forecast lends support to an earlier report from Market Research Future, which projected the facial recognition market would reach $8 billion by 2022.
April 11, 2019 – by Eric Weiss