Emergen Research is expecting to see significant growth in the global facial recognition market in the next few years. The firm predicts that the market will reach $13.87 billion in 2028, exhibiting a steady CAGR of 15.7 percent for the forecast period.
According to Emergen, much of that growth can be attributed to the rising demand for cloud-based biometric identity solutions. Businesses in the financial, industrial, and commercial sectors need strong security and surveillance solutions that can withstand more sophisticated cyberthreats. Governments, meanwhile, will use facial recognition to thwart terrorists, and in healthcare programs to identify patients while still preventing the spread of infectious diseases like COVID-19. The government sector accounted for the lion’s share of the revenue in 2020.
Other contributing factors include the increasing ubiquity of smart signs with facial recognition capabilities, and the development of more user-friendly facial recognition solutions. Emergen also expects to see a greater investment in emotion identification tech in the next few years.
The software segment will be bigger than the hardware segment, while the 3D facial recognition segment will grow at a faster rate than the 2D recognition and facial analytic segments. Finally, the Asia Pacific region will display a strong CAGR as developing economies turn to facial recognition for surveillance and identification purposes.
Emergen listed Aware, NEC, Cognitec, Panasonic, Gemalto, and Face++ as some of the most significant players in the facial recognition space. In doing so, it called particular attention to Aware, which launched its multimodal AwareABIS platform back in January.
The firm’s $13.87 billion prediction is in line with those of other firms. MarketsandMarkets has believes the market will hit $8.5 billion in 2025, while Reports and Data places it at $11.3 billion in 2026. The those figures are based on CAGRs of 17.2 percent and 12 percent, respectively.
April 30, 2021 – by Eric Weiss