Facial Recognition to Grow at 22 Percent CAGR Until 2024

Facial Recognition to Grow at 22 Percent CAGR Until 2024The global facial recognition market is poised for considerable growth over the next several years, according to a recent report from Tractica. The market intelligence firm predicts that it’s going to grow at an annual rate of 22 percent (CAGR) between this year and 2024.

For 2o15, Tractica pegs annual revenues at $150 million; by 2024, annual revenues will reach $882 million. That’s very encouraging, but Tractica asserts that it’s still going to lag behind fingerprint and voice/speech recognition, calling facial recognition “a moderately sized biometrics market” in a report synopsis. Nevertheless, the technology has some advantages over other modalities. Tractica points out that it offers passive authentication and thus can also be used in stealthy applications. When it’s based on visible light, a deployment can be based entirely on software, using pre-existing camera feeds for its input; and the more expensive infrared-based facial thermography, which is highly accurate, has a range of potential applications, from ATMs to border control.

Other researchers have been similarly enthusiastic about the global facial recognition market, in large part due to the wide range of applications for which it can be used. Its growth reflects a broader trend in the overall biometrics market, which is expected to be valued at almost $15 billion by 2024.

July 8, 2015 – by Alex Perala