Tractica predicts facial recognition technology on 122 million devices by 2024
Tractica published a new report entitled “Facial Recognition,” which predicts that annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024.
The report examines the market for facial recognition biometrics hardware and software, including 10-year forecasts for the period from 2015 through 2024.
During this period, the annual revenue for facial biometrics – including both visible light facial recognition and infrared-based facial thermography – will see experience a 22% CAGR increase from $149.5 million to $882.5 million.
The facial recognition market is currently experiencing a period of growth as the convergence of cost curves and use cases have created a wide selection of applications in consumer, enterprise, and government markets worldwide, according to the report.
In the report, Tractica forecasts that facial recognition’s adoption will be particularly strong during the next several years in mobile device authentication, while areas of growth will include government applications such as national ID cards and biometrics passports, as well as finance/banking and retail applications.
“The largest use case for facial recognition is mobile device authentication,” says principal analyst Bob Lockhart. “This use case is defined in massive volumes, but at a small unit price. The next substantial use case for facial recognition is to identify persons of interest.
“This use case exists in government, defense, law enforcement, and enterprise markets. Future applications include anonymously profiling people for uses like customized digital signage.”
The report examines a total of 20 use cases specific to face biometrics, forecasting revenue and software licenses for facial recognition, as well as with revenue and device shipments for facial thermography.
Previously reported, Tractica published a new report titled “Biometrics for Mobile Devices”, which finds that fingerprint recognition using onboard fingerprint readers will be the most prevalent biometric modality by 2021.