Global market for facial recognition devices to surpass $7 billion by 2025, led by CloudWalk
China will dominate the global market for facial recognition devices, with a 44.59 percent share by 2023, as CloudWalk leads all providers, according to a report from Gen Market Insights.
The “Global Face Recognition Device Market Research Report 2018” shows the total hardware market growing from $1.07 billion in 2017 to $7.11 billion in 2025, with a 26.8 percent CAGR. China’s market share last year was 29.29 percent, but will grow at a 29.53 percent CAGR, driven in part to a national artificial intelligence push that has included the development of an open-source platform, a planned new AI research campus, and massive state investment.
Cloudwalk led the industry with a 12.88 percent share of the global facial recognition device market in 2017, followed by Aurora with 4.18 percent, and Insigma Group with 3.31 percent. In addition to providing products for more than 400 banks, CloudWalk also supplies companies in industries including security and civil aviation.
Zimbabwe’s government selected CloudWalk for a major facial recognition project which includes camera and network infrastructure, as the company seeks to expand its reach outside of China.
A recent investment note from UBS suggested that the market for mass facial recognition and traffic monitoring could boost sales for NVIDIA, which holds a 90 percent market share for AI chips, by $5 billion by 2020.