Biometrics research notes: surveillance and security drive 3D sensors, image and facial recognition markets
Biometric facial recognition generated $4.51 billion in 2018, and will grow at a 12.5 percent CAGR to reach a market value of $9.06 billion by 2024, according to a new Mordor Intelligence report, with surveillance and security systems and plans like Biometric Entry/Exit contributing significantly.
The report notes that governments, including those of the U.S. and China, are investing heavily in the technology. Proportionally higher growth is expected in the Asia-Pacific market than in Europe and North America, with Africa and South America showing the lowest growth rate.
Morder Intelligence states that 94 percent of smartphones feature fingerprint sensors, but that number will drop to 90 percent by 2023, with 3D facial recognition increasingly used for authentication. The development of the 3D camera market is also expected to impact facial recognition, particularly in the healthcare, payments, and commerce sectors. The prevalence of data breaches and attacks against banks are also expected to boost the market.
The report further considers the market according to technology type, end-user, and competitive landscape, with Cognitec, Fujitsu and FacePhi’s biometric ATM project with CaixaBank, and SensibleVision’s 3DWALLET given special attention.
The global market for 3D sensors Is set to grow at a massive 29 percent CAGR from 2020 to 2024, driven by adoption of the technology for security and surveillance systems, according to a new report from Infiniti Research Limited.
The ‘3D Sensors Market by Application and Geography – Forecast and Analysis 2020-2024’ also attributes the market’s rapid expansion to major increases in investment in 3D sensing for autonomous vehicles, which will use LiDAR scanning optical encoders, autonomous breaking systems, and other devices requiring the technology.
Ams, Broadcom, Himax Technologies, ifm electronic, Infineon Technologies, Intel, OmniVision Technologies, Sony, STMicroelectronics NV, and Texas Instruments are all among noted leading 3D sensor manufacturers, and the market landscape is considered fragmented, according to the 163-page report.
Factors which could possibly hamper the growth of the market include accuracy and calibration issues during sensor fusion, the industry cycles, and the U.S.-China trade war.
The broader image recognition market is forecast to reach a robust $81.88 billion by 2026 in a new report from Fortune Business Insights. The wide range of product applications for image recognition is expected to boost market growth.
The “Image recognition market…” report covers facial recognition, object recognition, pattern recognition, and optical character recognition, and predicts a 19.6 percent CAGR from $20.19 billion in 2018. An increasing number of products in the area are expected to be launched, and the competitive landscape of IoT for manufacturing is examined in the report. Improved effectiveness has helped drive demand, while smartphone penetration provides huge market potential, Fortune Business Insights says.
North America is expected to have high market growth during the forecast period, along with the Asia Pacific region. Common uses driving demand of image recognition over the forecast period include surveillance and security systems, data validation, tracking and data analysis.
Leading companies noted in the image recognition market include major tech giants such as IBM, Nvidia, Qualcomm, and NEC. The report also covers emerging trends, and analysis by component, technology, application, deployment, and end user.