Biometrics research briefs: facial recognition revenues to grow at 14.5 percent CAGR to 2027
The worldwide facial recognition market will increase at a CAGR of 14.5 percent to reach $9.93 billion by 2027, Grand View Research forecasts, with government employee attendance and identification applications expected to be a key growth driver.
The 100-page “Facial Recognition Market Size, Share & Trends Analysis Report…” suggests technical advances in cloud and 3D recognition systems, rising demand for data security among enterprises with increasing personal device use will also contribute to the market’s growth.
Facial analytics will have an even higher rate of growth than the broader technology market over the forecast period, at 20.8 percent. Asia-Pacific is expected to be the biggest growth region, with rapid adoption in developing economies. The technology’s application for gathering demographic data is increasing its usability, according to Grand View.
The market for image recognition is expected to reach $109.4 billion by 2027, growing significantly faster than the above projection for facial recognition, with an 18.8 percent CAGR, Grand View Research forecasts in the “Image Recognition Market Size, Share & Trends Analysis Report…”
The market includes facial and object recognition, medical imaging, visual geolocation, barcode reading, and automated driver assistance, among numerous other applications. According to the report, the technology combines with AI to create growth opportunities in a number of industries, including gaming, social networking, and e-commerce.
The proliferation of digital cameras, particularly in smartphones, has generated a vast number of digital images, and businesses are beginning to take advantage. The launch of SnapPay for facial recognition payments in North America is mentioned in particular.
The implementation of facial recognition for security and automatic identification at major public spaces or events is also noted.
IoT and next-generation biometrics
The need for massive amounts of data to be exchanged while remaining secure and encrypted will lead to increased reliance on IoT-based biometrics, according to Analytics Insight.
Such systems could result in improved smart security solutions, customizable and personalized experiences, real-time processing for authentication, among a raft of other benefits, but the article warns against potential “loopholes” including the irrevocability of biometric data, the effect of environment and usage on measurements, and spoof attcks.
The article also notes a report from Mordor Intelligence forecasting growth of 35.53 percent CAGR for the next-generation biometrics market from 2019 to 2025. The report forecasts a leap from $16.36 billion last year to $93.88 billion by 2025. Mordor defines “next-generation biometrics” as facial, iris, palm print, and signature recognition.
Border security systems
A new report on the “Global Border Security System Industry” from Global Industry Analysts forecasts compound growth of 6.3 percent for the market from 2018 to 2025, adding $18.9 billion to its overall value.
The ground segment will grow at a slightly lower 6.1 percent rate, the report says. Among national markets, the U.S. will grow at 5.9 percent, while China’s border security system market will increase at a 10.4 percent rate.
With temperature scanning technology proliferating around the world to combat the spread of COVID-19, ResearchAndMarkets.com has identified thermal scanners and related technologies like body temperature monitoring as a key sector presented a growth opportunity by the pandemic.
The market research supplier recently published a list of 30 industries seeing increased demand from the current crisis, which also includes biometrics.