Edge facial recognition market to near $2.3B by 2025, while biometrics as a service grows to $3B
The privacy, bandwidth, and other potential benefits of performing facial recognition directly on edge computing devices will push the market from $765.7 million in 2019 to $2.287 billion by 2025, a robust 20 percent CAGR, according to the “Face Recognition using Edge Computing Market Intelligence Report – Global Forecast to 2025 – Cumulative Impact of COVID-19” from 360iResearch.
The appropriateness of using cloud databases to perform facial recognition for some use cases is under increased scrutiny of late, and the new 106-page report considers the potential of the alternate method according to a variety of different factors.
The report considers the edge biometrics market by device type, with standalone devices expected to outstrip integrated devices by growth, forecasts software for the highest growth rate among components, and examines a range of applications.
Attendance tracking and monitoring is expected to have a higher growth rate than access control, advertising, emotion recognition, law enforcement, payments, robotics, and online learning during the forecast period. Asia-Pacific is expected to have the highest growth rate among global regions.
The overall market for facial recognition globally is expected to reach $12 billion by 2025.
The market for cloud biometric services is not expected to suffer from the adoption of edge facial recognition, however. The “Biometrics-as-a-Service (BaaS) Market…” report from Adroit Market Research calls for an increase from $1.265 billion in 2019 to $3 billion in 2025, a 15.5 percent CAGR, driven by the increasingly complex IoT landscape and growth in cybercrime.
Privacy and data security concerns are expected to hinder market growth, which will be balanced by growing adoption amongst SMEs. The integration of artificial intelligence and machine learning technologies with BaaS offerings represents a market opportunity, according to the report.
The market is considered in the report by component, modality (unimodal or multi-modal), industry vertical, and region.
The anticipated growth in cloud-based biometrics services would seem to suggest that the growth in edge facial recognition will not some solely, or perhaps even mainly from cannibalization of applications hosted on centralized digital IT infrastructure.