Global biometric facial recognition market to top $12B by 2026 on public security, retail growth
Biometric facial recognition is poised for major growth on demand for the high accuracy of 3D imaging and public security concerns, and is forecast by Global Market Insights to grow from just over $3 billion in 2019 to more than $12 billion by 2026, an 18 percent CAGR.
The new 220-page report on the “Facial Recognition Market…” breaks down the technology’s growth according to 2D or 3D software or services, application and end-use, and provides analysis, a regional outlook, and competitive market share.
Intelligent signage for smart marketing with real-time targeted advertisements and healthcare applications including patient and staff identification and pain tracking are expected to be growth areas for the technology. GMI says that as of early 2019 30 hospitals in Beijing had deployed facial biometrics. Applications for retail payments, access control, surveillance and security, and large public venue management are also noted. Retail and commerce facial recognition systems are expected to grow by more than 20 percent CAGR through the forecast period.
Homeland security and criminal investigation however, are expected to remain the largest markets for facial biometrics by application.
The U.S. made up roughly half of the 3D facial recognition market in 2019, the North American market for face biometrics in general is expected to see strong growth through 2026.
On Monday, June 6 alone, facial recognition projects for patient identification and mask customization, retail security and remote onboarding have been revealed. The technology’s use in public surveillance systems, however, is proving more contentious.