Facial recognition market to grow at 12 percent CAGR to 2024, Technavio forecasts
A new report by market research company Technavio has estimated a 12 percent compound annual growth in the facial recognition market between 2020 and 2024.
The $3.35 billion increase will be caused by an expanding trend of market fragmentation seeing competitors focusing on differentiating their product offerings, but would also be restrained by the high cost of deployment.
The report mentions some of the top names in the facial biometric market, including Assa Abloy AB, Aware, Cognitec Systems GmbH, Egis Technology, Idemia, NEC, Precise Biometrics AB, Safran SA, Synaptics, and Thales Group.
The rapid expansion of facial recognition applications has also been sparked by the necessity of enhancing security in digital identity applications as identity theft attempts grow.
According to the new data, the vast majority of this growth will originate in the Asia Pacific region, with 3D facial recognition leading the growth under the technology segment.
The Technavio report analyses different data sources and divides the new findings into three sections, respectively facial recognition market size, market trends, and market industry analysis.
The “Facial Recognition Market by Technology, Enduser, Application, and Geography Forecast and Analysis 2020-2024” report is available at this link here, together with a free sample.
The report comes after a number of biometrics companies already experienced substantial growth due to the pandemic effects.
In August, ID R&D reported a spectacular growth in passive biometric facial liveness adoption during the first half of 2020. More recently, Onfido saw an 82 percent sales growth of its biometric identity verification solutions in the third quarter of 2020 alone.