Global facial recognition market to grow by over $3.3B in next five years
The global market for facial recognition is forecast to reach $7.75 billion by 2024 following a 12 percent CAGR from 2020, according to a new report from Technavio, which characterizes the market as fragmented.
The $3.35 billion in growth will be driven by the need to secure online applications against growing instances of identity theft. The growth is expected to be led by the APAC region, where the facial recognition market will grow by 29 percent over the forecast period.
The market grew by 6.94 percent during 2020, Technavio says, and will continue to be boosted by adoption of 3D facial recognition systems and border control implementations.
Financial institutions are encouraging the adoption of online financial interactions through mobile devices, leading to high adoption of facial recognition on consumer devices, Technavio contends.
The 120-page ‘Facial Recognition Technology Market…Forecast and Analysis 2020-2024’ report also breaks down the market by technology type, end user, application and geography.