Global facial recognition market expected to grow 12 percent to 2025 – report
The global facial recognition market will experience 12.4 percent compound annual growth — with accelerating momentum — from 2021 to 2025, adding $3.78 billion to the market, according to predictions in a new report by market research company Technavio.
The substantial growth is expected to be spurred by increasing instances of identity threats, and the necessity of using biometrics to counter them.
“The increasing dependence of end-users on websites and web applications is giving rise to an increasing number of identity and data theft cases,” the report reads.
In addition, the increasing popularity of online gaming and social network websites would also add to the rising number of these types of fraud.
“Biometric solutions are one of the most secure authentication solutions because of their capability to incorporate the physical and behavioral features of the end-users, which are difficult to forge,” the report explains.
According to the new data, during the forecast period, 33 percent of the facial recognition market growth will originate from North America, while Europe will witness the slowest growth between 2019 and 2024.
In addition, the U.S., alongside China, UK, Germany, and Japan are expected to remain the largest markets for facial recognition.
In terms of market segments, the new data identifies the most lucrative applications of facial recognition technologies in identification and verification, and the most used type of technology as 3D facial recognition and 2D facial recognition, respectively.
The Technavio research identifies the main actors in the facial recognition market in the government sector, BFSI sector, and transportation sector.
The ‘Facial Recognition Market 2021-2025’ report also provides information regarding the impact of the pandemic on the industry and how firms can navigate this changing environment.
Technavio’s 2020 edition of the same report forecast the facial recognition market to add just over $3.3 billion in revenues by 2024, reaching $7.75 billion by that year.