Facial recognition market to surpass $10B by 2028 – report
The global facial recognition market size is projected to reach $10.2 billion by 2028, according to new data from Verified Market Research. The report estimates the value of this market at $3.78 billion in 2020, and predicts a compound annual growth rate (CAGR) of 15.92 percent from 2021 to 2028.
Among the most relevant growth factors is the rising adoption of multi-modal biometric systems, which feature facial recognition capabilities, alongside fingerprints and other modalities.
The deployment of face biometrics in fields previously not utilizing the technology is another predicted factor in the growth, together with a substantial increase in surveillance applications by the public sector.
According to the new report, an ever-increasing number of consumers also believe facial recognition to be highly accurate, easy to integrate, and secure.
In terms of the applications that are growing faster globally, the report highlights those in healthcare, police, education, research and retail, and particularly technologies related to facial recognition that are used to estimate age, BMI and gender as well as to detect diseases.
From a geographical perspective, the Asia Pacific region is set to lead the growth of adoption in facial recognition technologies, with China and India recently substantially stepping up their efforts in the industry.
The document also regards Amazon’s construction of its first cloud data center in Africa as a move by the tech giant aimed at gaining market share in the continent’s business facial recognition market.
A recent forecast from Technavio pegged the global facial recognition market at $8.5 billion in 2025.