The facial recognition market is set to roughly double in the next 5 years
The facial recognition market is currently estimated to be worth US$3.2 billion. However, this value is projected to grow to US$7 billion by 2024. Therefore, it may grow at an annual compound rate of 16.6% over these next 5 years. The latest research on this subject indicates that it will do so due to its importance in civil and military surveillance.
Despite its popularity in smartphone-based authentication, the most prominent applications of facial recognition technology has been found to be in automated security, biometric identification and checkpoint management. These are increasingly important components of emerging or established systems such as smart cities, law enforcement and military surveillance.
The 3D form of facial recognition is also thought to gain the greater share of this market over the next 5 years. It is perceived as superior in terms of accuracy, resolution and low-light performance compared to its 2D counterpart.
The Asia-Pacific region is also thought to become the most prominent sector of this market in the same timeframe. However, the latest report on the facial-recognition market indicates that it is not likely to stop being part of our lives anywhere on Earth any time soon.