The facial recognition market is set to roughly double in the next 5 years

Facial recognition is projected to continue to grow as an industry into the next decade. Its market is estimated at being worth US$3.2 billion now. However, this value is projected to grow to $7 billion by 2024.
Deirdre O Donnell,

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.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2019 07 > The facial recognition market is set to roughly double in the next 5 years
Deirdre O Donnell, 2019-07- 7 (Update: 2019-07- 7)
Deirdre O'Donnell
I became a professional writer and editor shortly after graduation. My degrees are in biomedical sciences; however, they led to some experience in the biotech area, which convinced me of its potential to revolutionize our health, environment and lives in general. This developed into an all-consuming interest in more aspects of tech over time: I can never write enough on the latest electronics, gadgets and innovations. My other interests include imaging, astronomy, and streaming all the things. Oh, and coffee.