The facial recognition market was valued at $4.51 billion in 2018 and is expected to reach a value of $9.06 billion by 2024, at a CAGR of 12.5%, for the forecast period (2019-2024), according to a recent report from Mordor Intelligence. Facial recognition has been gaining prominence in recent years, owing to the benefits it offers over traditional surveillance techniques, like biometrics. Governments across the world have been investing significant resources in facial recognition technology, among which, the United States and China are leading adopters.
3D Facial Recognition Will Hold a Highest Market Share
- Presently, around 94% of smartphones feature fingerprint sensors, but this is expected to drop to 90% by 2023. With technologies like 3D facial recognition becoming a standard approach to user authentication, growing technological advancement is expected to increase its penetration rate.
- The development in 3D cameras market is also expected to bring advancement and new applications for 3D facial recognition technology, especially the healthcare IT solutions, payments, and commerce sector. For instance, in June 2018, SensibleVision, a Florida-based firm launched its 3DWALLET technology, designed to let retailers replace cash and card payments and eliminate the need for checkout lines through a 3D facial recognition platform that identifies customers automatically and charges them for their purchases.
- Increasing demand for surveillance systems to enhance safety and security are increasing the adoption of facial recognition systems.
- Government initiatives are expected to contribute to the double-digit growth of such technologies. For instance, the US government has plans to reshape airport security through facial recognition, to register and identify the visitors.