Facial recognition is rapidly increasing in popularity as the technology becomes more accessible and companies create more ways to use it. According to a report from Tractica, facial recognition adoption is going to explode over the next decade, with the 28.5 million device capable of facial recognition in 2015 expected to increase to 122.8 by 2024.
Springing from technological breakthroughs in the 1980s and 1990s, facial recognition is currently experiencing a period of growth as cost curves and use cases converge to produce an increasing variety of applications in consumer, enterprise, and government markets worldwide. According to a new report from Tractica, adoption of facial recognition will be particularly strong during the next several years in mobile device authentication, but areas of growth will also include government applications such as national ID cards and biometrics passports, as well as finance/banking and retail applications. The market intelligence firm forecasts that annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024. During that period, annual revenue for facial biometrics – including both visible light facial recognition and infrared-based facial thermography – will increase from $149.5 million to $882.5 million, at a compound annual growth rate (CAGR) of 22%.
