LONDON, Dec. 15, 2015 /PRNewswire/ -- Facial biometrics technology recognizes people as most humans do: by their faces. However, the biometrics approach is quite a bit different from the human brain's approach. Springing from technological breakthroughs in the 1980s and 1990s, facial recognition uses geometric or image matching approaches and is appropriate for both consumer and enterprise use cases. Visible light face recognition can be deployed as software, using existing cameras for use cases such as mobile device authentication or identifying persons of interest from archived video recordings or from real-time video. Infrared-based facial thermography is more expensive but, with its high confidence level matching, the technology is likely to see adoption in diverse use cases such as border control, automated teller machines (ATMs), law enforcement, and defense. Facial recognition technologies are passive, often requiring no action by the person being recognized. They can also be stealthy, in the case of cameras identifying persons of interest at sporting events or in public areas. Facial Recognition and Thermography Market report
Facial recognition has none of these use cases to itself, facing strong competition from fingerprint recognition, voice and speech recognition, and various forms of eye recognition. Facial recognition is a moderately sized biometrics market: larger than some of the newer technologies but smaller than fingerprint recognition or voice and speech recognition. Starting from a base of $150 million in 2015, Tractica forecasts that global facial recognition revenue will reach $882 million by 2024, with cumulative revenue for the 10-year period totaling $4.9 billion at a compound annual growth rate (CAGR) of 22%
This Tractica report examines the market for facial recognition biometrics hardware and software, including 10-year forecasts for the period from 2015 through 2024. The report examines 20 use cases specific to face recognition, including competing modalities for the same use cases. The report forecasts revenue and software licenses for facial recognition, along with revenue and device shipments for facial thermography. Within each world region, market forecasts are further segmented by industry and use case, to suggest where the opportunities lie. The report also includes profiles of 15 key industry players in the facial recognition market.
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