Report: Facial Recognition Market About to See Huge Jump

While facial recognition software is not actually that new, it is apparently going to be seeing a resurgence in popularity over the next few years according to a new report. The technological breakthroughs that led to facial recognition back in the 1980’s and 1990’s has seem some serious advances in the 2000’s while the tech has also become less expensive to integrate. This is why industry analyst Tractica says that adoption of facial recognition is going to be particularly strong when it comes to mobile device authentication.

That doesn’t mean that mobile is going to be the only place where the tech is getting stronger. The report claims that government IDs as well as biometric passports are going to get more popular in the next couple of years. Finance and banking, as well as retail applications are all going to  be using this technology in the very near future.

“The largest use case for facial recognition is mobile device authentication,” principal analyst Bob Lockhart said in a recent statement. “This use case is defined in massive volumes, but at a small unit price. The next substantial use case for facial recognition is to identify persons of interest. This use case exists in government, defense, law enforcement, and enterprise markets. Future applications include anonymously profiling people for uses like customized digital signage.”

In total, the report claims that facial recognition licenses and the devices that use them will increase from 28.5 million units at the end of 2015, to 122.8 million units across the globe by the end of 2024. Revenues are going to go through the roof along with the units sold, from $149.5 million to $882.5 million. This is a CAGR of 22 percent. That rate is quite impressive when you consider that facial recognition has been largely flat lined in the growth department over the last few years.