The facial recognition market is expected to grow at a CAGR of 12.5% to reach a global valuation of $9.06bn by 2024, according to research from Mordor Intelligence.
Facial recognition was valued at $4.51bn in 2018, the research claims, and will continue to rise as governments put more funds into the technology.
Fingerprints have been the most common method of biometric technology to date, with 94% of smartphones coming with the sensors built in. However, Mordor Intelligence believes this will drop down to 90% as 3D facial recognition becomes the standard approach for authentication.
The research company also sees the development and investment into 3D cameras helping drive the growth of facial recognition. This technology stack will help to build new applications and services for the healthcare IT, payments and commerce sectors.
Security looks to be a major driver of facial recognition technology, with the US government looking to use the technology at airport security for registering and identifying visitors.
The US is expected to hold the largest market share, with a high demand for it within homeland security and criminal investigation, Mordor claims.
In 2017, the US witnessed 1,579 data breaches, of which, 8% were accounted by banking institutions. The research company believes this will boost the use of facial recognition within banking as hackers continue to target the industry.
Financial services have been beginning to make use of facial recognition. Last year, Spain’s CaixaBank and Taiwan’s E. SUN Commercial Bank both released ATMs which support facial recognition for withdrawing funds.
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