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Digital Identity, Security & Online Fraud

Global facial recognition market to reach 24 percent CAGR by 2020

Monday 25 January 2016 | 10:50 AM CET

The global facial recognition market is expected to grow at a CAGR of over 24% until 2020, a recent report shows.

According to the latest market research report by Technavio, a key trend impacting the facial recognition market positively is the implementation of multimodal biometrics in sectors such as healthcare, BFSI, transportation, automotive, and government. Multimodal biometrics, which is an integration of a number of biometrics technologies such as fingerprint, facial, voice, and others is extremely efficient in detecting unauthorized access to ATMs, healthcare databases, mobile devices, and many online and offline applications.

Due to the increasing demand for advanced security, Europe is likely to experience steady growth in facial gesture recognition. As of 2015, though Europe is the second largest contributor to the global facial recognition market, popularity of other technologies such as fingerprint, palm vein, and iris recognition is higher. Adoption rate of facial recognition was slower due to the Eurozone crisis, but analysts expect this market to post a CAGR of over 21% in the next four years.

Market vendors are investing heavily in the R&D of facial analytics. It is predicted to significantly enhance recognition with identification of facial attributes, including scars, nose length, or facial expression which can be used to estimate an individual's age and gender.

Facial analytics is anticipated to be used in the retail sector to identify shoppers and track their purchases, buying habits, age, gender, criminal history, and credit information. It is expected to helps retailers use facial analytics data for marketing purposes and updating customers with special offers based on previous purchases.

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