A new Tractica report predicts the compound annual growth rate for facial biometrics systems to reach 22 percent over the next nine years and be driven by the adoption of facial recognition tools for retail, finance and government applications.
Annual revenues for infrared facial thermography, visible light-based face identification and software licenses are projected to grow from $149.5 million in 2015 to $882.5 million in 2024, the market research firm said June 26.
“The largest use case for facial recognition is mobile device authentication,“ said Bob Lockhart, principal analyst at Tractica.
“The next substantial use case for facial recognition is to identify persons of interest,“ he added.
Lockhart said such use case occurs in law enforcement, defense and government areas.