Smartphone Industry Contributing to Growing Facial Recognition Market

‘The report highlights several key players in the facial recognition market, including NEC, FaceFirst, and Cognitec…’

Reports and Data is predicting that the facial recognition market will hit $11.3 billion by 2026. The research firm attributes the projected growth to the booming smartphone market, as well as the rising frequency of terrorist attacks and the corresponding demand for high-quality surveillance.

The $11.3 billion figure comes from a new report by Reports and Data, and is based on a $4.53 billion market valuation in 2018 coupled with a CAGR of 12 percent. North America accounted for the largest share of the market (36.5 percent) in 2018, although the Asia Pacific region is expected to display the most growth (a 12.2 percent rate) leading up to 2026.

The report goes on to highlight several key players in the facial recognition space, including NEC, FaceFirst, and Cognitec. Reports and Data repeatedly emphasized security and terrorism concerns, indicating that law enforcement was the biggest segment of the market in 2018 at 37.6 percent.

The numbers are not too far removed from recent reports by Visiongain and Market Research Future, the latter of which forecasted an $8 billion facial recognition market by 2022. Grand View Research previously predicted that the entire biometrics market would hit $59.31 billion by 2025, so $11.3 billion would make facial recognition a significant percentage of that overall total.

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(Originally posted on FindBiometrics)