A Brandessence Market Research report argues facial recognition will grow from $US3.6 billion in 2020 to $11.6 billion by 2027 at a compound annual growth rate of 18.1 per cent.
The COVID-19 pandemic has shown a positive impact on the growth of facial recognition market, according to the report, with organizations switching to facial recognition to control the spread of infection.
Growing investment in facial recognition technologies by the government and defence sectors and rising technological advancements across business verticals are also contributing to growth of facial recognition.
Taken as a whole, the global biometrics market is growing at 14.6 per cent, according to latest analysis by Emergen Research, on its way to $100 billion by 2027. Increasing penetration of smartphones around the world is one of the key factors expected to drive biometrics market revenue growth over the forecast period. Increasing integration of biometric systems with IoT devices is another factor expected to propel revenue growth of the market going ahead. Biometric authentication is a new approach to IoT security.
Key players in the biometrics market include Leidos, NEC, Fujitsu, Gemalto, BioEnable, Mobbeel Solutions, M2SYS, S.I.C. Biometrics, Precise Biometrics, BioID AG, IriTech, IDEMIA and Fulcrum Biometrics.
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