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Facial Recognition Market | Increasing Instances of Identity Theft to Boost the Market Growth | Technavio

The global facial recognition market size is poised to grow by USD 3.35 billion during 2020-2024, progressing at a CAGR of almost 12% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

The facial recognition market research analysis identifies the increasing instances of identity threats as one of the primary growth factors for this market. The increasing dependence of end-users on websites and web applications is giving rise to an increasing number of identity and data theft cases. Also, the increasing complexity of these attacks is driving end-users to implement secure authentication solutions. As a result, the adoption of biometric security solutions is growing as they have the capability to incorporate the physical and behavioral features of end-users for identity verification. This ability makes forging difficult and designates facial recognition as one of the most secure authentication solutions.

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Increase in the Emergence of Facial Analytics will be a Key Market Trend

The increase in the emergence of facial analytics is one of the latest facial recognition market trends that will gain traction in the coming years. Vendors are investing heavily in the R&D of facial analytics due to the increasing instances of violent activities in the past. Facial analytics enhances facial recognition by recognizing an individual's facial attributes such as a scar, long nose, or facial expression and can estimate an individual's age along with his/her gender. These factors will positively impact the market.

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Facial Recognition Market 2020-2024: Key Highlights

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Vendor Analysis


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News published on 23 october 2020 at 22:20 and distributed by: