125 Million Devices Will Use Facial Recognition Tech: Tractica Report

Facial recognition technology is set to be the best tool for safeguarding our mobile devices and by extension our sensitive data stored on such devices. VentureBeat reports that we’ll see a jump in the number of devices that can recognize our faces for authentication and surveillance purposes.

This is based on a new report by market intelligence firm Tractica, annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024. This technology will have widespread use in devices used by consumers, enterprises, and governments. A statement by Tractica says,

Adoption of facial recognition will be particularly strong during the next several years in mobile device authentication, but areas of growth will also include government applications such as national ID cards and biometrics passports, as well as finance/banking and retail applications.”

Researchers at Tractica believe that facial recognition can be far more accurate than other biometric methods of recognizing and authenticating users as the technology uses geometric or image matching approaches. They also believe that though Infrared-based facial thermography is more expensive, it has a high image matching rate which will prompt adoption across diverse areas like border control, automated teller machines (ATMs), law enforcement, and defense.

Facial recognition has other other advantages like reduced or no user interface compared to voice recognition, retinal scans or fingerprint technology. It is a passive technology and can be used stealthily in large public places to scan crowds. Tractica forecasts that global facial recognition will exist on 124 million devices by 2024 and revenue will reach $882 million with cumulative revenue for the 10-year period totaling $4.9 billion at a compound annual growth rate (CAGR) of 22%.According to Tractica’s principal analyst Bob Lockhart, mobile device authentication is the largest use case for facial recognition technology followed by government, defense, law enforcement, and enterprise markets in identifying person of interest

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