In our latest report, Tech Trends Set To Transform The Insight Industry, we identified facial recognition as an emerging area to watch. But just how big will this technology be?
The facial recognition market is expected to reach $9.6 billion worldwide by 2022
According to Allied Market Research, the facial recognition market is set to see significant growth, growing at a compound annual growth rate of 21.3% between 2016 and 2022. Much of the growth in the market is expected to be driven by increasing demand for facial recognition in the fields of security and surveillance as well as applications to intelligent signage (such as billboards) and to mobile security. When you add to this the arrival of Apple’s TrueDepth camera system and Face ID (not accounted for in these forecasts), the growth potential of this market could be much, much greater!
Consumers are divided on the use of facial recognition but Apple will bring the technology to the mainstream
Many consumers (39%) still have a somewhat or very unfavourable view of facial recognition software. But Apple’s use of Face ID is likely to play a key role in popularising the technology and encouraging its adoption. This will pave the way for other applications of facial recognition – in mobile phone apps and beyond. This is something that Apple is already preparing for with its plans to allow third party app developers access some of the biometric information it collects, a move which mirrors the company’s approach to Apple Health data.
A new opportunity for brands
This would be a real game changer, allowing a whole host of companies to harness facial recognition for the first time and bringing the technology to a whole range of new sectors. Whilst it’s still early days for facial recognition, brands should start to reflect on the current use cases for the technology and consider how it could be used to augment and enhance the user experience of their existing apps. Keeping a close eye on early applications of the technology will also be crucial in helping brands to spot the new opportunities afforded by facial recognition technology.
Looking to learn more about facial recognition or get to grips with the key tech trends to watch? Download our latest report.