Technology focused research group Tractica has predicted that strong adoption of facial recognition during the next several years in mobile device authentication will see the market's value climb from US$28.5 million in 2015 to more than US$122.8 million worldwide by 2024.Facial recognition is currently experiencing a period of growth as cost curves and use cases converge to produce an increasing variety of applications in consumer, enterprise, and government markets worldwide, said the firm.”The largest use case for facial recognition is mobile device authentication,” says principal analyst Bob Lockhart. “This use case is defined in massive volumes, but at a small unit price. The next substantial use case for facial recognition is to identify persons of interest. This use case exists in government, defense, law enforcement, and enterprise markets. Future applications include anonymously profiling people for uses like customized digital signage.”Up until 2024, the firm also predicts that the annual revenue for facial biometrics – including both visible light facial recognition and infrared-based facial thermography – will increase from $149.5 million to $882.5 million, at a compound annual growth rate (CAGR) of 22%.

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