Over the next 5 years, the market for facial recognition technology is expected to more than double, reaching $6.84 billion by 2021, led primarily by training and consulting services providing surveillance and government support.
The booming market is projected to see a compound annual growth rate of 15.3 percent over the next half-decade, according to the latest data from research firm MarketsandMarkets.
It’s predicted that the facial recognition space, currently sized at $3.35 billion, will see the most growth from the North American region. In particular, the analysis cited expansion in surveillance and government deployment as key driving factors.
The most significant advances in facial recognition technology are expected to be in the software side of development. Specifically, MarketsandMarkets believes 3D facial recognition technology will enable clear images even at night or in low-light situations.
But the surging market is also fraught with obstacles and technical road blocks, particularly in surveillance and law enforcement. Last month, the American Civil Liberties Union and NAACP petitioned the U.S. Department of Justice to investigate racial biases discovered in police facial recognition applications.