Software

Facial recognition market will reach $12B by 2026, report says

July 13, 2020

The facial recognition market will reach $12 billion in value by 2026 and will see an 18% compound annual growth rate, according to a report by Global Market Insights Inc.

Companies are using the technology for a variety of purposes such as identifying customer demographics with digital signage to deliver dynamic content, identity management in buildings, and tracking depressed patients from facial expression analysis.

The North American segment will show the rapid growth from 2020 to 2026 due to growing demand in defense, retail, homeland security, banks and healthcare, according to the report.