Twitter Facebook LinkedIn Flipboard 0 Uschi_Du / Pixabay 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. Twitter Tweet Facebook Share Email This article originally appeared on FreshMinds Blog and has been republished with permission.Find out how to syndicate your content with B2C Author: Kane Pepi Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain. Expert niche subjects include asset valuation and analysis, portfolio management, and the prevention of financial crime. Kane is particularly skilled in explaining complex financial topics in a user-friendlyView full profile ›More by this author:VoIP Basics: Everything Beginners Should Know!Bitcoin Investment, Trading & Mining: The Ultimate Guide for BeginnersIs This a Better Way to Set Your 2020 Goals and Resolutions?