Large-scale face recognition datasets are collected by crawling the Internet and without individuals' consent, raising legal, ethical, and privacy concerns. With the recent advances in generative models, recently several works proposed generating synthetic face recognition datasets to mitigate concerns in web-crawled face recognition datasets. This paper presents the summary of the Synthetic Data for Face Recognition (SDFR) Competition held in conjunction with the 18th IEEE International Conference on Automatic Face and Gesture Recognition (FG 2024) and established to investigate the use of synthetic data for training face recognition models. The SDFR competition was split into two tasks, allowing participants to train face recognition systems using new synthetic datasets and/or existing ones. In the first task, the face recognition backbone was fixed and the dataset size was limited, while the second task provided almost complete freedom on the model backbone, the dataset, and the training pipeline. The submitted models were trained on existing and also new synthetic datasets and used clever methods to improve training with synthetic data. The submissions were evaluated and ranked on a diverse set of seven benchmarking datasets. The paper gives an overview of the submitted face recognition models and reports achieved performance compared to baseline models trained on real and synthetic datasets. Furthermore, the evaluation of submissions is extended to bias assessment across different demography groups. Lastly, an outlook on the current state of the research in training face recognition models using synthetic data is presented, and existing problems as well as potential future directions are also discussed.