A study conducted by analysts at Juniper Research allowed them to make the following prediction: worldwide, the number of users of facial recognition software for secure payments will exceed 1.4 billion by 2025. For comparison – last year, there were 671 million such users.
According to analysts, the rapid growth demonstrates how widespread facial recognition is. Its popularity is due to its low adoption threshold. The front camera of the smartphone and the corresponding software is enough to implement the face recognition function. According to the study, the acceleration in the growth of the facial recognition market is due to the introduction of FaceID technology by Apple, even though face recognition problems due to masks during the pandemic.
Analysts point to the important role of other biometric authentication tools. In particular, they predict that fingerprint sensors will remain the dominant hardware solution. In 2025, they will be installed in 93% of smartphones with biometric equipment.
Also, the study showed that the use of voice recognition to confirm payments would also grow – from 111 million users in 2020 to more than 704 million in 2025. At the same time, analysts admit that concerns about its reliability hinder the spread of this method of confirming payments.
According to Juniper Research, an authentication strategy that combines multiple methods, including facial recognition, fingerprint recognition, voice recognition, and behavioural indicators, is more reliable in providing a secure payment environment.