Forecast: 1.4bn consumers will be using face recognition to authenticate payments by 2025
The number of consumers using software-based facial recognition to authenticate payments worldwide will reach 1.4 billion by 2025, up from 671 million in 2020, according to a forecast by Juniper Research.
The analysts say that the predicted growth “demonstrates how widespread facial recognition has become; fuelled by its low barriers to entry, a front-facing camera and appropriate software”.
They add that “despite the challenges to facial recognition during the pandemic with face mask use”, the implementation of Face ID by Apple has accelerated the wider facial recognition market.
The ‘Mobile Payment Authentication: Biometrics, Regulation and Market Forecasts 2021-2025’ research also predicts that while 93% of biometrically-enabled smartphones will be equipped with fingerprint sensors, only 17% will have hardware-based facial recognition capabilities by 2025.
In addition, it forecasts that the number of people using voice recognition for payments will increase from 111 million in 2020 to more than 704 million in 2025, but adds that voice recognition “is mostly used in banking, and will struggle to grow beyond this, due to concerns around robustness”.
– NFCW –