Juniper predicts 1.4 billion software-based face biometric payments users by 2025
A market report by Juniper Research predicts an expansion of the use of software-based face biometrics to secure payment authentication, with the market growing from 671 million users for payments in 2020 to 1.4 billion by 2025. This 120 percent rise in use is a result of low barriers and software and hardware availability.
Another driving force of this growth appears to be Apple’s FaceID biometrics implementation, which uses the front-facing camera of a mobile phone and specialized software. This face biometrics expansion, Juniper Research states, was not slowed down by increased face mask use that resulted from the ongoing pandemic.
However, the firm recommends addressing user trust concerns about payment security with the adoption of robust and rapidly evolving verification checks that use AI. These concerns that are fueled by rapidly evolving spoofing technology might present an obstacle to the face biometrics industry in the long run.
The report further found that while face biometrics use for payments is on the rise, the technology’s projected 2025 presence in 17 percent of biometrically equipped smartphones is rather small in comparison to fingerprint sensors, which are projected to be deployed to 93 percent of smartphones by 2025.
The report’s co-author Susan Morrow explained, “Hardware-based facial recognition is growing, but the ability to carry out facial recognition via software is limiting its adoption rate. As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly turn to more robust hardware-based systems to keep pace with fraudsters’ evolving tactics.”
In addition to this, Juniper Research found that payment processing using voice biometrics will increase from 111 million users in 2020 to more than 704 million by 2025. Despite this projected growth, concerns regarding the method’s robustness still mostly limit voice biometrics to the banking sector. The report recommends that the most viable option to utilize voice biometrics authorization is a multi-method approach that combines the modality with other authentication methods such as fingerprint and behavioral biometrics.