By 2024, biometric facial recognition hardware such as Face ID integrated in iPhones, will be deployed on more than 800 million mobile devices, respectively 90 percent of smartphones, following an annual growth of more than 50 percent, says a recent report from Juniper Research. In 2019, facial recognition hardware was deployed on some 96 million mobiles.
Software-based facial recognition solutions, however, will be integrated in 1.3 billion devices by 2024, the same study found. Juniper Research credits the rapid development in Artificial Intelligence innovation led by companies such as iProov and Mastercard that develop facial recognition authentication for various authentication including payment-related.
iProov CEO Andrew Bud was honored by Queen Elizabeth for meritorious service and for the contribution of UK technology and innovation to the world. Bud was made CBE (Commander of the Most Excellent Order of the British Empire) for services to export in the New Year Honors.
Fingerprint hardware will maintain its leading position in biometric payments, with more than 4.6 billion smartphones estimated to be equipped with fingerprint sensors by 2024 globally. Biometric technology will become more prevalent on eCommerce platforms as a method to deliver enhanced security.
“Many consumers are now used to making fingerprint-based biometric payments, both for contactless and remote payments,” says research author James Moar. “That familiarity and continued inclusion in smartphones will make it hard to displace in many markets.”
Juniper Research estimates that more than 60 percent of biometrically-authenticated payments in 2024 will authorize remote payments. Biometric authentication will secure mobile payment transactions valued at some $2.5 trillion, representing an almost 1,000 percent increase compared to $228 billion in 2019.
“3D Secure 2.0’s requirement for 2FA will drive merchants to adopt biometrics to make the payment experience smoother across a variety of platforms,” reads the report.
The extensive use of passwordless and biometric authentication would be stimulated by FIDO2 as an open standard, according to a number of respondents. As most browsers have added support for WebAuthn features, Juniper predicts FIDO authentication will be included in mobile browser experience which will improve browser-based eCommerce checkout.