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Facial Recognition Payment Market Overview
The global Facial Recognition Payment Market size is forecast to reach US$7.8 million by 2027, growing at a CAGR of 17.2% from 2022 to 2027. The growing shift towards facial recognition payment rather than digital payments, QR code scanning, and others along with investments in research & development (R&D) activities related to the enhancement of technology has been attributed to the market growth. Also, the facial payment technology is comparatively easy to integrate into an existing payment system that uses a smartphone and other devices for payment. In addition, greater security levels for payments through biometric cards than other security tools can also help in driving the market growth forward. Moreover, growing research works or activities on technology advancements to meet security standards, along with an increasing shift towards reducing the time of payment is set to assist the market growth of facial recognition payments in the long run.
Facial Recognition Payment Market Segment Analysis- By Technology
Based on Technology, the biometric segment is analyzed to grow with the highest CAGR of 19.32% in the global facial recognition payment market during 2022-2027. Biometrics is considered as one of the most unique technologies which identify the physical features and behaviors to interpret and utilize for identity-related applications using computers and software. In addition, biometric technology detects and measures various characteristics, feature points of human faces, including the location of the eyes, eyebrows, nose, mouth, chin, and ears, and compares that with the database for identification. In October 2021, VisionLabs, the facial recognition company, announced about the launch of its biometric payment hardware the VisionLabs LUNA POS Terminal. The certified terminal is the first payment device to enable traditional credit card payments and biometric facial recognition payments. Such factors will further help in creating a positive impact on the market growth of biometric facial recognition payments in the long run.
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Facial Recognition Payment Market Segment Analysis- By End-use Industry
The banking, Financial Services & Insurance (BFSI) sector is anticipated to witness the fastest growth in the global facial recognition payment market with a CAGR of around 16.54% during 2022-2027. The growing shift towards the contactless payment as well as an increasing number of cybercrimes related to financial frauds, server hacking, and so on across financial organizations, have eventually attributed to the need for optimizing encryption services for optimum data & financial security or protection. With the growing volume of transactions, consumers, or devices alongside increased reliance on third-party vendors, financial security is getting heavily regulated within banks and financial institutions, aiding the market growth for facial recognition payment. According to Federal Trade Commission (FTC) US, more than 2.2 million fraud reports from consumers have been reported by the federal trade commission in 2020, resulting in a financial loss of more than US$3.3 billion. Nearly US$1.2 billion was lost due to imposter scams, while online shopping accounted for about US$246 million. The fraud cases have been increased by 34% in 2020 as compared to 2019. Such a rise in banking or financial sector-related cybercrime incidents will further drive the market growth towards facial recognition payment in the long run.
Facial Recognition Payment Market Segment Analysis- By Geography
APAC region dominated the global facial recognition payment market in 2020, with a share of around 36%, and is also analyzed to have significant growth during the forecast period 2022-2027. Factors including growing initiatives towards contactless payment, rise in cyber-criminal fraud, growing eCommerce sector using digital transaction, and so on have been attributed to the market growth. In August 2021, four Japanese firms Banking group Resona Holdings Inc., Panasonic System Solutions Japan Co., credit card firm JCB Co. and Dai Nippon Printing Co. announced about jointly developing a payment system using facial recognition technology, which help customers make deposits and withdrawals at banks and shop at stores without presenting anything. This will help in a wide range of fields, including checking in at hotels, ordering food, renting cars, and others if registration of facial images is done in advance. Such factors are set to fuel the market demand for facial recognition payment in the long run.
Facial Recognition Payment Market Drivers
An increasing number of financial fraud incidents drives the market forward
An increasing number of financial fraud incidents act as a major factor driving the growth of the facial recognition payment market. Growing advancements of cybercriminals towards financial frauds have been potentially rising over time, making adoption of secured and encryption-based payment methods. Since data breach incidents can potentially hamper an organization’s market position, revenue, customer base, and others, the adoption of facial recognition payment methods can help in encrypting data more securely, ensuring higher protection. According to the Canadian Antifraud Centre, there was a report of 74,525 cases losing US$275 million as of December 2021 as compared to US$106.6 million in 2020. Furthermore, the outbreak of the COVID-19 pandemic has been also impacting the rise in cyber-attacks majorly across financial institutions, IT firms, e-commerce, retail, and so on, which is intended to aid the market demand for facial recognition payment Market.
Increasing demand for contactless payment is set to assist the market growth of Facial Recognition Payment
Increasing demand for contactless payment can be considered as one of the major drivers boosting the market growth of facial recognition payment. With the transitional shift towards contactless payment owing to growing digitalization and internet penetration has become highly essential. In October 2021, The Moscow Metro rolled out as the world’s first fare payment system based on facial recognition technology and is forecast to increase by 15% of metro passengers will regularly use Face Pay in the next three years. According to Central Statistics Office 2020, online purchase of goods or services in 2020 came around 69%, with an increase of 6% as compared to 2019. As per the UK Finance organization, unauthorized financial fraud losses for payment cards, remote banking and cheques accounted for US$1103.91million in 2019. Such factors can be considered crucial in uplifting the market demand towards facial recognition payment to reduce financial fraud cases in the long run.
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Facial Recognition Payment Market Challenges
Concerns regarding the availability of Images over social media adversely impacts the market growth
Concerns regarding the availability of facial images on social media and other mediums mean to act as a major challenge impeding the market growth of facial recognition payment. The fraudsters can easily take images of potential fraud victims that can be used for spoofing. The technical challenges faced in the process needs immediate attention in the facial recognition approach which is posing a challenge as not many people are aware of technical issues. Unlike face detection technology, which only detects the presence of a face in an image or video can hamper the market. Also, face recognition algorithms must also be able to identify the live face versus a non-live digital image of a face which in turn adversely impacts its market growth.
Facial Recognition Payment Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Facial Recognition Payment Market. The Facial Recognition Payment Market top 10 companies include:
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