Global behavioral biometrics market forecasted to approach $4 billion by 2025
The global market for behavioral biometrics will grow by 23.7 percent CAGR from 2018 to 2025 to reach nearly $4 billion, according to a new report from Allied Market Research.
The “Behavioral Biometrics Market by Component (Software and Services), Type (Signature Analysis, Keystroke Dynamics, Voice Recognition, Gait Analysis, and Others), Deployment Model (On-premise and Cloud), Application (Identity Proofing, Continuous Authentication, Risk & Compliance Management, Fraud Detection and Prevention, and Others), Organization Size (SMBs and Large Enterprises), and Industry Vertical (BFSI, Retail & E-commerce, Healthcare, Government & Public Sector, IT & Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025” report shows earnings of $720.5 million for the market in 2017, and says that a growing number of online transactions, IoT proliferation and the need for enhanced security will drive major industry growth. Potential barriers identified include performance issues and inadequate cybersecurity budgets. New opportunities could arise from the further development of artificial intelligence for behavioral biometrics and expanded cloud offerings.
Software made up 72 percent of the market in 2017, and is expected to be the largest component by revenue through 2025, though the services segment is expected to grow faster. Likewise, voice recognition made up roughly 40 percent of the market in 2017, and is expected to remain the largest modality, while gait analysis is forecasted to grow the fastest, at 27.5 percent CAGR. Nearly 60 percent of deployments so far have been on-premises, but the cloud segment will grow faster, according to Allied. BFSI will remain the largest segment of the market, with healthcare growing faster than any other industry, and identity proofing will maintain its lead among applications, despite fast growth in use of behavioral biometrics for fraud detection and prevention.
The report also anticipates SMEs chipping away at the market dominance of large enterprises, and the Asia-Pacific region approaching North America’s leading market share.