Keystroke dynamics market to surpass $750M by 2025 on multimodal biometrics demand
The global market for keystroke dynamics will grow at a 24.7 percent CAGR to reach $754.9 million by 2025, driven by increasing digital transaction fraud and growing demand for multi-modal biometrics, according to a new report from Allied Market Research.
AMR estimates the global market was worth $129.8 million in 2017, with software making up three-quarters of market revenue. The service segment is expected to grow at the fastest rate, however, increasing by 27.6 percent CAGR, as businesses take advantage of the benefits of periodic security updates and maintenance for existing infrastructure.
Large enterprises seeking to secure digital transactions and implement “bring-your-own-device” policies made up roughly four-fifths of revenue in 2017, but ease of installation and cost-effectiveness will drive growth among SMEs to a 30.7 percent CAGR, the report forecasts.
The report also identifies performance and interoperability issues and a lack of awareness of the technology as potential barriers to the market’s growth, while IoT security is expected to provide major opportunities.
The full name of the report is “Keystroke Dynamics Market by Component (Software and Service), Organization Size (Large Enterprises and SMEs), Deployment Model (On-Premise and Cloud), Authentication Type (Static Authentication and Continuous Authentication), Industry Vertical (BFSI, Retail and E-Commerce, Healthcare, Government and Defense, Education, and Others), and Application (Identity Proofing, Continuous Authentication, Risk and Compliance Management, and Fraud Detection and Prevention): Global Opportunity Analysis and Industry Forecast, 2018–2025.”
The report says the largest shares in the keystroke dynamics market in 2017 were for on-premises deployments, continuous authentication, the BFSI industries, and North America. Shares of cloud-based systems, static authentication, healthcare applications, risk and compliance management, and Asia-Pacific markets are expected to grow robustly.
TypingDNA recently raised $1.5 million in seed funding to build partnerships and pursue the financial and enterprise markets. The company’s technology recognizes people by the way they type on desktop keyboards and mobile devices and improves security through passive authentication and frictionless 2FA.