As per the Allied Market’s research report, the Global Behavioral Biometrics Market is predicted to reach USD4 billion by 2025, with a growing CAGR of 23.7 percent. The report, titled Global Opportunity Analysis and Industry Forecast 2018-2025 illustrated that the market earned USD 720.5 million in the year 2017, and noted that a growing number of online transactions, IoT proliferation and the need of advanced security will drive key industry growth. It also involved performance issues and insufficient Cybersecurity budgets as the potential blockades, and new opportunities could take place from the further improvement of AI for biometrics and expanded cloud offerings.
The global market for Behavioral Biometrics segment in Component- Software and Services where software made up 72 percent of the market in the year 2017 and is expected to be the largest component by revenue in the predicted period, while the Service segment is forecasted to escalate faster. By Type, the market is divided into Signature Analysis, Keystroke Dynamics, Voice Recognition, Gait Analysis, and Others where Voice Recognition tech gained 40 percent of the market in 2017, and is predicted to remain the largest modality, while Gait Analysis is projected to grow as fastest market, at a CAGR of 27.5 percent. With Deployment Model, the market includes On-premise and Cloud segment, where almost 60-percent of deployments, to date, have been on-premises, but the Cloud segment will rise faster. The report further involved Application, in which Identity Proofing, Continuous Authentication, Risk & Compliance Management, Fraud Detection and Prevention, and others included. By Organization Size, the market classified into SMBs and Large Enterprises, and by Industry Vertical, it segmented into BFSI, Healthcare, Retail & E-commerce, IT & Telecom, Government & Public Sector, and Others.
Through the report, BFSI will keep on the biggest segment of the market, along with Healthcare rising faster than any other industry, and identity proofing will continue its dominance among applications, regardless of fast growth in utilization of Behavioral Biometrics for fraud detection and prevention. The report also predicted that SMEs chipping away at the market supremacy of large enterprises and the Asia-Pacific region approaching North America’s dominant market share.