Allied Market Research (AMR) is predicting that the market for behavioral biometric technology will reach $3.92 billion by 2025. That number echoes an earlier AMR report from January of 2019, which suggested that the market would grow at a CAGR of 23.7 percent for the forecast period, based on a 2017 market valuation of $720 million.
The firm attributes much of that demand to the rising need for strong security solutions in an IoT environment. The number of online transactions has increased in the past few years, and financial institutions and other organizations need a way to protect sensitive interactions across multiple channels and devices. Cloud-based solutions are expected to be particularly popular, although AMR notes that budget limitations could slow the adoption of behavioral tech.
According to AMR, software solutions represent nearly 75 percent of the overall behavioral biometrics market, while voice recognition was the largest segment by type, with approximately 40 percent of the market in 2017. Both are expected to retain their leads through to 2025. However, the service segment and the gait recognition segment will display the most growth, with CAGRs of 26.5 percent and 27.5 percent, respectively.
North America is the biggest region for behavioral biometrics, with more than one-third of the total market. Asia Pacific will exhibit the most growth with a CAGR of 26.5 percent.
AMR identified NEC, Nuance, BioCatch, NuData, and Samsung SDS as some of the key players in the behavioral biometrics space. Of those, NuData has observed that online traffic has gone up dramatically during the COVID-19 pandemic, while BioCatch has argued that behavioral biometrics can help financial organizations curtail the corresponding increase in fraudulent activity.
For its part, AMR recently released a separate report that predicts that the global speech recognition market will climb beyond $29 billion by 2026.
July 22, 2020 – by Eric Weiss