The behavioral biometrics market is really going to come into its own over the next several years, suggests a new report from Allied Market Research.
The firm estimates that the global behavioral biometrics market was valued at about $720.5 million in 2017, and that it will reach a whopping $3.922 billion by the year 2025. That will reflect a CAGR of 23.7 percent between 2018 and 2025.
Unsurprisingly, given the many deployments in this area seen over the last couple of years, BFSI is identified in the report as the leading sector for behavioral biometrics, with Allied Market Research estimating that it accounted for 27.1 percent marketshare in 2017 and that its dominance will continue through the forecast period. But the healthcare sector will see the fastest growth, with a projected CAGR of 25.5 percent.
Also unsurprising is the dominance of large enterprises in deployments of behavioral biometrics, thanks to their resources and a growing concern with digital security. Allied Market Research says this segment had a 76.3 percent share of deployments in 2017 and will maintain its lead, but SMEs are going to grow rapidly over the forecast period with a CAGR of 26.8 percent.
All told, the forecast suggests that behavioral biometrics, already one of the most exciting modalities for anti-fraud security online, is going to see a lot more activity in the coming years as more organizations realize its benefits.
January 10, 2019 – by Alex Perala