Global Industry Analysts (GIA) has released a new report that forecasts major growth in the behavioral biometrics market. The report predicts that the market will nearly quadruple in the next few years, jumping from $1 billion in 2020 to $3.9 billion by 2027.
Those totals are lower than the estimates for some other biometric modalities, but they still correspond to a phenomenal CAGR of 20.8 percent for the forecast period. In that regard, the report indicates that organizations all over the world are increasingly seeing the appeal of behavioral biometrics security options that can verify people’s identities on an ongoing basis.
Digging into the numbers, GIA believes that the software segment will account for just over half of that $3.9 billion sum, and will be worth $2 billion before the end of the analysis window. However, the services segment will grow at a faster rate, displaying a CAGR of 22.6 percent rather than the 19.2 percent expected for the software segment.
Regionally speaking, the US market was valued at $311.9 million in 2020, while the Chinese market will hit $691 million by 2027 based on a CAGR of 20.4 percent. Japan, Canada, and Germany are some of the other countries that will see significant growth, with CAGRs of 18.5 percent, 17.7 percent, and 14.6 percent, respectively.
GIA listed BehavioSec, Biocatch, MasterCard, Nuance, TypingDNA, and Zighra as some of the key players in the behavioral biometrics space. The firm’s $3.9 billion prediction is slightly less optimistic than those of some other firms, though the overall trend is consistent in all of the reports. Grand View Research has hypothesized that the market will climb to $4.62 billion in the same 2027 time frame, while Allied Market Research was even more aggressive with a report that anticipates a $3.92 billion market in 2025, two years ahead of that 2027 window.
May 10, 2021 – by Eric Weiss