Grand View Research believes that the rising number of cyberattacks will create more demand for behavioral biometrics technology in the next few years. To that end, the firm is predicting that the behavioral biometrics market will climb to $4.62 billion by 2027, which corresponds to a CAGR of 24.5 percent for the period between 2020 and 2027.
According to Grand View, behavioral biometrics will become popular because it is convenient in addition to being secure. The passive technology is less vulnerable to spoofing attacks and other forms of authentication fraud, and also reduces the amount of friction that customers experience while navigating digital channels.
Digging into the details, the report predicts that the service segment will be the fastest-growing component of the behavioral biometrics market, while keystroke dynamics will be the type with the highest CAGR as organizations search for ways to secure their online transactions. In that regard, keystroke dynamics will grow faster than other forms of behavioral biometrics such as gait and voice recognition.
Applications that offer continuous authentication will be increasingly popular for similar reasons. Meanwhile, cloud deployments will rise at a CAGR of 25.1 percent, outstripping on-premise deployments largely because the cloud makes it easier to compare and analyze behavioral data to improve the accuracy of the technology.
The use of behavioral biometrics will become increasingly common in the healthcare industry, and with small and medium enterprises more generally. North America will display the most interest in behavioral biometrics internationally.
Grand View listed BioCatch, BehavioSec, Plurilock, Nuance Communications (which specializes in voice recognition), and Mastercard (which owns NuData) as some of the key players in the behavioral biometrics space. The firm’s numbers are comparable to those in a recent report from Allied Market Research that predicted that the behavioral biometrics market will hit $3.92 billion in 2025.
October 15, 2020 – by Eric Weiss