Behavioural biometrics market to grow to almost $10 billion by 2030
The global behavioral biometrics market size is expected to reach USD 9.92 billion by 2030, registering a CAGR of 27.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. As behavioural biometric tools are less vulnerable to authentication frauds and hacking, the research suggests that their demand is expected to increase across end-use industries.
A notable rise in the number of fraudulent activities across the globe is further expected to drive the demand for behavioural biometrics solutions over the forecast period. According to a survey conducted by the Communications Fraud Control Association (CFCA), the telecom industry reported that in 2017, it incurred nearly USD 29.2 billion worth of losses from communication frauds. The use of technologies such as AI and machine learning for developing behavioural biometrics tools are gaining popularity in the market as they offer real-time intelligence and security control with enhanced user experience.
Some of the report’s highlights and key findings are as follows:
On a component basis, the services segment is expected to register the fastest growth over the forecast period. This, according to Grand View Research, can be attributed to businesses’ increasing reliance on IT assets to improve their productivity. The growing number of online transactions and the increasing number of associated frauds are expected to drive the demand for dynamic keystroke solutions.
For applications, the continuous authentication segment is expected to register a significant CAGR during the forecast period. Increasing adoption of multi-modal biometric tools and growing demand for additional security layers in end-use industries is driving demand for the segment. The SME segment is expected to register the highest CAGR during the forecast period. This can be attributed to the growing number of SMEs globally, and the growing demand of these organizations to offer secure online services to their customers.