As per Fact.MR, a market research and competitive intelligence provider, the global market for behavioural biometrics is anticipated to top US$ 9 Bn by 2031, surging at a CAGR of 20% over the next ten years.
Behavioural biometrics is a technology that analyses measurable patterns in human activities. These patterns include mouse activity, keystroke movement, and device movement. Behavioural biometrics identifies interactive gestures such as how individuals type on a keyboard, how they use the mouse, how they move the device, and how they touch the screen.
Physical biometrics involves fingerprints or iris patterns, whereas behavioural biometrics continuously evaluates a user’s ongoing interaction with their devices. Behavioural biometrics discriminates between a legitimate user and a cyber criminal by identifying unique patterns in human activities.
Financial institutions, businesses, and government facilities are using behavioural biometrics for payments, online banking, and secure authentication. The behavioural biometrics market is expected to accelerate rapidly as products and services are moving into advanced digital security beyond simple passwords and pin codes.
Wide acceptance of behavioural biometrics for fraud prevention and detection in financial services, consumer applications, and government applications is set to drive market growth at a fast pace over the coming years.
According to the researchers the key takeaways from this market study suggest that the behavioural biometrics software segment is projected to reach around US$ 5 Bn valuation by 2031; the services field is projected to record above 15% CAGR over next 10 years; with North America holding a major share of more than 40% of the market; also in terms of geography, South Korea is expected to reach a valuation of US$ 1.1 Bn alone by 2031, and the Australian market could be set to record a 14% CAGR over forecast period of 2021- 2031.
Increasing adoption of Internet of Things and cloud computing by organisations is expected to create further opportunities for providers of behavioural biometrics over the coming years according to the analysts.