Fact.MR Forecasts $9 Billion Behavioral Biometrics Market

Fact.MR is expecting to see major growth in the behavioral biometrics market in the next ten years. The firm believes that the market will be worth more than $9 billion by 2031, a figure that corresponds to a CAGR of 20 percent for the decade.

According to Fact.MR, that growth can be attributed to the rising demand for secure fraud prevention and authentication services in a number of different sectors. In that regard, behavioral biometrics solutions analyze the way that someone interacts with a device in order to create a user profile based on factors like typing speed, mouse activity, or screen pressure. If a user deviates from that profile during an online session, it could point to the presence of a fraudster and prompt a more rigorous investigation.

Behavioral biometrics is appealing because it provides ongoing identity verification, unlike modalities like fingerprint or iris recognition that only verify someone’s identity when they log into an account. The technology offers better security than traditional passwords, and it will consequently be integrated into payment, finance, commercial, and government applications as the technology becomes more widespread.

Digging into the numbers, Fact.MR predicts that behavioral biometrics software will account for 60 percent of the market’s total revenue, and generate $5 billion by 2031. The services segment, on the other hand, will grow at a CAGR of 15 percent. North America will make up 40 percent of the market, though the South Korean market will also be lucrative and will hit $1.1 billion before the end of the decade.

Fact.MR’s numbers would seem to be in keeping with other reports on the behavioral biometrics market, though most of those reports have a much shorter forecast window. Global Industry Analysts expects it to reach $3.9 billion in 2027, while Grand View places it at $4.62 billion in that same year. Allied Market Research, on the other hand, predicts that the market will climb to $3.92 billion by 2025.

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October 6, 2021 – by Eric Weiss