According to a new market research report published by MarketsandMarkets, the size of the behavioral biometrics market is expected to grow from US$871.2 million in 2018 to US$2.55 billion by 2023, at a compound annual growth rate (CAGR) of 24 percent. The key factors driving the behavioral biometrics market include growth in online transactions and online fraudulent activities, and higher compatibility with emerging AI technologies.
The identity and access management application segment will dominate the overall market in terms of share, as behavioral biometrics applications are predominantly being used in all major industry verticals to reduce risks and improve the efficiency and transparency in payment systems across verticals. The technology monitors user behavior, such as their typing styles, while they log-in into their applications and during sessions. The technology can provide an additional layer of security over existing identity and access solutions without impeding the performance of applications and enhancing overall user experience.
North America is expected to account for the largest share of the overall market in 2018. It is the most advanced region in terms of technology adoption and IT infrastructure.
The global healthcare biometrics market is expected to reach US$11.7 billion by 2024, according to a new report by Grand View Research, Inc. The migration of health system and hospitals to electronic health records (EHR) and computerized physician order entry is expected to propel the demand for healthcare biometrics over the forecast period.
HIPPA has imposed stringent new regulations to safeguard the confidentiality and privacy of patient information in the United States. The research firm expects that these regulations will drive the deployment of biometrics in healthcare systems, thereby contributing to the market growth over the forecast period. Implementation of biometrics in the healthcare sector is also expected to increase security for patients, doctors, and nurses.
North America is expected to dominate the healthcare biometric market during the forecast period. Grand View Research notes that the market is partially consolidated and competitive in nature, with presence of global multinational players, including: NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Suprema, BIO-key International, Crossmatch, Hitachi Ltd., Integrated Biometrics, Genkey Solutions B.V., Agnitio, Nuance Communications, Inc., and Qualcomm Technologies, Inc.
Mobile biometrics will be used to authenticate US$2 trillion worth of in-store and remote payments annually by 2023, driven by 2,500 percent growth in remote biometric transactions, according to a new study from Juniper Research.
Payments authorized with mobile biometrics are expected to reach US$124 billion this year. While remote biometric verification is projected at 28 percent of payments in 2018, that ratio will increase to 57 percent by 2023, to equal 48 billion biometrically verified remote mobile commerce transactions.
Juniper predicts that more than 80 percent of smartphones, or just over 5 billion units, will have some form of biometric hardware built-in by 2023. While fingerprint sensors are still the most common form of biometric hardware, facial recognition and iris scanning hardware integration will become more common, exceeding 1 billion devices.