Behavioral Biometrics Market Outlook 2031:
The global behavioral biometrics market size was valued at USD 1.25 Billion in 2022 and is projected to reach USD 8.54 Billion by 2031, expanding at a CAGR of 23.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the increase in fraudulent activities and rising online transactions.
Behavioral biometrics analyzes several behavioral elements, for instance signature analysis, gait analysis, and voice recognition, in order to provide security solutions in several industries, such as e-commerce and retail, government, BFSI, and healthcare. The study classifies various driving factors influencing the acceptance of behavioral aspects across major end-user verticals. It also classifies the applications of the behavioral biometrics solution in multiple sectors.
Developers are growingly using machine learning and AI with behavioral biometrics to develop authentication, verification, and identification products for amplified security. AI-driven behavioral biometrics are mostly used to takeover fraud suppression across financial institutions. However, data privacy is a huge concern for new technology, counting behavioral biometrics.
The storage and collection of private data using these technologies, for instance voice recognition, face recognition, and signature, considered as an annexation of privacy by some. Moreover, voice recognition in behavioral biometrics need best-quality recording and it is hard to examine end users with background noise.
The COVID-19 pandemic has affected the behavioral biometrics technology market on several fronts. The pandemic has impelled various organizations operating in the market to for the time being halt manufacturing operations to combine with new government regulations.
Revenue streams have affected owing to the dreadful impact caused by supply chains and trade disturbance on all operations. However, the pandemic has increased the demand for hygienic, secure, and convenient authentication systems all over the globe world.
Behavioral Biometrics Market Trends, Drivers, Restraints, and Opportunities
- The rising demand for a double-layered security approach for financial firms is expected to accelerate the market growth.
- Evolution of the Internet of Things landscape with the increasing demand for amplified security systems, is further expected to boost the market growth.
- The growing penetration of smartphones for socializing, entertainment, and work objectives are rising the number of mobile applications for these services which is estimated fuel the market growth.
- The popularity of enhanced techniques for instance continuous authentication based on behavioral biometrics is expected to provide growth platform in the market.
- The increase in the exchange of data over the web are raising numerous privacy and security concerns.
Scope of Behavioral Biometrics Market Report
The report on the global behavioral biometrics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Behavioral Biometrics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Software and Service [Managed Services and Professional Services]), Types (Gait Analysis, Keystroke Dynamics, Signature Analysis, and Voice Recognition), Applications (Continuous Authentication, Identity Proofing, Risk & Compliance Management, and Fraud Detection & Prevention), Deployment (Cloud and On-premise) and, Enterprise Size (Small & Medium Enterprise and Large Enterprise), End-users (Retail & E-commerce, BFSI, Government & Defence, Healthcare, IT & Telecom, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BioCatch; BehavioSec Inc.; Mastercard Incorporated; Fair Isaac Corporation; Plurilock Security Solutions Inc.; Nuance Communications, Inc.; SecuredTouch Inc; SecureAuth Corporation; Zighra; and UnifyID
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Behavioral Biometrics Market Segment Insights
Software segment account for a key market share
Based on components, the global behavioral biometrics market is segmented software and service. The service segment is further classified into managed services and professional services. The software segment accounts for a key share of the market due to growing demand for reliable and safe digital transactions globally.
For instance, Veridium Ltd., a provider of identity and access management software, introduced InMotion for VeridiumID, the only company software platform for mobile security in March 2019. However, the service segment is anticipated to expand at a rapid pace during the forecast period owing to increasing smartphone penetration.
Voice Recognition segment is estimated to expand at a robust growth rate
In terms of types, the market is differentiated into gait analysis, keystroke dynamics, signature analysis, and voice recognition. The voice recognition is estimated to expand at a robust growth rate due to growing adoption of voice recognition across banks to automate the login process to enhance customer experience. Meanwhile, the signature analysis segment accounts for a high growth rate owing to the increasing demand for safe financial and healthcare data.
Identity Proofing segment is projected to expand at a considerable CAGR
On the basis of applications, the behavioral biometrics market is divided into continuous authentication, identity proofing, risk & compliance management, and fraud detection & prevention. The identity proofing segment is projected to expand at a considerable CAGR due to growing awareness among organizations about the need to maintain the confidentiality of their data and counter the increasingly frequent and sophisticated cyber-attacks.
On the other hand, the continuous authentication accounts for a key market share due to strict government regulations across the world, regarding identity proofing for improving security and safety.
On-premise segment is attributed to register a high CAGR
Based on deployment, the market is classified into cloud and on-premise. The on-premise segment is anticipated to register a high CAGR as behavioral biometrics solutions are easy to configure and integrate with existing online offerings. Moreover, the cloud segment exhibit a high growth rate owing to rising demand, various vendors in the market focused on offering cloud-based behavioral biometrics solutions.
Large Enterprise segment is anticipated to grow at a considerable rate
In terms of enterprise size, the market is categorized into small & medium enterprise and large enterprise. The large enterprise anticipated to grow at a considerable rate due to increasingly sophisticated data theft and cyber-attacks are driving the adoption of behavioral biometrics-based cyber security measures.
Furthermore, the small & medium enterprise represent a substantial growth rate as various end-use industries such as healthcare, BFSI, and IT and telecom are collaborating with biometrics tool suppliers to secure personal and customer data from growing online frauds.
BFSI segment is anticipated to constitute a key share of the market
In terms of end-users, the market is segmented into retail & e-commerce, BFSI, government & defense, healthcare, IT & telecom, and others. The BFSI anticipated to constitute a key share of the market due to rising demand to improve e-Banking security.
However, the others segment represent a substantial growth rate owing to continuous rise in government initiatives and financial regulations globally.
North America is anticipated to constitute a key market share
In terms of regions, the global behavioral biometrics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
The market of North America accounts for a key share of the market due to the presence of leading technology suppliers and increasing demand for data security. The market of Asia Pacific is expected to constitute major share of the market owing to rising penetration of mobile payment and real-time payment platforms across the region has increased fraud incidences.
Segments
The global behavioral biometrics market has been segmented on the basis of
Components
- Managed Services
- Professional Services
Types
- Gait Analysis
- Keystroke Dynamics
- Signature Analysis
- Voice Recognition
Applications
- Continuous Authentication
- Identity Proofing
- Risk & Compliance Management
- Fraud Detection & Prevention
Deployment
Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
End-users
- Retail & E-commerce
- BFSI
- Government & Defence
- Healthcare
- IT & Telecom
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BioCatch
- BehavioSec Inc.
- Mastercard Incorporated
- Fair Isaac Corporation
- Plurilock Security Solutions Inc.
- Nuance Communications, Inc.
- SecuredTouch Inc.
- SecureAuth Corporation
- Zighra
- UnifyID
Competitive Landscape
Key players competing in the behavioral biometrics market are BioCatch; BehavioSec Inc.; Mastercard Incorporated; Fair Isaac Corporation; Plurilock Security Solutions Inc.; Nuance Communications, Inc.; SecuredTouch Inc; SecureAuth Corporation; Zighra; and UnifyID. The main market players are continuously indulging in the activities such as mergers and acquisitions, research and developments, investments for innovative products and collaborations.
For instance, Fair Isaac Corporation (FICO) acquired EZMCOM Inc. security access provider In November 2019.