As per Future Market Insights (FMI), the global behavioral biometrics market reached a valuation of around US$ 1.1 Bn in 2020 and is anticipated to surge at a CAGR of 23.6% over the next ten years. Behavioral biometrics is an emerging technology that authenticates users based on patterns in their behavior. Behavioral biometric verification procedures include gait analysis, keystroke dynamics, voice ID, signature analysis, mouse use features, and cognitive biometrics.
Behavioral biometrics can be used to digitally identify a person to grant access to systems, devices, or data. It is used to identify criminal behavior and stolen/fake identities in the application flow and during online sessions. Continuous identity verification & validation helps to prevent account takeovers by detecting aberrant behavior.
The security industry is increasingly adopting behavioral biometrics cloud-based software to gain significant benefits such as scalability, robustness, user-friendly access, low cost, reduced complexity, and a granular level of fraud detection and ensure the security of information. These solutions can help companies to improve their safety features and safeguard organizational data by allowing access to authorized persons.
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Key Takeaways from Behavioral Biometrics Market Study
- Identity verification & validation applications will account for more than 32% of the market, owing to higher demand of online transactions.
- Behavioral biometrics software will reflect higher adoption rates holding 59.8% of the market, supported by enhanced security systems requirements of industry end users.
- India, and Indonesia are leaders in the South Asia & Pacific market, registering a CAGR of over 38% and 34% through 2031, on the back of growing business requirements.
- The market in the U.S. is projected to expand at a CAGR of 17.0% through 2031 backed by presence of a mature business sector.
- growth in the number of vehicles that ply the highways in urban centers
Impact of COVID-19 on Behavioral Biometrics Market
The COVID-19 outbreak has disrupted many industries, including the behavioral biometrics market. The integration of behavioral biometrics technology is an important tool for tackling advanced threats while enabling innovation and growth at a better time.
The adoption of digital banking increased during COVID-19 pandemic. Financial institutions saw a 200%-250% increase in digital channel usage on average. Also, advanced fraud attacks have become an even bigger threat for banking and financial institutions.
The demand for behavioral biometrics software, human behavioral patterns, smart sensors, machine learning/deep learning, and biometric technologies increased during the lockdown implemented in response to the COVID-19 outbreak.
This is fueled the demand for behavioral biometrics. The behavioral biometrics market is grew by 4.8X from 2019-2020 and would see a surge in demand in the coming years, as enhanced security systems become the new norm.
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Behavioral Biometrics for Continuous Authentication to Have Positive Impact on the Market
A continuous behavioral biometrics authentication system focuses on keystroke dynamics, application usage, mouse movements, and the system footprint. Behavioral biometrics with continuous authentication offers various applications such as stop account takeovers and automated attacks, verifying identity reliably for superior user experience, and strong customer authentication without sacrificing customers and others.
Integration of behavioral biometrics with customer services management applications has emerged as a prominent driver for the growth of the behavioral biometrics market. For instance, in December 2020, Plurilock has developed the behavioral biometrics infrastructure with significant optimizations for a new version of biometric technology, which is included in its Plurilock ADAPT multifactor authentication and Plurilock DEFEND continuous authentication solutions.
More Valuable Insights on Behavioral Biometrics Market
FMI’s report on the behavioral biometrics industry research is segmented into five major sections – solution (behavioral biometrics software (cloud-based and on-premise), and services (professional services (consulting services, implementation services, support & maintenance) and managed services), application (identity verification & validation, fraud prevention, multi-factor authentication, and others), enterprise size (Small and Medium-Sized Enterprises (SMEs)
and large enterprises), industry (Banking, Financial Services and Insurance (BFSI), retail and eCommerce, healthcare, IT & telecom, government and defense, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the behavioral biometrics demand outlook.
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