As per Future Market Insights (FMI), The global behavioral biometrics market revenue totaled ~US$ 1.1 Bn in 2020, according to Future Market Insights (FMI). The overall market is expected to reach ~US$ 11.2 Bn by 2031, growing at a CAGR of 23.6% for 2021 – 31.
Behavioral biometrics is an emerging technology that authenticates users based on patterns in their behavior. Behavioral biometric verification methods include gait analysis, keystroke dynamics, voice ID, signature analysis, mouse use characteristics, 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.
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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.
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.
- pplications of Intelligent Transportation System (ITS) technologies is highly
- encouraged in emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in urban center
- pplications of Intelligent Transportation System (ITS) technologies is highly
- encouraged in emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in urban center
- Applications of Intelligent Transportation System (ITS) technologies is highly
- encouraged in emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in urban centers
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“Key players are focusing on the development and implementation of new solutions/technologies including next-generation identification solutions and behavioral biometrics technology to offer better security and high protection. Recent improvements in real-time authentication & fraud prevention will create opportunities for growth in the foreseeable future,” says a Future Market Insights (FMI) analyst.
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.
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.
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Behavioral Biometrics Market – Competitive Landscape
Implementation of behavioral biometrics facilitates secure authentication in financial institutions, businesses, government facilities and retail Point-of-Sale (POS), and in other environments. Behavioral biometric verification methods include keystroke dynamics, gait analysis, voice ID, mouse use characteristics, signature analysis and cognitive biometrics.
For instance, October 2021, BioCatch, a leading behavioral biometrics company launched behavioral biometric software to protect vulnerable segments of the population against fraud. The software is a new account opening protection capability that’s focused on shielding elderly consumers from fraudulent practices.
Behavioral Biometrics Market Outlook by Category
By Solution, Behavioral Biometrics Demand is segmented as:
- Behavioral Biometrics Software
- Cloud-Based
- On-Premise
- Services
- Professional Services
- Consulting Services
- Implementation Services
- Support & Maintenance
- Managed Services
- Professional Services
By Application, Behavioral Biometrics Outlook is segmented as:
- Identity Verification & Validation
- Fraud Prevention
- Multi-factor Authentication
- Others
By Enterprise Size, Behavioral Biometrics Outlook is segmented as:
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
By Industry, Behavioral Biometrics Demand is segmented as:
- Banking, Financial Services and Insurance (BFSI)
- Retail and eCommerce
- Healthcare
- IT & Telecom
- Government and Defense
- Others
By Region, Behavioral Biometrics Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Related Links –
https://acatpg.mn.co/posts/24572211
https://globalsocials.mn.co/posts/24572225
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