The behavioral biometrics market refers to the market for technologies and solutions that use patterns of human behavior as a means of identification and authentication. These behaviors include typing rhythm, mouse movements, and mobile gestures, among others. Key players in this market include BioCatch, Daon, Nok Nok Labs, and Tyfone, among others.
The market is driven by the growing demand for secure and convenient authentication methods, as well as the increasing need to prevent fraudulent activities such as identity theft and account takeover. The market is expected to grow significantly in the coming years due to the increasing adoption of digital services and the growing number of connected devices.
According to Future Market Insights, the behavioural biometrics market will generate US$1.1 billion in sales in 2020. (FMI). The overall market is anticipated to develop at a CAGR of 23.6% from 2021 to 2031, reaching approximately US$ 11.2 Bn.
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The market for behavioural biometrics will continue to grow more quickly, increasing competition among major competitors. According to FMI, the top 5 providers will control about 55.0% of the market in 2020. There are opportunities for the growth of behavioural biometrics solutions due to ongoing developments and the adoption of new technologies/software such as advanced behavioural biometrics technologies, human behavioural patterns, and machine learning/deep learning for identity verification and validation, fraud prevention, and multi-factor authentication applications.
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’ Reliable and Convenient Security Solutions Promote Growth
Access, security, and privacy of data are still front of mind for all digitally-driven enterprises, which has given rise to a profitable revenue stream for the behavioural biometrics sector.
Businesses are looking for sophisticated yet practical security solutions to prevent fraudulent actions, monetary losses, and damage to their brand in the market. Password security has grown vulnerable to breaches.
Because they provide precise, dependable, and economical security services, popular biometric technologies, such as fingerprint and facial recognition, have seen an increase in demand. Future demand for behavioural biometrics is expected to be fueled by organisations’ reliance on biometric technologies for security requirements.
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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)
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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