Behavioral Biometrics Market Size, Share & Segment By Component (Software, Service), By Type (Voice Recognition, Keystroke Dynamics, Gait Analysis, Signature Analysis, Others), By Deployment (On-Premise, Cloud-Based), By Application (Risk & Compliance Management, Identity Proofing, Continuous Authentication, Fraud Detection & Prevention), By Organization Size (Large Enterprises, SMBs), By Industry (Retail & E-Commerce, Healthcare, BFSI, Government & Defense, IT & Telecom, Others), and By Regions | Global Market Forecast 2022-2028
Pune, Maharashtra -- (SBWIRE) -- 10/01/2022 -- Market Overview, Definition, and Statistics
The monitoring and recording of human behavioral patterns for use in real-time or retrospectively in computer user authentication is known as behavioral biometrics. Physiological and behavioral biometrics are the two categories into which biometrics fall; behavioral biometrics generally refers to keystroke, signature, and voice recognition. A new generation of user security solutions that recognize people based on their particular interactions with computers is provided by behavioral biometrics. Behavioral biometrics can be integrated with existing hardware and call for extra software. When compared to other security solutions, this technique is straightforward, less expensive, and straightforward to implement.
As per the latest market research report by SNS Insider, the behavioral biometrics market is expected to reach USD 7.53 billion by 2028, with a higher CAGR of 24.5% during the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
The number of mobile applications for these services is increasing, which is expected to support market growth, as smartphones become more widely used for socializing, entertainment, and work-related purposes. The market is anticipated to increase as a result of the acceptance of advanced techniques like continuous authentication based on behavioral biometrics. The development of online transactions is the primary driver of the behavioral biometrics market. This expansion can be attributed to the widespread use of online banking portals for financial operations such debit card upgrades, account balance checks, and requests for bank statements.
However, the high cost of installing behavioral biometrics software and the scarcity of knowledgeable behavioral biometrics experts may be the biggest obstacles to the growth of the global behavioral biometrics market. Additionally, a top-notch soundtrack is required for speech recognition in behavioral biometrics because it is difficult to identify customers above the background noise. Throughout the projected period, these problems are anticipated to limit market growth.
Impact of the COVID-19 Pandemic
The behavioral biometrics market has been impacted by the COVID-19 epidemic in a number of ways. The epidemic has forced a number of market players to temporarily suspend their manufacturing processes in order to comply with new government requirements. Because of the terrible effects that supply chains and trade disruption have had on all activities, revenue streams have been impacted. However, the global demand for sanitary, secure, and practical authentication systems has skyrocketed as a result of the pandemic.
1.Risk & Compliance Management
4.Fraud Detection & Prevention
By Organization Size
1.Retail & E-commerce
4.Government & Defense
5.IT & Telecom
The software category led the global market in terms of components, and this trend is anticipated to continue in the coming years. As a result of growing urbanization and technological innovation, the Asia Pacific area has recently emerged as a global center for the software industry.
Industry-wise, the BFSI segment led the behavioral biometrics market and is anticipated to do so in the coming years. Growth in this market is predicted to be caused by exposure to new frauds, cybercrimes, and data breaches.
Identity proofing is the application that contributes the most to the worldwide market in this sector, and it is quite likely to keep up the trend in the next years. Continuous authentication outperforms conventional login-based authentication, and its use in information technology is rapidly expanding.
The region with the biggest market share is predicted to continue to lead the industry going forward. It is the most technologically advanced region in terms of infrastructure and IT use. All major firms operating across multiple verticals in the region are moving toward the usage of behavioral biometrics software to improve business applications because of the potential for behavioral biometrics to protect users from cybercrime by understanding their behavioral patterns. During the projected period, the behavioral biometrics market is expected to expand most quickly in Asia Pacific. The area has seen an increase in fraud due to the usage of real-time payment platforms and mobile payments, which is driving up demand for behavioral biometrics.
Competitive Landscape Outlook
Some of the prominent companies present in the behavioral biometrics market include IBM Corporation, Nuance Communications Inc., Plurilock Security Solutions Inc., BioCatch Ltd., EZMCOM Inc., NuData Security, SecureAuth Corporation, SecuredTouch Ltd., Mastercard Incorporated, and UnifyID Corporation.
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Head of Business Development & Strategy