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.
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.
Behavioral biometrics refers to the use of technology to analyze and identify individuals based on their unique patterns of behavior and interactions with devices or systems. Behavioral biometrics technology is used in a variety of applications, such as fraud detection and prevention, user authentication, and access control.
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.
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Key Companies Profiled
- BioCatch Ltd.
- Nuance Communications Inc.
- NuData Security (MasterCard)
- SecuredTouch Ltd.(Ping Identity)
- UnifyID (Prove)
- Fair Issac Corporation
- BehavioSec Inc.
- ThreatMark
- Callsign Inc.
- Adjust GmbH (AppLovin)
The behavioral biometrics market is expected to grow significantly in the coming years, driven by an increasing need for advanced security solutions in various industries, such as finance, healthcare, and government. The use of behavioral biometrics can help to improve security and reduce fraud by providing an additional layer of authentication beyond traditional methods such as passwords and security tokens.
Behavioral biometrics can be used in various forms like keystroke dynamics, mouse movement, speech recognition and others. The market can be segmented on the basis of application, component, and region. On the basis of application, the market is segmented into financial services, healthcare, retail, government, and others. On the basis of component, the market is segmented into hardware, software, and services. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Behavioral Biometrics Market Outlook 2016-2020 Compared to 2021-2031 Forecast
Frequent developments and the implementation of new technologies/software such as advanced behavioral biometrics technologies, human behavioral patterns, and machine learning/deep learning for identity verification and validation, fraud prevention, and multi-factor authentication applications are creating opportunities for growth of the behavioral biometrics solutions.
Advantages such as flexibility, convenience, efficiency, and security, which also facilitate integration with cloud solutions are primary factors resulting in higher demand for behavioral biometrics being used on a global scale.
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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
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About Future Market Insights, Inc.
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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