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Global Behavioral Biometrics Market to Reach US$ 5,056.05 Million by 2027, Catalyzed by Rising Data Breaches

Published on Nov 07, 2022

IMARC Group’s latest report, titled "Behavioral Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global behavioral biometrics market size reached US$ 1,471.45 Million in 2021. Behavioral biometrics is a cybersecurity solution that tracks and identifies human behavioral patterns to authenticate users in real-time. It uses mobile computing devices, including smartphones, tablets, and wearables, to collect data via accelerometers and gyroscopes. The data is then evaluated using advanced software algorithms like artificial intelligence (AI) to facilitate identity verification and fraud detection. It provides numerous benefits in the banking industry, including social engineering scam detection, account takeover protection, and account opening protection. As a result, behavioral biometrics finds extensive applications in the banking, financial services, and insurance (BFSI) industry for securing internet banking services.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. 

Global Behavioral Biometrics Market Trends:

Due to rising data breaches, the widespread adoption of authentication technology for preventing fraudulent transactions and securing customers against cybercrime represents the primary factor driving the market growth. Moreover, the surging need for high-security enterprise solutions to manage the challenges of safeguarding digital identity for governmental applications is positively influencing market growth. Additionally, behavioral biometrics offers robust, continuous, risk-based identity authentication and anti-fraud protection that do not require specialized hardware or additional security measures. Besides this, the rising applications of behavioral biometrics in the e-learning industry for exam integrity solutions due to its flexibility, convenience, efficiency, and insider threat detection have augmented product demand. Furthermore, there has been an increase in the use of smartphones for entertainment, socializing, and work purposes. In line with this, the rising security and privacy concerns due to the increasing exchange of data over the web are contributing to market growth. Apart from this, the emergence of advanced technologies, such as machine learning (ML) and AI, and the surging use of these technologies in authentication and identification applications have catalyzed market growth. Other factors, including the rapid rise in mobile banking, favorable government initiatives, and the growing popularity of voice assistants, are also creating a positive market outlook. Looking forward, the market value is expected to reach US$ 5,056.05 Million by 2027, expanding at a CAGR of 22.90% during 2022-2027.

Market Summary:

  • Based on the component, the market has been divided into software and services (managed and professional services). 
  • On the basis of the type, the market has been segregated into keystroke dynamics, gait analysis, signature analysis, and voice recognition. 
  • Based on the application, the market has been classified into identity proofing, continuous authentication, risk and compliance management, fraud detection and prevention, and others. 
  • The market has been bifurcated based on the deployment into cloud-based and on-premises.
  • On the basis of the enterprise size, the market has been categorized into large, and small and medium enterprises. 
  • Based on the end use industry, the market has been classified into BFSI, retail and e-commerce, government and defense, healthcare, IT and telecom, and others. 
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been examined, with some of the key players being BehavioSec Inc., BioCatch Ltd., Fair Isaac Corporation, International Business Machines Corporation, Mastercard Incorporated, Nuance Communications Inc., Plurilock Security Inc., SecureAuth Corporation, SecuredTouch Inc., ThreatMark s.r.o., UnifyID Inc., and Zighra Inc.
     

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