The report of behavioral biometrics market by component (software and services), by application (identity & access management, risk & compliance management, fraud detection & prevention management), by deployment model (on-premises, cloud), by organization size (small and medium-sized enterprises, large enterprises), by vertical ( BFSI, retail & ecommerce, healthcare, government & defense, telecommunications, and others), by Geography (North America, Europe, Asia Pacific, Middle East & Africa and South America) – is expected to reach US$ 4344.56 Mn by 2027, at a CAGR of 19.4%.
A rapid surge in online transactions and online fraudulent activities, and growing demand for multi-layered security approach in the BFSI industry are estimated to drive the behavioral biometrics market. Moreover, the demand for behavioral biometrics will raise during the forecast period on account of the increasing need for safer and smoother authentication solutions. However, higher installation cost of behavioral biometrics software and lack of competent behavioral biometrics experts are hindering the market growth.
Identity & access management application segment to hold the largest market share in the behavioral biometrics market in 2017
Identity & access management application segment to hold the largest market share in the behavioral biometrics market in 2017. The behavioral biometrics applications are largely finding use in all major industry verticals to decrease risks and increase the efficiency and transparency in payment systems across verticals. The technology monitors user behavior, like their typing styles, in background though they log-in into their applications and during sessions.
North America holds a significant share in the market
North America holds a significant share in the market owing to the early adoption of technology and high investment towards fraud prevention. The presence of key vendors of behavioral biometrics and the biggest payments industry in the region is the major driving factor for the behavioral biometrics market. Asia Pacific and Europe will see ample growth opportunities over the forecast period owing to emerging cybersecurity trends and increasing privacy concerns.
This report includes a study of marketing and development strategies, along with the product portfolios of prominent companies. It includes the profiles of leading manufacturers such as BehavioSec, Nuance Communications, BioCatch, Mastercard, NoPassword, SecuredTouch, SecureAuth, Pinn Technology, and Callsign.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the behavioral biometrics market. Report encompasses the market by different segments and region, providing the in-depth analysis of the overall industry ecosystem, useful for making informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the behavioral biometrics market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain behavioral biometrics market positioning of competitors.
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