Behavioral Biometrics Market: Global Industry Analysis and Forecast (2022-2029)

Behavioral Biometrics Market size was valued at US$ 1.34 Bn. in 2021 and the total revenue is expected to grow at 24.43 % through 2021 to 2029, reaching nearly US$ 7.72 Bn.
Behavioral Biometrics Market Overview:
Behavioral biometrics is a real-time authentication technology that records and recognises human behavioural patterns. It uses accelerometers and gyroscopes in mobile computing devices like smartphones, tablets, and wearables to collect data. To assist identity identification and fraud detection, the data is then examined using powerful software techniques such as artificial intelligence (AI). Behavioral biometrics is currently being used extensively in the banking, financial services, and insurance (BFSI) industry to secure online payment services. Any company organisation may easily comprehend and act on their personnel due to behavioural biometrics. Businesses and organisations benefit from its flexibility and capacity to adapt to the structure and regulations.To know about the Research Methodology:- Request Free Sample Report
COVID-19 Impact:
The COVID-19 pandemic is expected to have a negative impact on the behavioral biometric technology market in many ways. The pandemic forced several companies to temporarily suspend manufacturing operations to comply with new government regulations. Due to the adverse effects of supply chain and trade disruptions on overall operations, revenue streams are most affected. Nonetheless, the pandemic has increased the global demand for health, safety, and proper authentication systems. The extremely contagious nature of COVID-19 makes people cautious about touch keyboards, card readers, and other devices used for precise authentication.
Behavioral Biometrics Market Dynamics:
The increasing number of data breaches around the world is prompting businesses to use authentication technology to prevent fraudulent transactions and protect customers from cybercrime. This is one of the main drivers of the behavioural biometrics industry, since it provides reliable, ongoing, risk-based identity authentication and anti-fraud measures that don't necessitate any particular hardware or other security measures. Also, the growing need for high-security business solutions to meet the issues of securing digital identification for governmental applications is propelling the market further.

Depending on the end user's location and the data's confidentiality, behavioral biometrics for these applications can be implemented using a layered approach. It can also be used in conjunction with deep learning to model unique traits of individual behaviour and distinguish them from frauds, making the entire process more user-specific. Aside from that, because behavioural biometrics offers flexibility, ease, efficiency, and insider threat detection, its use in the e-learning sector for test integrity solutions is expected to grow.

The introduction of technologies such as artificial intelligence (AI) and machine learning (MI), as well as the growing acceptance of these technologies in authentication and identification applications, may present a potential growth opportunity for market players. Developers are gradually incorporating AI and machine learning into behavioural biometrics in order to create more secure identification, authentication, and verification systems. Behavioral biometrics powered by AI are mostly utilised in financial organisations to avoid account takeover fraud. Advances in AI are supporting significant advances in the capacities of AI-driven behavioural biometrics, which are expected to advance identification and authentication systems as their acceptance grows.

One of the major barriers that behavioural biometrics companies face around the world is the high cost of installation. As a result of continuous technological improvements, the initial cost of adopting behavioural biometrics has risen dramatically, prohibiting end users from obtaining these solutions.
Behavioral Biometrics Market Segment Analysis:
Based on the Application, the Behavioral Biometrics market is sub-segmented into Identity Proofing, Continuous Authentication, Risk & Compliance Management and Fraud Detection & Prevention. The Identity Proofing segment held the largest market share of 40% in 2021. Users with varying levels of privilege are given different authentication alternatives by identity proofing technologies. These technologies also assist in the development of fail-safe procedures for establishing policies for authenticating critical applications. Rising awareness among businesses of the need to protect their data from increasingly complex cyberattacks, malware, identity-related fraud, and data breaches is likely to propel the segment further.



Based on the Deployment, the Behavioral Biometrics market is sub-segmented into On-premise and Cloud. The On-premise segment held the largest market share of 65% in 2021. Internal behavioural biometric solutions are simple to connect and setup with existing internet offerings, which accounts for this. Additionally, on-premises deployment allows for a high level of adaptability for the company, as well as lower expenses in the event that extra resources are required.

Based on the End-User, the Behavioral Biometrics market is sub-segmented into BFSI, Retail & E-commerce, Healthcare, Government & Defense, IT & Telecom and Others. The BFSI segment held the largest market share of 28% in 2021. With the increase in fraud and cybercrime, as the customer experience improves, preventing customers from facing risks has become the top issue on the bank's agenda. As new threats appear almost every day, measures must be provided to protect end users from hacker attacks and fraud without compromising the consumer experience. With the rise of fintech start-ups and the upcoming PSD2 (Revised Payment Service Directive) regulations will intensify competition in the industry; customer experience is becoming an increasingly important difference, so a more nuanced approach is required.
Behavioral Biometrics Market Regional Insights:
North America held the largest market share of 35% in 2020. In terms of technology adoption and IT infrastructure, it is the most forward-thinking region. Because of the potential of behavioral biometrics to protect users from cybercrime by knowing their behavioral patterns, all major organisations operating across various verticals in the region are moving toward the use of behavioral biometrics software to improve business applications. Cybercrime will continue to climb, costing businesses around the world more than USD 6 trillion each year by 2021, according to Cybersecurity Ventures.

Asia Pacific is expected to grow at a highest CAGR of 20.7% in the Behavioral Biometrics market during the forecast period. The increasing use of mobile payment and real-time payment platforms across the area has resulted in a rise in fraud, which is boosting demand for behavioral biometrics.

The objective of the report is to present a comprehensive analysis of the global Behavioral Biometrics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Behavioral Biometrics Market dynamic, structure by analyzing the market segments and project the global Behavioral Biometrics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Behavioral Biometrics Market make the report investor’s guide.
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Behavioral Biometrics Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 1.34 Bn.


Forecast Period 2022 to 2029 CAGR:
24.43 %
Market Size in 2029:
US $ 7.72 Bn.


 Segments Covered:
by Component
• Software
• Services


by Application
• Identity Proofing
• Continuous Authentication
• Risk & Compliance Management
• Fraud Detection & Prevention


by Deployment
• On-premise
• Cloud


by Organization Type
• Large Enterprise
• Small & Medium Enterprise


by End-User
• BFSI
• Retail & E-commerce
• Healthcare
• Government & Defense
• IT & Telecom
• Others



Behavioral Biometrics Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Behavioral Biometrics Market Key Players are:
• BioCatch
• IBM
• Nuance Communications
• SecureAuth
• Mastercard
• BehavioSec
• ThreatMark
• Plurilock
• One Identity
• FST Biometrics
• UnifyId
• AimBrain
• Zighra
• AuthenWare
• XTN
• Sentegrity
• TypingDNA
• NoPassword
• ID Finance
• Nethone
• Pinn Technologies
• EZMCOM
Frequently Asked Questions:
1] What segments are covered in Behavioral Biometrics Market report?
Ans. The segments covered in Behavioral Biometrics Market report are based on Component, Application, Deployment, Organization Size and End-User.

2] Which region is expected to hold the highest share in the Behavioral Biometrics Market?
Ans. North America is expected to hold the highest share in the Behavioral Biometrics Market.

3] What is the market size of Behavioral Biometrics Market by 2029?
Ans. The market size of Behavioral Biometrics Market is expected to reach US $ 7.72 Bn. by 2029.

4] Who are the top key players in the Behavioral Biometrics Market?
Ans. BioCatch, IBM, Nuance Communications, SecureAuth, Mastercard, BehavioSec, ThreatMark and Plurilock are the top key players in the global Behavioral Biometrics Market.

5] What was the market size of Behavioral Biometrics Market in 2021?
Ans. The market size of Behavioral Biometrics Market in 2021 was US $ 1.34 Bn.