The Behavioral Biometrics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Behavioral Biometrics Global Market Report 2024, The behavioral biometrics market size has grown exponentially in recent years. It will grow from $1.99 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to rising adoption of behavioral biometrics in mobile devices, growing concerns over data breaches and identity theft, increasing demand for continuous authentication, growing adoption of behavioral biometrics in enterprise applications.
The behavioral biometrics market size is expected to see exponential growth in the next few years. It will grow to $5.59 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to increasing adoption of behavioral biometrics in emerging markets, increasing demand for continuous authentication, growing adoption of behavioral biometrics in new applications, growing government mandates for behavioral biometrics. Major trends in the forecast period include advancements in artificial intelligence and machine learning, continuous authentication, multi-modal biometrics, iot security.
Rising data breach cases are expected to propel the behavioral biometrics market going forward. Data breaches refer to unauthorized sensitive information hacking using malicious information and security violations in which sensitive information can be stolen from a computer system without the prior permission of the owner of the system. Behavioral biometrics is used to prevent any unauthorized access to information from the system of the company’s employees’ database by analysing the behavioural pattern. For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. Therefore, cyber security and data breach cases are driving the behavioral biometrics market.
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The behavioral biometrics market covered in this report is segmented –
1) By Components: Software, Services
2) By Type: Keystroke Dynamics, Gait Analysis, Signature Analysis, Voice Recognition
3) By Deployment Model: Cloud, On-Premises
4) By Application: Identity Proofing, Continuous Authentication, Risk and Compliance Management, Fraud Detection and Prevention
5) By Verticals: Banking, Financial Services and Insurance (BFSI), Retail, e-Commerce, Healthcare, Government and Defense, Telecommunications, Other verticals
Major companies operating in the behavioral biometrics market are adopting a strategic partnership approach to offer financial institutions throughout Australia and New Zealand access to advanced fraud detection capabilities driven by behavioral biometrics. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in October 2022, BioCatch, an Israel-based behavioral biometrics company, partnered with Indue, an Australia-based financial products company. Through this recent partnership, Indue’s array of financial institutions, retailers, and non-profit organizations can harness the advanced technology of BioCatch to enhance protection against fraud attacks and cybercrime for their customers. Users within Indue’s network will now have the capability to enjoy a seamless digital experience, fostering a sense of security and trust between financial institutions and their customers.
Major Players:
The behavioral biometrics market report table of contents includes:
1. Executive Summary
2. Behavioral Biometrics Market Characteristics
3. Behavioral Biometrics Market Trends And Strategies
4. Behavioral Biometrics Market – Macro Economic Scenario
5. Global Behavioral Biometrics Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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