Behavioral biometrics market is valued approximately at USD 0.87 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 24.5% over the forecast period 2020-2027. Behavioral biometrics is a modern type of consumer authentication solution that recognizes people based on how they communicate with computers, such as smartphones, laptops, or mouse-screen-and-keyboard systems. Data compromise is associated with an increasing number of risks. As a result, companies are suffering massive losses, and breaching user accounts has been identified as one of the main triggers of global cyber-attack. Similarly, big malicious attacks were triggered by stolen passwords, according to an IBM study from 2020.
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Furthermore, in 2020, malware hacks accounted for roughly 19% of all malicious attacks. In addition, the behavioral biometric market is being implemented by the majority of BFSI sectors to improve the protection of their customers’ data. National Australian Bank (NAB) began using behavioral biometrics for fraud detection in 2019. In addition, Wells Fargo Company is developing a payment solution that would use consumers’ voices to authenticate purchases and provide access to facilities. Furthermore, the firm is looking at how it would use artificial intelligence to make it capable of conversational banking, similar to Siri on the iPhone or Alexa on Amazon. However, Low Cybersecurity Budget and High Installation cost of the Behavioral Biometrics Software may impede market growth over the forecast period of 2020-2027.
The regional analysis of the global Behavioral biometrics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share due to owing to significant adoption of behavioral biometrics solutions across the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, due to increase in security spending among government organizations and development of the smartphones market in the developing economies such as China, India, Australia, Japan, and South Korea.
Major market player included in this report are:
BioCatch Ltd
Nuance Communications Inc.
SecureAuth Corporation
Mastercard Incorporated (NuData Security)
BehavioSec Inc.
Threat Mark SRO
UnifyID Inc.
Zighra Inc.
Plurilock Security Solutions Inc.
SecuredTouch Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type:
Signature Analysis
Keystroke Dynamics
Voice Recognition
Gait Analysis
By Deployment:
On-premises
On-cloud
By Application:
Identity Proofing
Continuous Authentication
Risk and Compliance
Fraud Detection and Prevention
By end user:
BFSI
Retail and E-commerce
Healthcare
Government and Public Sector
Other End-user Verticals
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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