MarketsandMarkets expects the global Behavioral Biometrics Market to reach USD 2,552.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. The major growth drivers of the behavioral biometrics include rapid growth in online transactions and online fraudulent activities, and higher compatibility with emerging AI technologies.
Behavioral biometrics tools provide capabilities to record and measure human behavioral patterns using gait analysis, keystroke or signature analysis, mouse use characteristics, voice dynamics, etc. to verify and authenticate an individual user, either in real time or retrospectively. Such behavioral biometrics tools capture an array of human interactions between an application and a device and analyze these characteristics to recognize and authenticate true users. Identity and access management, fraud detection and prevention, and risk and compliance management are major application areas where these tools are currently being deployed with varying degree. This study includes behavioral biometrics tools providing user authentication based on voice, keystroke, and signature analysis.
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Many organizations across verticals have been utilizing behavioral biometrics to ensure protection of users from online fraud, and for identity and access management and fraud prevention solutions. On consumer side, customers are more inclined toward applications which provide highly secured online payments with a personalized and user-friendly experience. Developments made in the General Data Protection Regulation (GDPR) and other data protection acts are likely to attract new customers in the coming years.
Major applications of the behavioral biometrics market include identity and access management, fraud detection and prevention management, and risk and compliance management. Risk and compliance management is expected to grow at the highest CAGR during the period of 2018–2023. Behavioral biometrics are used widely by major industries including Banking, Financial Services, and Insurance (BFSI); healthcare; retail and eCommerce; telecommunications; government and defense; and others (education, real-estate, and travel) for different business needs. Behavioral biometrics witnesses major adoption in the BFSI vertical with an increasing demand for more secure enterprise and consumer applications from BFSI organizations.
The region-specific market analysis includes industry trends, market potentials, and market forecasts on the basis of component, application, deployment model, organization size, and vertical. The behavioral biometrics market is witnessing rapid growth in emerging countries in Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is expected to have the highest market share for the next 5 years, followed by Europe. APAC is expected to be the fastest-growing region in the global behavioral biometrics market during the forecast period. Globally, the adoption rate of behavioral biometrics is increasing due to the growing amount of business-critical data and increasing number of SMEs in the APAC region. BioCatch (Israel), IBM (US), Nuance Communications (US), SecureAuth (US), Mastercard (US), BehavioSec (Sweden), SecuredTouch (US), ThreatMark (Czech Republic), and other major vendors offer a competitive product portfolio across major geographic regions.
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The behavioral biometrics market includes many major vendors providing software and services, such as BioCatch (Israel), IBM (US), Nuance Communications (US), SecureAuth (US), Mastercard (US), BehavioSec (Sweden), SecuredTouch (US), ThreatMark (Czech Republic), Plurilock (Canada), Zighra (Canada), XTN (Italy), EZMCOM (US), One Identity (US), Callsign (UK), FST Biometrics (Israel), UnifyID (US), AimBrain (UK), AuthenWare (US), Sentegrity (US), TypingDNA (Romania), NoPassword (US), ID Finance (Spain), Nethone (Poland), Pinn Technology (US), and Unbotify (Israel). Other stakeholders of the behavioral biometrics market include research organizations, network and system integrators, managed services providers, artificial intelligence solutions providers, government and defense agencies, legal agencies, and professional services. The market players have embraced different strategies to expand their presence and market share. Partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions have been the major growth strategies embraced by the major players in the behavioral biometrics market.
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