Global 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. 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:
Nuance Communications Inc.
Mastercard Incorporated (NuData Security)
Threat Mark SRO
Plurilock Security Solutions Inc.
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:
Risk and Compliance
Fraud Detection and Prevention
By end user:
Retail and E-commerce
Government and Public Sector
Other End-user Verticals
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027.
Target Audience of the Global Behavioral biometrics market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers