The global behavioral biometric market is estimated to grow at a CAGR of 24.5% during the forecast period. Behavioral biometrics is a type of fraud protection technology that examines a user’s digital, physical, and cognitive activities. Behavioral biometrics distinguishes between legitimate users and cybercriminals, identifying people based on their online behavior and interactions rather than static information or physical features such as what they know or have access to. Behavioral biometrics examines many aspects of behavior, such as signature analysis, voice recognition, gait analysis, and so on, to provide security solutions in a variety of industries, including banking, retail and e-commerce, government, and healthcare.
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The global demand for digital authentication is being driven by an increase in online transactions and an increase in illegal behavior. Furthermore, the market is predicted to rise due to the growing demand for a multi-layered security approach in financial institutions. The market is further anticipated to grow as the Internet of Things (IoT) ecosystem evolves, as well as the growing demand for stronger security solutions arises. Identity thieves are increasingly exploiting the online services that verify users with a username and password, such as webmail, e-banking, and e-commerce. The introduction of an additional security layer appears to be extremely helpful in preventing identity theft. Verifying users based on their mouse movements and keyboard dynamics has a lot of potential as a biometric security layer. Over the forecast period, these factors are expected to drive the market.
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For instance, in February 2020, Biocatch Ltd. completed its strategic acquisition of AimBrain to enhance its digital identity position in all over the world. According to the Biocatch, this acquisition will deepen its solution by enhancing its fraud detection capabilities and by also providing a better experience to its users.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Component
o By type
o By Application
- Competitive Landscape: Nuance Communications, Inc., BioCatch Ltd., Secureauth Corporation, UnifylD Inc., BehavioSec Inc. among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Behavioral Biometric Market Segmentation,
By Component
• Software
• Service
By Type
• Keystroke Dynamics
• Gait Analysis
• Signature Analysis
• Voice Recognition
By Application
• Identity Proofing
• Continuous Authentication
• Risk & Compliance Management
• Fraud Detection & Prevention
This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.
