The global behavioral biometrics market is projected to register a growth of US$3221.969 million in the year 2027 from the US$864.714 million in the year 2020 at a CAGR of 20.67%.
Behavioral biometrics is a field of study which analyses a person’s digital behavior with respect to their physical behavior and cognition. This field is usually used for the prevention of fraud or cybercrimes. It basically legally distinguishes the difference between a cybercriminal and a legitimate user. This identification involves the consideration of a person’s digital behavior instead of information about his physical behavior. This digital behavior includes individual interaction with computer devices, such as smartphones, tablets, keyboards, and mouses. Behavior biometrics is known to be the new generation of security solutions. The software used for biometrics builds a user profile based on every gesture used by an individual while handling any digital device.
Covid-19's Impact on the behavioral biometric market
During the outbreak of the COVID-19 pandemic, many sectors witnessed cybercrime. This has paved the way for an increase in awareness regarding cybersecurity. Thus, organizations have realized that their proclivity to implement all security solutions has been attributed to their ability to maintain cyber resilience, that is, prevention from cyber-attacks even in the future. Thus, due to this, it has been estimated that there will be significant growth in the behavioral biometric market post-COVIDperiod.
Rising needs in the eCommerce sector
The banking sector is feeling the surge of behavioral biometric use. They are implementing this service to increase the security of their customers’ data. Many banking sectors are even working on customer security. Preventing customers from fraud and cybercrime is becoming a prime concern for many banks. National Australian Bank implemented this service in 2019. Some other companies, for example, Wells Fargo Company, are planning to implement this technology as well. The company is planning to work on a solution that will make use of the customer’s voice for transaction authentication. Due to the rise in hacking issues, there is a requirement for the implementation of advanced solutions to prevent these security threats. Even the awareness among the customers has increased in terms of security. A study by Gemalto states that around 44% of customers leave their respective banks due to a security breach.
In August 2019, the Treasury army deployed the Biocatch system. This system helps the bank to detect over 95% of malware cases. This system has a false positive rate of just 0.05%. The bank has added the same system to its online banking applications as well. With the help of the same system, they can rapidly detect the attack using real-time transaction alerts.
Implementation in government services
The governments of many nations have started to apply biometric systems. Governments are even funding many research and development programs to develop an advanced behavioural biometric system. A recent study has reported that the Canadian Internet Registration Authority has reported that around 71% of organizations have suffered from data fraud in 2019. And most of these organizations were unaware of data breach security services. Thus, the government’s enhancement of security services can drive the behavioral biometric market during the forecast period.
Even the market players have come up with various marketing strategies to attract consumers to adopt their behavioral biometric services. For example, Biocatch Ltd. successfully completed its strategic acquisition with AimBrain in 2020 to strengthen its global position in digital identity services. Biocatch promises that its new acquisition, by enhancing its fraud detection capabilities, will deepen its cybersecurity solutions and provide a better experience for all its consumers.
North America leads in market share.
North America is leading in the adaptation and applications of behavioral biometrics in the banking, financing, insurance, and information and communication sectors as well. The advancement in this region is expected to continue in the coming years. In 2019, the United States government also announced an investment of USD 15 billion for cybersecurity. The region has experienced a rise in cybercrime due to an increasing number of hackers, cyber fraud, and many more. This dramatic growth in cybercrime hacker gang activities in the region has increased the cost of biometrics in the countries like US and Canada. This is also predicted to increase investment in the cybersecurity sector. Thus, this attributes to a significant market share of North America in the Behavioural Biometric market globally during the forecast period.
The market players in the behavior biometric market are continuously working on new innovations and launching new solutions. This is projected to grow the market size in upcoming years.
|Market size value in 2020||US$864.714 million|
|Market size value in 2027||US$3221.969 million|
|Growth Rate||CAGR of 20.67% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||BioCatch Ltb, Threat Mark SRO, UnifyID Inc, Nuance Communications Inc, SecureAuth Corporations Inc, Mastercard Incorporated, BehavioSec Inc, Zighra Inc, Plurilock Security Solutions Inc, SecuredTouch Inc|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the behavioral biometrics market size by 2027?
A1. The behavioral biometrics market is projected to reach a market size of US$3221.969 million by 2027.
Q2. What are the growth prospects for the behavioral biometrics market?
A2. The global behavioral biometrics market is projected to grow at a CAGR of 20.67% over the forecast period.
Q3. Which region holds the largest market share in the behavioral biometrics market?
A3. North America is expected to hold the largest share of the behavioral biometrics market.
Q4. What is the size of the global behavioral biometrics market?
A4. Behavioral Biometrics Market was valued at US$864.714 million in 2020.
Q5. How is the global behavioral biometrics market segmented?
A5. The behavioral biometrics market has been segmented by component, application, and geography.
Threat Mark SRO
Nuance Communications Inc
SecureAuth Corporations Inc
Plurilock Security Solutions Inc
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