The market for technologies and solutions that employ patterns of human behaviour as a method of identification and authentication is referred to as the behavioural biometrics market. These actions include, among others, the rhythm of the keyboard, mouse movements, and hand motions on a phone. Among others, BioCatch, Daon, Nok Nok Labs, and Tyfone are significant market participants.
The market is being driven by the rising requirement for quick and easy authentication techniques as well as the growing desire to stop fraudulent activities including account takeover and identity theft. The market is anticipated to have considerable growth over the next few years as a result of rising acceptance of digital services and an increase in the number of connected devices.
According to Future Market Insights, the behavioural biometrics market will generate US$1.1 billion in sales in 2020. (FMI). The overall market is anticipated to develop at a CAGR of 23.6% from 2021 to 2031, reaching approximately US$ 11.2 Bn.
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The market for behavioural biometrics will keep expanding at an accelerated rate, intensifying rivalry among the top players. In 2020, the top 5 providers will own roughly 55.0% of the market, predicts FMI. The adoption of new technologies and software, such as advanced behavioural biometrics technologies, human behavioural patterns, and machine learning/deep learning for identity verification and validation, fraud prevention, and multi-factor authentication applications, have created opportunities for the growth of behavioural biometrics solutions.
Behavioral Biometrics Market – Competitive Landscape
Implementation of behavioral biometrics facilitates secure authentication in financial institutions, businesses, government facilities and retail Point-of-Sale (POS), and in other environments. Behavioral biometric verification methods include keystroke dynamics, gait analysis, voice ID, mouse use characteristics, signature analysis and cognitive biometrics.
For instance, October 2021, BioCatch, a leading behavioral biometrics company launched behavioral biometric software to protect vulnerable segments of the population against fraud. The software is a new account opening protection capability that’s focused on shielding elderly consumers from fraudulent practices.
Behavioral Biometrics’ Reliable and Convenient Security Solutions Promote Growth
Access, security, and privacy of data are still front of mind for all digitally-driven enterprises, which has given rise to a profitable revenue stream for the behavioural biometrics sector.
Businesses are looking for sophisticated yet practical security solutions to prevent fraudulent actions, monetary losses, and damage to their brand in the market. Password security has grown vulnerable to breaches.
Because they provide precise, dependable, and economical security services, popular biometric technologies, such as fingerprint and facial recognition, have seen an increase in demand. Future demand for behavioural biometrics is expected to be fueled by organisations’ reliance on biometric technologies for security requirements.
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Behavioral Biometrics Market Outlook by Category
By Solution, Behavioral Biometrics Demand is segmented as:
- Behavioral Biometrics Software
- Cloud-Based
- On-Premise
- Services
- Professional Services
- Consulting Services
- Implementation Services
- Support & Maintenance
- Managed Services
- Professional Services
By Application, Behavioral Biometrics Outlook is segmented as:
- Identity Verification & Validation
- Fraud Prevention
- Multi-factor Authentication
- Others
By Enterprise Size, Behavioral Biometrics Outlook is segmented as:
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
By Industry, Behavioral Biometrics Demand is segmented as:
- Banking, Financial Services and Insurance (BFSI)
- Retail and eCommerce
- Healthcare
- IT & Telecom
- Government and Defense
- Others
By Region, Behavioral Biometrics Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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