Global Behavioral Biometrics Market

Behavioral Biometrics Market Insights:

The global behavioral biometrics market will grow at a high rate between the projected period from 2020 to 2026. Behavioral biometrics is the study of the recognition of human behaviors' distinctive and observable characteristics such as their gestures, speech, how they walk, and other forms of signature. Behavioral biometrics was used to provide its employees with multiple security solutions based on their levels of privilege. Some of the major factors projected to drive the growth of the behavioral biometrics industry are the growing acceptance of cloud-based technologies, along with rising growth in the retail and e-commerce markets. The increasing proliferation of digital financial transfers, such as queries for bank accounts and multi-layered security solutions to secure their network infrastructures, is driving the market growth. Moreover, the increasing development of Internet of Things (IoT) innovations and the rising investments in technologies to enhance data security from different vertical across the globe are some of the factors expected to propel the market growth. However, a lack of digital infrastructure, high software implementation costs, and data privacy issues are some of the factors that are likely to impede market growth during the forecast timeframe.

Behavioral Biometrics Market: By Type of Organization Size

By company size, this market is explained into two segments namely, large–enterprises, and SMEs. SMEs will grow at a high pace between the forecast period. The growing government expenditures and assets, coupled with the increasing adoption of such innovative technologies and cloud-based technology accessibility, will aggravate the growth of the demand for behavioral biometrics. Furthermore, the large-enterprises analyzed to hold the largest market share between the projected timeframe. The growing need for high digital security due to an increasing number of identity spoofing cases is expected to drive the large enterprise market.

By Type of Components

By component, the market is sliced into services and software. The software aspect contributes the most to the market's global sales. The growing adoption and deployment of consumer software would include post-service support for all upgrades and updates. Moreover, the increased focus on web application developers, content creators, and digital media among others are expected to influence the market for behavioral biometrics. Furthermore, the service segment was evaluated to sustain the fastest rate of growth from 2020 to 2026. This is due to the ease of implementation of these systems to ensure the proper installation and functioning of the software.

Behavioral Biometrics Market: By Type of Deployment Method

By deployment method, this market is bifurcated into on-premise, enterprises and cloud. The cloud-based deployment will grow at a rapid pace between the forecast period. The rising artificial intelligence in behavioral biometrics enterprises and the expansion of cloud-based solutions are some of the factors expected to influence market growth. Cloud-based applications are mostly chosen by business organizations due to scalable infrastructure and cost-effectiveness. Compared to on-premise companies, cloud-based companies are often cheaper. Furthermore, the on-premise segment was analyzed to be the largest market shareholder over the projection period.

Behavioral Biometrics Market: By Application

Based on the analysis, the application segment is segregated into fraud detection and prevention management, risk and compliance management, and identity and access management. Amongst all the applications, the identity and access management segment is analyzed to hold the highest revenue during the forecast period. Identity and access management uses artificial intelligence to detect changes in the environmental and behavioral factors of its users to evoke caution. This software provides its workers with various authentication choices based on their level of privilege. The fraud detection and prevention management segments will grow at a high rate during the forecast period. This segment analyzes human-device interactions to protect users and collects data across multiple data points to capture a range of human experiences such as hand-eye coordination, fingerprint movement, and navigation among others.

Behavioral Biometrics Market: By Vertical

Based on the study of vertical, the market is broken into retail and e-commerce, BFSI, healthcare, government and defense, and telecom, among others. The BFSI aspect contributes the most to the market's global sales in terms of value over the projected timeframe. This is attributed to the rising internet adoption and the increasing application of this technology in remote asset management, which are some of the factors that are driving the growth of the industry. The compromise of authentication-data and passwords has become universal and the rising bulk of financial assessments are among the key factors driving the demand for behavioral biometrics. Furthermore, the most growing segment in the market is healthcare over the projected timeline. In advanced economies and emerging countries, the increasing healthcare industry and the expansion of metropolitan cities are propelling business growth.

Behavioral Biometrics Market: By Region

The North America region is the largest revenue supporter in the market. The U.S. is credited with technological advancements in the IT infrastructure and the growing adoption of social media platforms and big data. The presence of leading IT companies including MasterCard, IBM, and Securedtouch among others are influencing the market in the U.S. Furthermore, the Asia-Pacific is projected to be the fastest-growing region over the projected timeframe due to the growing e-commerce industry in countries such as India, Singapore, and China clubbed with rising infrastructures investments are expected to push the market growth. Moreover, the increasing spending on security solutions and the rising smartphone industry in developing countries, including China, India, Japan, South Korea, and Singapore, among others, would have an impact on the APAC region's business growth.

Behavioral Biometrics Market Share & Competitor Analysis

Some of the key players operating in this market are Nuance Communications, SecureAuth, Mastercard, BehavioSec, Plurilock, Zighra, XTN, EZMCOM, One Identity, SecuredTouch, ThreatMark, Callsign, FST Biometrics, UnifyID,  AimBrain, Pinn Technology, and Unbotify, AuthenWare, Sentegrity, TypingDNA, NoPassword, ID Finance, BioCatch, IBM, and Nethone, among others.

Please note: This is not an exhaustive list of companies profiled in the report.

In May 2019, MasterCard successfully acquired Transactis for USD 75 million. The company is engaged in providing SaaS-based billing, payment, and loyalty products to banks and merchants.

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