Increase in Fraudulent Activities Boosting the Global Behavioral Biometric Market

Behavioral biometrics is a device used for security results that help identify individualities on the basis of the way of commerce with the computer bias like smartphones, tablets, or any type of digital device that can feed the relating process. The increase in security pitfalls associated with data confidentiality is performing in a significant loss to associations with compromising stoner credentials being stressed as one of the major causes of global cyber trouble. The adding demand and acceptance of biometric authentication in the fiscal assiduity, along with the public support for biometric authentication, is fueling the demand for similar behavioral biometric systems and, in turn, gaining a whopping profit.

Market Dynamics

Increase in Fraudulent Activities Propelling Behavioral Biometric Market 

The increase in security concerns worldwide regarding data theft, which comprises the security enterprises regarding public or state issues, is the biggest reason for introducing such behavioral biometric systems. There's only one way to prevent similar fraudulent conditioning: assessing strict rules and regulations for access and application of largely important data and secured places. The biometric systems are currently included with face recognition, thumbprints, retina scanners, etc. That will ensure the safety of nonpublic data and avoid any fraudulent conditioning. With the addition of similar behavioral biometric systems, the complete system would be under nonstop surveillance that will identify any pitfalls and make sure to circumscribe any similar happenings. That's why behavioral biometric systems are introduced and helping the said request to grow exponentially in the global assiduity.

Growing Technological Advancements Offer a Wide Range of Opportunities for the Global Behavioral Biometric Market

There are continuous improvements in the technology of biometric systems with the inclusion of artificial intelligence (AI), use of IoT (internet of things) devices, cloud computing, etc. With such technological advancements in behavioral biometric systems, it provides more subtle data security that can be used for the government as well as corporate purposes. With the continuous evolution in the technology of the biometric system, there is a need for new cutting-edge technologies that would help in making the said biometric technology stronger and safer. With the inclusion of firewalls and cloud security, the said market is seeing great growth in terms of devices being installed at the highest level of operations. This is why the said market segment opens a wide range of opportunities for IT firms, engineers, and organizations or start-ups that are catering to the essential need for security. 

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Impact of Covid-19  

With the recent outbreak of the COVID-19 epidemic, associations across the world must respond proactively to cyber risks that have witnessed a shaft during the epidemic. Owing to this, cyber rigidity, which refers to a sector or association's capability to respond to, prepare for, and recover from cyberattacks, has become an absolute necessity rather than an option in the current script. The work-from-home culture introduced in the epidemic has increased cyber-attack trouble. As a result of the COVID-19, contactless biometric technology is anticipated to be in high demand. The global health extremity is impacting people's stations toward commerce with touch-predicated results, making it imperative for companies to first consider user safety throughout enrollment and authentication by administering advanced biometric technologies.

Regional Analysis of the Global Behavioral Biometric Market

The global behavioral biometric market is classified into three regions: North America, Europe, and Asia-Pacific. North America dominated the global market with USD 1 billion in 2021 and is expected to reach USD 3 billion by 2030 at a CAGR of 25%. North America is one of the most techno-savvy regions where most technological inventions are made and deployed and account for the major share of such a behavioral biometric system. The second dominant region in Europe accounted for a market value of USD 1 billion in 2021 and is expected to reach USD 3 billion by 2030 at a CAGR of 26%. The third and the least contributing region in the said market in the Asia-Pacific region, which had a market share of USD 1 billion in 2021 and grew to USD 3 billion in 2030 at a CAGR of 28%.

Key Highlights

  • The global behavioral biometrics market to grow at USD 10 billion in 2030 at a CAGR of 26% from the early figures of USD 1billion in 2021.
  • By type, the voice recognition segment has a major market share of USD 1 billion in 2021 and is expected to grow to USD 4 billion by 2030 at a CAGR of 27%.
  • By deployment type, the on-premise segment dominated the market with USD 1 billion in 2021 and is anticipated to grow to USD 5 billion by 2030 at a CAGR of 24%.
  • While segmented with respect to regions, the North American region is the most dominant region with a market share of USD 1 billion in 2021 and is expected to reach USD 3 billion by 2030 at a CAGR of 25%.

Competitive Players in the Global Market

The major key players in the global behavioral biometrics market are – Biocatch Ltd, Nuance Communications Ltd, SecureAuth Corporation, Mastercard Inc., Behaviosec Inc., etc.

Market News

  • In October 2020, Biocatch Ltd released the BioCathc Case Manager, a new tool to help the security team to facilitate and automate the incident response.
  • In June 2020, Nuance Communications upgraded its biometric authentication and fraud detection tool that has added an age analysis program to it.
  • In June 2020, SecureAuth Corporation expanded its service areas into the Asia-Pacific regions to operate with high capacity in the region.
  • In July 2020, Mastercard signed an agreement with Entersekt company that allows the integration of fintech to behavioral analytics solutions.

Global Behavioral Biometric Market: Segmentation

By Type

  • Signature Analysis
  • Keystroke Dynamics
  • Voice Recognition

By Deployment

  • On-Premise
  • On-Cloud

By Region

  • North America
  • Europe
  • Asia-Pacific

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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