Behavioral Biometrics Market Size, Share & Trends 2030 |...

Behavioral Biometrics Market Size, Share & Trends 2030

Posted 2024-04-05 11:42:26

Behavioral Biometrics Market

The behavioral biometrics market is expected to reach a value of around USD 7,369.41 million by 2030, with a compound annual growth rate (CAGR) of approximately 20.61% between 2023 and 2030. The market was valued at approximately USD 1,645.23 million in 2022.

Global Behavioral Biometrics Market: Overview

A significant quantity of personal information is shared online these days in the age of technology. Passwords are a common kind of security, but in order to better prevent identity theft, new solutions are always being developed. Behavioral biometrics is one such well-liked option, and multi-factor authentication is one type of multi-factor authentication. Behavioral biometrics is the study of measuring and uniquely identifying measurable patterns in human behavior. It offers a novel method of user identification by building a personalized profile for every consumer.

Behavioral Biometrics Market

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Global Behavioral Biometrics Market: Growth Factors

The market for behavioral biometrics is expanding quickly on a global scale. The increasing need for multilayered security, the rapid increase in cyberattack frequency, and the growing need for behavioral biometrics for fraud detection and prevention are the main drivers driving the growth of the global market. Furthermore, there are a lot of benefits to using behavioral biometrics. It doesn't slow down, disrupt, or otherwise interfere with the user experience. It is completely frictionless. Furthermore, it is very impossible to mimic users due to the precise and accurate identification. Moreover, behavioral biometrics provides strong defense against insider threats, identity theft, and account takeover. Furthermore, behavioral biometrics technology offers reliable, risk-appropriate identity authentication and anti-fraud measures that are simple for people to utilize.

Due to the increased need for behavioral biometrics in online banking, payments, e-commerce, and other high-security authentication applications, there has been a rise in their deployment, which has helped the worldwide behavioral biometrics market expand. Moreover, some of the reasons propelling the expansion of the global market are the growing adoption of small and medium-sized businesses and the rising use of cloud computing. Moreover, there may be significant growth potential for the global behavioral biometrics market over the projected period due to the growing usage of smart sensors in mobile computing devices like wearables, tablets, and smartphones, which allow behavioral biometrics to collect data necessary for user authentication.

The Covid-19 epidemic has had a moderate impact on the worldwide behavioral biometrics market. The major industries involved in the global market have been harmed by the statewide lockdown and restrictions on movement. However, the banking and financial industries have adopted behavioral biometrics because to the growth in e-commerce, online banking & payments, and increased cyber threats. Consequently, the market continues to develop steadily throughout the pandemic.

Global Behavioral Biometrics Market: Segmentation

Based on component, application, deployment mode, organization size, vertical, and geography, the worldwide behavioral biometrics market is divided. The global behavioral biometrics market is divided into two segments: services and software, based on the component. Identity & access management, fraud detection & prevention management, and risk & compliance management comprise the application segment. Small and medium-sized businesses (SMEs) and large companies make up the organization size segment. The deployment modes used by the behavioral biometrics market are cloud and on-premises. The global market is divided into various verticals such as telecommunications, BFSI, healthcare, government & defense, retail & e-commerce, and others.

Global Behavioral Biometrics Market: Competitive Players

Some of the key participants that are operating in the global behavioral biometrics market are BioCatch, Zighra, Plurilock, ThreatMark, SecuredTouch, BehavioSec, Mastercard, SecureAuth, Nuance Communications, and IBM.

Global Behavioral Biometrics Market: Regional Analysis

Geographically, North America is projected to hold a maximum share in the global behavioral biometrics market during the forecast period. The presence of state-of-the-art IT infrastructure and rapid adoption of technology are the key factors that are fueling the growth of the market in this region. In addition to this, the growing rate of cyber-attacks and the growing necessity of risk & compliance management are also some of the factors that are fueling the growth of the market in the North America region. The market in the Asia Pacific is expected to grow rapidly due to growing investment in the development of behavioral biometrics solutions and growing demand from the BFSI & government sector for multilayered security.

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