Global Behavioral Biometrics Market Size Revenue Hits $7.369 Billion by 2030, at a Staggering 20.61% CAGR

New York, NY, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Behavioral Biometrics Market By Component (Services And Software), By Application (Risk & Compliance Management, Fraud Detection & Prevention Management, And Identity & Access Management), By Deployment Mode (Cloud And On-Premises), By Organization Size (Large Enterprises And Small & Medium-Sized Enterprises (SMEs)), By Vertical (Telecommunications, BFSI, Government & Defense, Healthcare, Retail & E-Commerce, And Other), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Behavioral Biometrics Market size & share in terms of revenue was valued at USD 1.645 billion in 2022 and it is expected to surpass around USD 7.369 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 20.61% during the forecast period 2023 to 2030.”

What are Behavioral Biometrics? How big is the Behavioral Biometrics Industry?

Behavioral Biometrics Report Coverage & Overview:

In today's rapidly advancing technological landscape, the exchange of personal information over digital platforms is ubiquitous. While the use of passwords has long been the standard method of protecting our digital identities, the increasing sophistication of cyber threats has led to the development of more secure and dynamic solutions. Among these, behavioral biometrics has emerged as a prominent and innovative approach to safeguarding sensitive data and identifying users accurately.

Behavioral biometrics delves into the intricate realm of measuring and analyzing unique patterns within human activities. Unlike traditional authentication methods, which rely solely on static credentials like passwords, behavioral biometrics leverages the dynamic and distinct behaviors exhibited by individuals during their digital interactions. These behaviors can encompass a wide range of activities, including typing patterns, mouse movements, touchscreen gestures, and even the rhythm of how a person walks.

The essence of behavioral biometrics lies in creating a customized and ever-evolving user profile for each individual. Rather than depending on fixed information that can be stolen, forgotten, or replicated, behavioral biometrics continuously adapt and refine their understanding of how a specific user behaves online. This adaptive approach offers several advantages:

1. Enhanced Security: Behavioral biometrics offer a higher level of security compared to traditional methods. Since they are based on the unique behavioral patterns of each user, it becomes exceedingly difficult for malicious actors to impersonate or gain unauthorized access.
2. User-Friendly: Unlike complex passwords or token-based systems, behavioral biometrics provide a seamless and user-friendly authentication experience. Users don't need to remember intricate passwords or carry physical tokens, reducing friction in their digital interactions.
3. Continuous Authentication: Behavioral biometrics can provide continuous authentication throughout a user's session, ensuring that the person accessing an account remains the same throughout the session. This helps in detecting suspicious activities promptly.
4. Fraud Detection: Beyond user identification, behavioral biometrics can serve as a powerful tool for fraud detection and prevention. Any deviation from the established behavioral patterns can trigger alerts, helping organizations spot potentially fraudulent activities.
5. Adaptability: Behavioral biometrics systems are adaptable and can learn and evolve with user behavior over time. This means they can adjust to changes in a user's habits or activities, reducing false positives.

As the digital landscape continues to evolve, behavioral biometrics offers a promising solution to the pressing challenges of identity fraud and cybersecurity. Its ability to create dynamic user profiles based on the nuances of human behavior represents a significant advancement in the field of authentication and security, making it a valuable asset in protecting personal data and sensitive information online.

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Global Behavioral Biometrics Market: Growth Dynamics

The global behavioral biometrics market is experiencing rapid growth, driven by several key factors. One significant factor is the increasing demand for multilayered security solutions, prompted by the rising frequency of cyber-attacks. Furthermore, there is a growing need for behavioral biometrics in fraud detection and prevention strategies. Behavioral biometrics offer several advantages, such as a seamless user experience without interruptions, slowdowns, or interference. It also delivers precise and accurate identification, making it difficult for users to be impersonated. Additionally, it provides robust protection against account takeovers, identity threats, and insider risks.

The demand for behavioral biometrics is on the rise, particularly in sectors like online banking, payments, e-commerce, and other high-security authentication markets. This increased demand is fueling the global market's growth. Moreover, the adoption of cloud technology and the expanding use of behavioral biometrics by small and medium-sized enterprises are contributing to market expansion. Additionally, the integration of smart sensors in mobile devices like wearables, tablets, and smartphones, enabling the capture of user authentication data, presents lucrative opportunities for market growth in the future.

However, it's worth noting that concerns related to transparency and privacy may pose challenges to the global behavioral biometrics market's growth.

The COVID-19 pandemic has had a moderate impact on the global behavioral biometrics market. While lockdowns and mobility restrictions affected various industries, the banking and financial sectors have increasingly adopted behavioral biometrics to combat the surge in cyber threats. As a result, the market has continued to exhibit steady growth during the pandemic.

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Advancement in the IoT Environment

The Internet of Things (IoT) stands out as one of the most transformative innovations of recent decades, leading to the proliferation of billions of IoT-connected devices worldwide, a trend expected to experience significant expansion in the coming years. As the IoT landscape continues to evolve and grow in complexity, the need for more sophisticated user authentication processes becomes evident. With a multitude of devices in the IoT ecosystem, relying solely on passwords for authentication becomes increasingly risky, exposing them to potential unauthorized access. The widespread connectivity of IoT devices has introduced various security challenges, as these devices now confront advanced forms of cyber threats, including notorious attacks like the Mirai botnet, which exploit login vulnerabilities in unsecured IoT devices.

Report Scope

Behavioral Biometrics Market: Segmentation Analysis

The global behavioral biometrics market undergoes segmentation based on several criteria, including component, application, deployment mode, organization size, vertical, and geographical region.

In terms of components, the global behavioral biometrics market is categorized into two key segments: services and software.

In the realm of application, the market can be further divided into three vital areas: risk and compliance management, fraud detection and prevention management, and identity and access management.

Furthermore, the market is also analyzed based on organization size, encompassing both large enterprises and small and medium-sized enterprises (SMEs).

The deployment mode segment offers two options: cloud-based and on-premises solutions for behavioral biometrics.

In the context of industry verticals, the global market demonstrates diversity and covers a wide spectrum, including telecommunications, BFSI (banking, financial services, and insurance), government and defense sectors, healthcare, retail and e-commerce, and various other verticals.

Lastly, regional analysis is a crucial aspect of understanding market dynamics and trends within specific geographic areas.

The global Behavioral Biometrics market is segmented as follows:

By Component

• Services
• Software

By Application

• Risk & Compliance Management 
• Fraud Detection & Prevention Management
• Identity & Access Management

By Deployment Mode 

• Cloud
• On-Premises

By Organization Size

• Large Enterprises  
• SmallMedium-Sized Enterprises (SMEs)

By Vertical 

• Telecommunications
• BFSI
• Government & Defense
• Healthcare
• Retail & E-Commerce
• Other

Browse the full “Behavioral Biometrics Market By Component (Services And Software), By Application (Risk & Compliance Management, Fraud Detection & Prevention Management, And Identity & Access Management), By Deployment Mode (Cloud And On-Premises), By Organization Size (Large Enterprises And Small & Medium-Sized Enterprises (SMEs)), By Vertical (Telecommunications, BFSI, Government & Defense, Healthcare, Retail & E-Commerce, And Other), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/behavioral-biometrics-market

Competitive Landscape

Some of the main competitors dominating the global Behavioral Biometrics market include - 

• BioCatch
• BehavioSec
• NuData Security
• SecuredTouch
• IBM
• Plurilock
• Behavox
• BioSig Technologies
• UnifyID
• Zighra
• Pindrop Security
• Featurespace
• Securiti.ai
• BIO-key International
• Socure
• Fulcrum Biometrics
• Veridium
• ID R&D
• TypingDNA
• Secured2 Corporation
• ThreatMark
• Mastercard
• SecureAuth
• Nuance Communications

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Behavioral Biometrics market is likely to expand at a CAGR of around 20.61% during the forecast period (2023-2030).                  
• In terms of revenue, the Behavioral Biometrics market size was valued at around US$ 1.645 billion in 2022 and is projected to reach US$ 7.369 billion by 2030.
• Based on verticals, In 2022, the BFSI sector held a dominant position in the global behavioral biometrics market, primarily due to its extensive adoption of behavioral biometric solutions aimed at combatting fraud.
• Based on application segment, the voice recognition segment emerged as the dominant force in the overall market in 2022, driven by the substantial adoption of voice biometric solutions among users.
• On the basis of geography/region, the “North America” region was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Behavioral Biometrics industry?
• What are the main driving factors propelling the Behavioral Biometrics Market forward?
• What are the leading companies in the Behavioral Biometrics Industry?
• What segments does the Behavioral Biometrics Market cover?
• How can I receive a free copy of the Behavioral Biometrics Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Component, By Application, By Deployment Mode, By Organization Size, By Vertical, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

In terms of geographical distribution, North America is poised to dominate the global behavioral biometrics market throughout the forecast period. This prominence can be attributed to the region's advanced IT infrastructure and the rapid embrace of technology, both of which serve as significant drivers for market expansion. Additionally, the escalating frequency of cyber-attacks and the increasing need for risk and compliance management further bolster market growth in North America.

Concurrently, the Asia Pacific region is anticipated to experience substantial growth in the behavioral biometrics market. This growth is propelled by heightened investments in the development of behavioral biometrics solutions and a rising demand from the BFSI (banking, financial services, and insurance) and government sectors, where multilayered security solutions are increasingly sought after.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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