Global Behavioral Biometrics Market Envisaged to Reach USD 9,345.99 Million by 2032, at CAGR of 25.10%: Polaris Market Research

New York, NY, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Behavioral Biometrics Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Application; By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 - 2032” in its research database.

“As per the latest research analysis, the global behavioral biometrics market size/share will be valued at roughly USD 1,101.33 Million in 2022, and its revenue is projected to reach about USD 9,345.99 Million by 2032. The market is forecasted to expand at a compound annual growth rate of approximately 25.10% between 2023 and 2032.”

What is Behavioral Biometrics? How Big Is Behavioral Biometrics Market Size & Share?

• Overview

Analyzing a user's physical, digital, and cognitive behavior using behavioral biometrics allows fraud and identity theft to be detected, as well as online criminal conduct. Digital platforms are used differently by actual customers and scammers. Criminals are more likely to copy and paste their way through a form than to enter information one key at a time like you would. However, the essential point is that we may use behavioral data to gain insights regarding fraudulent activities.

Incorporating technologies such as big data, the Internet of Things (IoT), Artificial Intelligence (AI), and others will probably lead to the development of behavioral biometrics services with improved performance. Additionally, the behavioral biometrics market demand is increasing worldwide due to advantages like ease of use, flexibility, security, and efficiency that facilitate integration with cloud solutions.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 110+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Requests.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Leaders Are:

• BioCatch
• BehavioSec
• Bio-Metrica
• Featurespace
• HYPR Secured2
• NuData Security
• Plurilock Security Solutions
• SecuredTouch
• TypingDNA
• UnifyID

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Prominent Growth Driving Factors

• Rise of phishing attacks: The increase in phishing attacks against financial institutions has expanded the behavioral biometrics market size. Phishing site detection with phishing victim reports is a new solution that BioCatch, a pioneer of behavioral biometrics and a global leader in fraud detection, has introduced in response to this trend. The demand for effective fraud prevention measures has grown as phishing rates approach previously unheard-of heights, with the financial services sector as the main target.
• Increased recognition of behavioral biometrics: Financial institutions are becoming increasingly aware of the benefits of including behavioral biometric information in their fraud prevention plans. Implementing such technology boosts security measures and inspires consumer confidence, which propels the expansion of the global market.

Top Findings of the Report

• The market's main development factors are global increases in fraudulent activity, online transactions, and the financial sector's growing requirement for multi-layered security.
• The behavioral biometrics market segmentation is primarily based on the application, solution, enterprise size, region, and industry.
• Asia Pacific witnesses the highest growth rate during the forecast period.

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Top Trends Influencing the Market

• The innovative approach to identifying risks: Behavioral biometrics is an innovative method for locating and reducing fraud threats, which analyzes and keeps track of user behavior patterns. Financial fraud executives know the benefits of using behavioral biometrics technology to strengthen security precautions and provide customers with trust when making secure online transactions, expanding the behavioral biometrics market growth.
• Phishing attacks frequency: Phishing attacks were most prevalent in the financial sector in the first quarter of 2022, accounting for 23.6% of all reported instances. Consumer losses of USD 43 billion in 2021 due to fraud schemes using robocalls and phishing demonstrate the significant impact of these attacks. Addressing these risks is more urgent now that the average victim loses $1,100.

Segmental Analysis

• Software Sector Experiences Faster Growth

The behavioral biometrics market share is anticipated to grow more quickly in the software category. The behavioral biometrics software solutions include advanced algorithms and analytics capabilities. Large volumes of behavioral data may be effectively processed, captured, and analyzed by these software solutions, enabling precise identification and authentication of people.

Moreover, the acceptance and expansion of behavioral biometrics systems have been facilitated by the creation and advancement of sophisticated software algorithms, which have considerably improved accuracy, dependability, and performance.

• Fraud Prevention Sector Accounts for the Largest Share

Fraud has emerged as a widespread and expensive problem for organizations in various industries. Robust fraud prevention solutions are in high demand due to the growing sophistication of fraudulent activities such as identity theft, account takeovers, and financial fraud. Organizations seeking to secure their operations and protect their consumers greatly value the proactive and dynamic approach that behavioral biometrics provides to detecting and combating fraud.

• Banking, Financial Services, and Insurance Sectors Expected Higher Growth

The behavioral biometrics market is anticipated to grow more quickly in the BFSI category in the upcoming years. This sector is particularly vulnerable to security risks, including fraud and identity theft. It has become clearer that conventional authentication techniques like passwords and PINs need to be stronger.

Also, by identifying distinctive user activity patterns, behavioral biometrics adds an extra layer of security, making it more challenging for scammers to pose as legitimate users. Behavioral biometrics solutions are driven by the desire to reduce fraud and improve safety in the BFSI industry.

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Behavioral Biometrics Market: Report Scope

Geographical Overview

Asia Pacific: The behavioral biometrics market in Asia Pacific is anticipated to grow more quickly. The 2023 Asia-Pacific (APAC) Digital Banking Fraud Trends Report, published by BioCatch, reveals the alarming increase in scams and their substantial influence on the landscape of financial cybercrime in the area. The market for behavioral biometrics is expanding in Asia Pacific due to this new trend.

Europe: A greater revenue share for the market is predicted for Europe. BioCatch's
EMEA Digital Banking Fraud Trends research shows that scams play a large role in the European banking fraud scene. This is one of the main factors propelling the market for behavioral biometrics in Europe. In 2022, more than 50% of fraud cases in digital retail banking were recorded, indicating the necessity for effective fraud protection measures.

Browse the Detail Report “Behavioral Biometrics Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Application; By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/behavioral-biometrics-market             

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Recent Developments

• In June 2023, the well-known fraud detection company BioCatch said it had recently increased its global footprint in the behavioral biometric intelligence solutions market. The company's solutions are now accessible through Microsoft's Cloud for Financial Services (FSI Cloud), which was made possible by a partnership with Microsoft.
• To improve its powers in anti-fraud detection and identity authentication by adopting passive behavioral biometrics technology, LexisNexis Risk Solutions purchased BehavioSec in May 2022.

The Report Answers Questions Such As:

• At what rate did the market for behavioral biometrics increase during the forecast period?
• What are the growth driving factors of the behavioral biometrics market?
• Which is the fastest-growing region in the behavioral biometrics industry?
• Who are the behavioral biometrics market key players competing in the market?
• Which segment accounts for the largest market share?
• What are the upcoming trends in the industry of behavioral biometrics?

Polaris Market Research has segmented the behavioral biometrics market report based on solution, application, enterprise size, industry, and region:

By Solution Outlook

• Software
• Services

By Application Outlook

• Identity Verification & Validation
• Fraud Prevention
• Multi-factor Authentication
• Others

By Enterprise Size Outlook

• Small and Medium-sized Enterprises
• Large Enterprises

By Industry Outlook

• Banking, Financial Services, and Insurance
• Retail and E-commerce
• Healthcare
• IT & Telecom
• Government and Defense
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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