Behavioural Biometrics Market is projected to grow at CAGR of 20.67% during the forecast period
The recent study on the behavioral biometrics market covers an in-depth analysis of the market on the basis of component, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Behavioural Biometrics Market – Forecasts from 2018 to 2023”, the market is expected to increase from US$702.624 million in 2017 to US$2,169.297 million by 2023, at a CAGR of 20.67% during the projected period. The report has segmented the behavioral biometrics market by component (software, services), application (identification and access management, fraud detection and prevention, risk management, emulation and non-human behavior detection) and geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). The Behavioural biometrics identifies users from their unique and measurable human activities or patterns. These include the use of keystroke dynamics, gait analysis, voice ID, cognitive biometrics and more. The key advantage of behavioral biometrics over physical biometrics is that the data required for it can be gathered with the use of existing hardware. The gathered biometric data is then fed into a software application that picks out matching data and translates it into numbers using algorithms creating a unique value either granting or denying the user any access.
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Services component will show many exciting growth opportunities during the forecast period.
The growth is mainly attributed to many corporates adopting behavioral biometric services during the next five years. Additionally, the growing demand for the integration of these solutions into different applications and systems used by businesses will further fuel the demand for these services.
The growing requirement of identification and access management will boost the demand for behavioral biometrics.
The identification and access management application will hold a significant share in the market. Identification and access management are required everywhere by both consumers as well as service providers. The requirement for better and more secure access management system will fuel the adoption of behavioral biometrics. Moreover, the lack of requirement of any new hardware for implementation of these solutions will further accelerate the demand for identification and access management in many smaller level enterprises.
North America holds a significant share in the market.
The North American region’s dominance in the market is due to the early adoption of biometrics in the region. In addition, the high adoption of cloud-based data management in the region is also fueling the demand for more secure access and risk management solutions in the form of behavioral biometrics. Furthermore, the rising cases of identity theft and security breach in the region is further increasing the requirement of improved security solutions. According to the National Cybersecurity Society’s NCSS – Identity Theft in the U.S. Report -2018, the damage was done by identity theft alone was US$137 million in the year 2017.
Some of the major players discussed in the reports are BioCatch, Zighra, SecuredTouch, Inc., Pinn, BehavioSec Inc., and IBM, among others.
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