Global Behavioral Biometrics Market Size: Information by Type, Deployment, Regional Analysis of The Market, Insights and Forecast Till 2030.
The Global Behavioral Biometrics Market Size is expected to earn USD 10 billion by 2030, at a CAGR of 26.1% during the forecast period 2020 to 2030.
Behavioral biometrics is a security solution that identifies persons based on how they interact with computing devices such as smartphones, tablets, or any other digital device that can facilitate identification. The increase in security concerns related to data confidentiality results in considerable losses for organizations, with the compromise of user credentials identified as one of the leading drivers of worldwide cyber threats. The increasing need and acceptance of biometric authentication in the financial industry and public support for biometric authentication are driving demand for behavioral biometric systems and generating enormous revenue.
Market Drivers for the Global Behavioral Biometrics –
Growth in applications of Biometric technology in commercial and government sectors and increased fraudulent activities drive the global behavioral biometrics market forward.
Biometrics is one of the technologies that has become an integral part of people's daily lives. Since its debut in the market, biometric technology has seen significant development, with new technologies such as face recognition, thumbprints, eye scanners, or retina scanners emerging. Typically, such biometric systems are utilized for attendance and security purposes in large enterprises where anonymity is of the utmost importance. When secrecy is of the utmost significance, biometric applications are employed. A high level of confidentiality restricts access to a select few individuals' respective regions or computer systems. There have been significant advancements in biometric technology, such as retina scanning, in which individuals' eyes are scanned and only required access is granted. Face recognition is the next advancement in biometric technology, and it has grown rather prevalent in modern society. Face scanners provide an additional level of protection for mobile devices. Considering the susceptible national information that can lead to national dangers, these biometric systems are predominantly utilized in government offices. This is why there are ongoing advancements in behavioral biometric systems that can make the biometric security system more prominent than previous versions, and this is proven to be a significant factor driving the global behavioral biometric market.
The increase in fraudulent actions expands the market for behavioral biometrics.
The introduction of behavioral biometric systems is primarily motivated by the rise in global security concerns over data theft, which includes security worries involving national or state issues. There is only one method to prevent such fraudulent operations: enforcing stringent rules and regulations about access to and use of extremely vital data and highly secure locations. Face recognition, thumbprints, retinal scanners, etc., are now incorporated into biometric systems for this reason. This will ensure the security of sensitive data and prevent any fraudulent activity. With such behavioral biometric technologies, the system will be subject to continuous surveillance to identify and prevent any risks. As a result, behavioral biometric systems are being developed and contributing to the exponential growth of the market mentioned above in the global economy.
Global Behavioral Biometrics Market Report Coverage
|Market Size in 2021:||USD 1 billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||26.1%|
|2030 Value Projection:||USD 10 billion|
|Historical Data for:||2019 - 2021|
|No. of Pages:||150|
|Tables, Charts & Figures:||116|
|Segments covered:||By Solution, By Application, Enterprise Size, By Industry|
|Companies Covered:||BehavioSec Inc.; BioCatch; Fair Isaac Corporation; Mastercard Incorporated; Nuance Communications, Inc.; Plurilock Security Solutions Inc.; SecureAuth Corporation; SecuredTouch Inc; UnifyID; Zighra|
|Growth Drivers:||1) Growth in applications of Biometric technology in commercial and government sectors and increased fraudulent activities drive the global behavioral biometrics market forward. 2) The biometric market offers a vast array of prospects due to accelerating technological development.|
|Pitfalls & Challenges:||1) Privacy intrusion concerns may drag the global behavioral biometric market down. 2) The increase in fraudulent actions expands the market for behavioral biometrics.|
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Market Restraints –
Privacy intrusion concerns may drag the global behavioral biometric market down.
Even when installed with high-class security systems in biometric devices such as face recognition, thumb imprints, and retina scanners, there are still incidents where the biometric system is breached with some means. The behavioral biometric system does scan for authenticated access and individuals, but there are still possibilities of a security breach with some technological traits. Some harmful malware is released into the biometric system that malfunctions its entire authentication process, leading to false alarms and providing open access, proving a great security concern for an organization. When considering such breaches, the government authorities would consider utilizing these behavioral biometric systems, as it is a question of national security. These kinds of intrusions are the only issues related to behavioral biometrics, which undoubtedly play a significant role in the overall growth of the global behavioral biometric market.
Opportunities in The Global Biometric Behavioral Market –
The biometric market offers a vast array of prospects due to accelerating technological development.
Using artificial intelligence (AI), IoT (internet of things) devices, cloud computing, and other technologies, the technology of biometric security systems continues to advance despite the limitations mentioned above. With such technological improvements in behavioral biometric systems, data security can be more subtle for government and business applications. As the technology of biometric systems continues to evolve, there is a need for new cutting-edge solutions that will help make biometric technology stronger and safer. With the addition of firewalls and cloud security, the market for devices installed at the highest level of operations is expanding rapidly. For this reason, the market, as mentioned above, presents a variety of chances for IT companies, engineers, and organizations or startups that respond to the need for security.
Segmentation of The Global Behavioral Biometric Market
The global market for behavioral biometrics is categorized based on type and implementation. By kind, the market above is subdivided into signature analysis, keystroke dynamics, and speech recognition. Voice recognition is predicted to rise to USD 4.1 billion by 2030, at a CAGR of 27.3%, from a market share of USD 0.47 billion in 2021. Voice recognition, also known as speaker recognition or speech recognition, is biometric mobility that identifies a voice and grants access for a specific purpose. In addition to detecting the sound, voice recognition technology assesses various physiological components such as the size, shape, and health of a person's vocal cords, lips, teeth, tongue, and mouth cavity. In addition, voice recognition technology monitors the speaker's accent, pitch, tone, speaking rate, and emotional state. Speaker-dependent and speaker-independent voice recognition systems are currently utilized. Before detecting what was said, speaker-dependent speech recognition requires training on the user's voice, which must match the user's accent and tone. This is used for user identification and verification. This market category is among the fastest-growing since banks, tax offices, and other organizations use speech to provide clients with access to their sensitive financial data.
The second dominating category within the segment is signature analysis, with a market value of USD 0.37 billion in 2021 and projected growth to USD 2.7 billion by 2030 at a CAGR of 24.8 percent. Analysis of a handwritten signature is one of the most frequent methods for determining an individual's identification. Other biometric technologies are comparable to face, point, iris, tone, and DNA, but the hand signature is still the most reliable identification method in some situations. Also, of all the biometric modalities, signature recognition carries the most significant implication regarding rigidity, security, and longevity. In addition, the expenses associated with the deployment and acquisition of this biometric modality are minimal compared to those of required, more complicated modalities like as retinal and point recognition. Identification and verification are the two most common uses for biometric technology. Identification systems attempt to determine who owns this signature. Authenticity or forgery of the query signature is determined through verification. Two primary types of signature identification and verification systems exist. Online (dynamic) and offline (static) systems. In offline systems, the signature is taken or examined from a document, similar to bank checks; the system must read and recognize features from the hand image. At the same time, the online method allows individuals to record their signatures on a digital device using a stylus. The third category in the by-type section is keystroke dynamics, which had a market value of USD 0.28 billion in 2021 and is projected to reach USD 2.2 billion by 2030, expanding at a CAGR of 26.2%.
Regarding deployment, the global behavioral biometrics market is subdivided into on-premise deployment and cloud deployment. The on-premises segment is predicted to reach USD 5.2 billion by 2030 at a CAGR of 24%, increasing from USD 0.76 billion in 2021. Businesses have relied on the biometric system as an efficient security administration tool. According to a survey, 92% of respondents viewed biometrics as a viable method for securing on-premise data. According to the same study, only 28% of organizations utilize biometrics on-site, and even fewer, 22%, use it for cloud operations. Consequently, it is projected that on-premise will dominate this industry. This is due to the ease with which on-premise behavioral biometrics results may be integrated and configured with online immolations. Similarly, on-premises execution gives organizations an excellent level of customization and incurs reduced expenses for any new coffers. The on-cloud segment has a smaller market share than the on-premise segment, with a market value of USD 0.49 billion in 2021 and a CAGR of 28.2% to reach USD 4.5 billion by 2030.
Regional Overview of The Global Market For Behavioral Biometrics
The global market for behavioral biometrics is largely classified into North America, Europe, and Asia-Pacific. North America's market share is predicted to reach USD 3.2 billion by 2030 at a CAGR of 25%, reaching USD 0.43 billion in 2021. North America is one of the most technologically advanced regions, where the majority of technological inventions are created and implemented, and is responsible for the majority of behavioral biometric systems. This is because cyber dangers to national, business and even personal security have escalated. The second leading area in Europe will have a market worth of USD 0.34 billion in 2021, projected to increase to USD 2.7 billion by 2030 at a CAGR of 26.3%. Asia-Pacific is the third and most minor contributor to the industry mentioned above, with a market share of USD 0.28 billion in 2021 and projected growth to USD 2.6 billion by 2030 at a CAGR of 28.3%.
Competitor Analysis of The Global Behavioral Biometrics Market -
Biocatch Ltd, Nuance Communications Ltd, SecureAuth Corporation, Mastercard Inc., Behaviosec Inc., etc., are the leading significant competitors in the worldwide behavioral biometrics market.
Recent Advances by Major Players -
- In October 2020, Biocatch Ltd. announced BioCathc Case Manager, a new application designed to facilitate and automate incident response by the security team.
- In June 2020, Nuance Communications augmented its biometric authentication and fraud detection tool with an age analysis application.
- SecureAuth Corporation expanded its service territories into the Asia-Pacific regions.
- In June 2020, in order to operate at a high capacity in the region.
- Mastercard announced a deal with the startup Entersekt in July of 2020 that enables the integration of finance with behavioral analytics solutions.
Segmentation of the Global Behavioral Biometric Market –
Based on type –
- Signature analysis
- Keystroke dynamics
- Voice recognition
Based on deployment –
Based on Region –
- North America
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