SAN FRANCISCO, Oct. 15, 2020 /PRNewswire/ -- The global behavioral biometrics market size is expected to reach USD 4.62 billion by 2027, registering a CAGR of 24.5% from 2020 to2027, according to a new report by Grand View Research, Inc. Owing to the increasing incidences of cyberattacks and the growing demand to protect customer data and offer them a streamlined experience, enterprises are looking for advanced security solutions. As behavioral biometric tools are less vulnerable to authentication frauds and hacking, their demand is expected to increase across end-use industries.
Key suggestions from the report:
Based on component, the service segment is anticipated to register the fastest growth over the forecast period. This can be attributed to the growing dependence of enterprises on IT assets to improve their productivity
In terms of type, the keystroke dynamics segment is anticipated to register the highest CAGR from 2020 to 2027. The rising number of online transactions and the increasing number of associated frauds are expected to drive demand for keystroke dynamics solutions
In terms of application, the continuous authentication segment is expected to register a considerable CAGR over the forecast period. The rising adoption of multimodal biometrics tools and the growing demand for additional security layers across end-use industries is driving demand for the segment
In terms of deployment, the cloud segment is anticipated to register the highest CAGR of 25.1% over the forecast period. The segment is expected to benefit from the fact that it allows enterprises to store behavioral data and compare it with stored behavioral data to improve accuracy and minimize security issues
In terms of enterprise size, the small and medium enterprises segment is anticipated to register the highest CAGR over the forecast period. This can be attributed to the rising number of small and medium enterprises globally, and the growing demand from these organizations to offer secure online services to their customers
In terms of end-use, the healthcare segment is expected to register the fastest growth over the forecast period. Behavioral biometrics in the healthcare industry allows customers to securely store and access medical records.
North America is expected to continue to dominate the market over the next eight years. This can be attributed to the growing use of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and blockchain in behavioral biometrics tools to offer enhanced security to customers
A notable rise in the number of fraudulent activities across the globe is further expected to drive the demand for behavioral biometrics solutions over the forecast period. According to a survey conducted by the Communications Fraud Control Association (CFCA), the telecom industry reported that in 2017, it incurred nearly USD 29.2 billion worth of losses from communication frauds. The use of technologies such as AI and machine learning for developing behavioral biometrics tools are gaining popularity in the market as they offer real-time intelligence and security control with enhanced user experience.
To stay competitive in the market, vendors are focusing on expanding their behavioral biometrics portfolio through innovations and mergers and acquisitions. For instance, in February 2020, BioCatch announced the acquisition of the multimodal biometric authentication capabilities of AimBrain. The acquisition would help the former to enhance its capabilities in anomaly detection, behavioral biometrics, and other biometrics modalities for applications in the field of digital identity.
The increasing penetration of smartphones and e-commerce, coupled with increasing online payment frauds across the globe, is encouraging vendors to offer behavioral biometrics solutions to protect consumers from online payment frauds. For instance, in January 2019, BioCatch launched a behavioral biometrics tool. The company launched the tool to protect consumers in the U.K. from an authorized push payment fraud attack.
Grand View Research has segmented the global behavioral biometrics market based on component, type, application, deployment, enterprise size, end-use, and region:
Behavioral Biometrics Component Outlook (Revenue, USD Million, 2016 - 2027)
Behavioral Biometrics Type Outlook (Revenue, USD Million, 2016 - 2027)
Behavioral Biometrics Application Outlook (Revenue, USD Million, 2016 - 2027)
Risk & Compliance Management
Fraud Detection & Prevention
Behavioral Biometrics Deployment Outlook (Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.