Behavioral Biometrics Market

Behavioral Biometrics Market - An Overview

The global behavioral biometrics market is expected to witness strong growth during the forecast period between 2021 and 2031.

Behavioral biometrics are generally used to analyze a consumer's cognitive behavior and digital features. These products help in differentiating between genuine users and cybercriminals and help in verifying users, based on their performance and online interactions.

Behavioral biometrics provide continuous monitoring of security systems and this aspect of them could lead to increased product demand among consumers, in the coming years.

Behavioral biometrics have been found to provide more privacy than conventional systems since they store the data concerning authentication, depending on the behavioral patterns of users. 

Behavioral biometrics is deployed in an extensive range of applications such as fraud detection and prevention, risk and compliance management, and identity and access management.

The deployment of behavioral biometrics will also ensure improved digital security, thereby propelling product demand.

Behavioral Biometrics Market - Trends and Opportunities

Rising incidence of fraudulent activities and online transactions globally is the key growth driver for the behavioral biometrics market.

In addition to this, increasing demand for a multi-layered security approach in financial institutions is expected to fuel the growth in the overall behavioral biometrics market, in the coming years.

Also, the integration of advanced technologies such as artificial intelligence and big data into security systems is expected to propel the behavioral biometrics demand, in the years ahead. The adoption of cloud-based solutions by certain organizations could also help bolster product demand, in the upcoming years.

The voice recognition type of behavioral biometrics is expected to make the largest contribution to the overall market in the coming years owing to the rising adoption of voice biometrics solutions among consumers.

The banking, finance security and insurance industry is anticipated to contribute the most to the overall behavioral biometrics market in the years ahead due to rising product demand to tackle fraudulent activities in the industry.

Behavioral Biometrics Market - Competitive Landscape

The global behavioral biometrics market comprises a few players, many of whom are expected to engage in different growth strategies such as novel product launches in a bid to remain competitive in the overall market, in the upcoming years.

Leading players in the market are expected to focus on research and development undertakings in a bid to produce improved quality of products, which would meet the customer requirements and increase the consumer base.

The lesser-known players in the behavioral biometrics market will seek investments from governments and private investors, which could help them in their long-term growth.

Some of the leading players in the global behavioral biometrics market include UnifyID Inc., BehavioSec Inc., BioCatch Ltd., Nuance Communications Inc., ThreatMark, Fair Issac Corporation, CallSign Inc. and SecureAuth Corporation.

Behavioral Biometrics Market - Regional Assessment

The global behavioral biometrics market is classified into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

North America is expected to be the dominant region in the global behavioral biometrics market owing to increased adoption of technologically advanced IT infrastructure in countries such as the U.S and Canada.

Asia Pacific is expected to provide lucrative growth opportunities for the global behavioral biometrics market due to the increased expenditure on security by governments and rising penetration of smartphones in countries such as India and China.

Europe is expected to witness moderate growth in the behavioral biometrics market in the years ahead owing to the reduced adoption of behavioral biometrics in countries such as UK and Germany.

Other regions of the world such as Middle East and Africa and Latin America are expected to witness sluggish growth in the overall market, owing to the lack of presence of well-established players in countries, in both regions.