Global Behavioral Biometrics market trends 2024, Forecast To 2033
29 Feb, 2024
The behavioral biometrics market has experienced exponential growth in recent years, escalating from $1.99 billion in 2023 to$2.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The surge in the historic period is attributed to the rising adoption of behavioral biometrics in mobile devices, escalating concerns regarding data breaches and identity theft, the growing demand for continuous authentication mechanisms, and the integration of behavioral biometrics into enterprise applications. Looking towards the future, the behavioral biometrics market is anticipated to witness exponential growth, projected to ascend to $5.59 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The forecasted growth is driven by increasing adoption in emerging markets, heightened demand for continuous authentication solutions, expanding applications of behavioral biometrics, and governmental mandates favoring behavioral biometrics adoption. Significant trends in the forecast period include advancements in artificial intelligence and machine learning, continuous authentication methodologies, the integration of multi-modal biometrics, and heightened focus on IoT security protocols.
Global Behavioral Biometrics Market Key Driver
Rising data breach cases are expected to propel the behavioral biometrics market going forward. Data breaches refer to unauthorized sensitive information hacking using malicious information and security violations in which sensitive information can be stolen from a computer system without the prior permission of the owner of the system. Behavioral biometrics is used to prevent any unauthorized access to information from the system of the company's employees’ database by analysing the behavioural pattern. For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. Therefore, cyber security and data breach cases are driving the behavioral biometrics market. In 2023, the behavioral biometrics market size stood at $5.6 billion, and it is anticipated to grow to $9.2 billion by 2028.
Get A Free Sample Of The Global Behavioral Biometrics Market ReportGlobal Behavioral Biometrics Market Segments
The global behavioral biometrics market covered in this report is segmented –
1) By Components: Software, Services
2) By Type: Keystroke Dynamics, Gait Analysis, Signature Analysis, Voice Recognition
3) By Deployment Model: Cloud, On-Premises
4) By Application: Identity Proofing, Continuous Authentication, Risk and Compliance Management, Fraud Detection and Prevention
5) By Verticals: Banking, Financial Services and Insurance (BFSI), Retail, e-Commerce, Healthcare, Government and Defense, Telecommunications, Other verticals
By Geography: The regions covered in the behavioral biometrics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the behavioral biometrics market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the behavioral biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Behavioral Biometrics Industry Players
BioCatch Ltd., Microsoft Corporation, NuData Security Inc., LexisNexis Corporation, Ping Identity Holding Corporation, Fair Isaac and Company, Prove Identity Inc., ThreatMark sro, Plurilock Security Solutions Inc., Callsign Technologies LLC, SecureAuth Corporation, International Business Machines Corporation, XTN Cognitive Security, One Identity LLC, TypingDNA, Nethone Sp. z o.o., Unbotify Ltd., BehavioSec Inc., EZMCOM Inc., NEC Corporation, Nuance Communications Inc., Samsung SDS, SecuredTouch Inc., AimBrain Solutions Ltd., AuthenWare Corp., Fst Biometrics, UnifyID Inc., Zighra Inc., Crossmatch Technologies Inc., EyeVerify Inc., FacePhi Biometria S.A.
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Behavioral Biometrics Market Overview
Behavioral biometrics refers to the area of research concerned with measuring and uniquely recognizing trends in human behavior. Behavioral biometrics examines a user's digital, physical, and cognitive behaviour to distinguish between cybercriminal and lawful consumer behaviour.
Behavioral Biometrics Global Market Report 2023 provides data on the global behavioral biometrics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The behavioral biometrics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.