PUBLISHER: The Business Research Company | PRODUCT CODE: 1425277
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425277
Behavioral Biometrics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on behavioral biometrics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for behavioral biometrics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The behavioral biometrics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Behavioral biometrics is a field of research focused on analyzing and uniquely identifying patterns in human behavior. It involves studying a user's digital, physical, and cognitive behaviors to distinguish between legitimate consumer behavior and potential cybercriminal activity.
The primary types of behavioral biometrics include keystroke dynamics, gait analysis, signature analysis, and voice recognition. Keystroke dynamics, for instance, involves analyzing how quickly a user types on a keyboard, identifying patterns, rhythms, and speeds in their typing behavior. Behavioral biometrics encompasses both software and services, deployed through various models such as cloud-based and on-premises solutions. Applications of behavioral biometrics include identity proofing, continuous authentication, risk and compliance management, as well as fraud detection and prevention. These applications find utility across various sectors such as banking, financial services, insurance, retail, e-commerce, healthcare, government and defense, telecommunications, among others.
The behavioral biometrics market research report is one of a series of new reports from The Business Research Company that provides behavioral biometrics market statistics, including behavioral biometrics industry global market size, regional shares, competitors with a behavioral biometrics market share, detailed behavioral biometrics market segments, market trends and opportunities, and any further data you may need to thrive in the behavioral biometrics industry. This behavioral biometrics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The behavioral biometrics market size has grown exponentially in recent years. It will grow from $1.99 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth observed during the historic period can be attributed to several key factors. Firstly, there was a notable increase in the adoption of behavioral biometrics in mobile devices, reflecting a growing trend in leveraging these technologies for enhanced security. Additionally, escalating concerns regarding data breaches and identity theft played a significant role in driving the demand for behavioral biometrics solutions. The recognition of the need for continuous authentication further contributed to the uptake of these technologies. Moreover, the growing adoption of behavioral biometrics in enterprise applications, where security is paramount, also contributed to the overall growth during this period.
The behavioral biometrics market size is expected to see exponential growth in the next few years. It will grow to $5.59 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. Anticipated growth in the forecast period is driven by the expanding adoption of behavioral biometrics in emerging markets, a heightened demand for continuous authentication solutions, increased integration of behavioral biometrics into novel applications, and a growing number of government mandates endorsing their use. Key trends expected during this period include advancements in artificial intelligence and machine learning, a continued emphasis on continuous authentication methodologies, the adoption of multi-modal biometrics for enhanced security, and a focus on implementing behavioral biometrics in Internet of Things (IoT) security protocols.
The behavioral biometrics market is poised for growth, propelled by the increasing incidence of data breaches. Data breaches involve unauthorized access to sensitive information, posing security threats and potential theft of data from computer systems without owner permission. Behavioral biometrics serves as a preventive measure against unauthorized access to a company's employee database by analyzing behavioral patterns. According to the cybersecurity threatscape report from Positive Technologies, a Russia-based cybersecurity company, cyberattacks witnessed a 17% increase in Q1 2021 compared to Q1 2020, and a 1.2% rise from Q4 2020. Additionally, Forbes reported a 15.1% average frequency increase in data breaches and cyberattacks in 2021 compared to the previous year. The surge in cybersecurity challenges and data breach incidents is a key driver for the behavioral biometrics market.
The growth of the behavioral biometrics market is closely tied to the expanding e-commerce industry. E-commerce, involving the online exchange of goods and services, presents specific security challenges related to transactions conducted over the Internet. Behavioral biometrics emerges as a solution to enhance security, address these challenges, improve user experience, and contribute to overall trust and integrity in e-commerce platforms. According to a report by the International Trade Administration in October 2021, it is anticipated that e-commerce for consumer goods will constitute approximately 22% of global retail sales by 2024, with an average annual growth rate exceeding 1%. The consistent long-term increase in global retail e-commerce sales by 8% through 2024 further underscores the role of the growing e-commerce industry as a driver for the behavioral biometrics market.
Major players in the behavioral biometrics market are embracing a strategic partnership approach to extend advanced fraud detection capabilities to financial institutions in Australia and New Zealand. Strategic partnerships involve leveraging complementary strengths and resources to achieve mutual benefits. An exemplar is the collaboration between BioCatch, an Israel-based behavioral biometrics company, and Indue, an Australia-based financial products company. Through this partnership established in October 2022, BioCatch's cutting-edge technology is made available to Indue's network of financial institutions, retailers, and non-profit organizations. The collaboration empowers users within Indue's ecosystem with enhanced protection against fraud attacks and cybercrime, fostering a secure and trustworthy digital experience for customers.
Leading companies in the behavioral biometrics market are leveraging strategic partnerships to deliver innovative cognitive AI and behavioral biometrics solutions. These collaborations harness the strengths and resources of each partner for mutual success. An example is the partnership between Brillio, a US-based digital transformation solutions provider, and Neener Analytics, a US-based behavioral biometric solutions provider. Formed in October 2023, this collaboration focuses on developing advanced cognitive AI and behavioral biometrics solutions tailored for financial services organizations. The aim is to enhance decision-making, mitigate risks, and optimize lending strategies, aligning with evolving market trends. Brillio's expertise enables predictive insights into consumer behavior and creditworthiness, allowing financial institutions to improve targeted marketing, assess risks, and proactively detect fraud.
In June 2021, Ping Identity Corporation, a US-based software company, executed the acquisition of SecuredTouch for an undisclosed amount. This strategic move bolsters Ping Identity's capabilities in preventing identity fraud, elevating authentication measures, and gaining a deeper understanding of fraudulent behavior to enhance customer experience. SecuredTouch, a US-based technology company specializing in fraud intelligence, identity risk reduction, and behavioral biometrics, brings valuable expertise to Ping Identity's portfolio. The acquisition signifies Ping Identity's commitment to staying at the forefront of identity and behavioral biometrics solutions, addressing the evolving challenges in the digital security landscape.
Major companies operating in the behavioral biometrics market report are 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., and FacePhi Biometria S.A.
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.
The countries covered in the behavioral biometrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The behavioral biometrics market consists of revenues earned by entities by providing professional and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. The behavioral biometrics market also includes sales of cloud-based and on-premise software. Values in this market are factory gate values that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.