WASHINGTON, July 10, 2023 (GLOBE NEWSWIRE) -- Global Behavioral Biometrics Market is valued at USD 1.3 Billion in 2022 and is projected to reach a value of USD 5.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 23.9% over the forecast period 2023-2030.
One of the most significant economic areas is the Behavioral Biometrics business. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for human insulin, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Behavioral Biometrics market growth over the forecast period. One of the main factors favorably affecting the demand for Behavioral Biometrics is the growing demand for advanced security solutions.
We forecast that the software solutions category in Behavioral Biometrics market sales will account for more than 30% of total sales by 2028 as software solutions play a critical role in enabling organizations to monitor user behavior, analyze it, and detect fraudulent activities.
North America dominates the market, and this trend of dominance will continue throughout the projection period. North America is the largest market for Behavioral Biometrics due to the presence of a large number of market players, technological advancements, and increasing investment in advanced security solutions.
Market Dynamics
Increasing Regulatory Pressure to Drive the Market
Governments and regulatory bodies around the world are putting increasing pressure on companies to protect user data and prevent security breaches. Behavioral Biometrics provides an effective way to do this, as it can detect suspicious behavior and prevent unauthorized access before a breach occurs.
Advancements in artificial intelligence and machine learning to Promote Market Growth
Behavioral Biometrics uses artificial intelligence and machine learning algorithms to analyze user behavior and determine whether a user is who they claim to be. As these technologies continue to improve, Behavioral Biometrics is becoming even more accurate and reliable.
Top Players in the Global Behavioral Biometrics Market
- BioCatch Ltd. (Israel)
- Nuance Communications Inc. (U.S.)
- SecureAuth Corp. (U.S.)
- NuData Security – A Mastercard Company - (Canada)
- BehavioSec Inc. (U.S.)
- Threat Mark SRO (Czech Republic)
- UnifyID Inc. (U.S.)
- Zighra Inc. (Canada)
- Plurilock Security Solutions Inc. (Canada)
- SecuredTouch Inc. (U.S.)
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Top Trends in Global Behavioral Biometrics Market
- One trend that Vantage Market Research (VMR) expects to see in the Behavioral Biometrics industry is the growing demand for advanced authentication systems. Organizations are adopting Behavioral Biometrics systems to strengthen their security protocols and protect sensitive information from unauthorized access.
- Another trend that VMR predicts will continue in the Behavioral Biometrics industry is rising adoption of mobile biometrics. Behavioral Biometrics offers a convenient and secure way of authentication for mobile devices, which is driving its adoption.
Top Report Findings
- By Component, most of the Behavioral Biometrics market's revenue is controlled by the software solutions market category. The increasing demand for software solutions that can improve security and prevent cyber threats is driving the growth of the Behavioral Biometrics market.
- Based on End-user Industry, the Financial Services and Insurance (BFSI) category dominated the Behavioral Biometrics market. This trend is anticipated to continue because of the critical need for secure authentication and fraud prevention measures in this industry.
- Based on Application, the fraud detection and prevention market category dominated the Behavioral Biometrics market, and it is anticipated that this trend will continue because of growing concerns of online fraud and identity theft.
- Based on Deployment Type, the cloud-based deployment category dominated the Behavioral Biometrics market, and this trend is anticipated to continue. The cloud-based deployment model is gaining popularity among small and medium-sized enterprises due to its affordability and easy management.
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Top 10 Players Generates Nearly Half the Total Global Revenue in the Global Behavioral Biometrics Market
The report also found that the largest players in the Behavioral Biometrics market are technology providers such as IBM Corporation, Nuance Communications, BehavioSec, Inc. and BioCatch Ltd. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include SecureAuth Corporation, Plurilock, Veridium Ltd., Zighra Inc., OneSpan Inc., One Identity LLC., and others. As per the latest report published by Vantage Market Research, the top 10 companies are responsible for generating more than 45% revenue of the market.
Fraud Detection and Prevention Category in Behavioral Biometrics Market to Generate a Substantial Revenue
Vantage Market Research has analyzed the market for Behavioral Biometrics to understand its current state and potential future growth factors. For better understanding, based on Application the Behavioral Biometrics market is divided into: Authentication and Identification, Fraud Detection and Prevention, Risk and Compliance Management, & Others.
During the forecast period, the market for Fraud Detection and Prevention is anticipated to experience the highest CAGR due to the increasing demand for secure and reliable authentication solutions to prevent fraud and identity theft. The growth of this segment can also be attributed to the rising adoption of mobile banking and e-commerce, which require strong authentication methods to prevent data breaches and cybercrime.
On the other hand, the Authentication and Identification category is anticipated to grow significantly over the forecast period because of increasing security concerns and the growing need for a seamless and secure authentication process. The widespread adoption of mobile devices and the rising trend of mobile banking and e-commerce is further boosting the demand for Behavioral Biometrics in authentication and identification applications.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Behavioral Biometrics Market Forecast Report (2023-2030).
Global Behavioral Biometrics Market Segmentation
By Component
- Software
- Services
By End-user Industry
- Banking Financial Services and Insurance (BFSI)
- Healthcare
- Government & Defense
- Retail & E-commerce
- Telecommunications
- Others (Education, Real Estate, & Travel)
By Application
- Identity & Access Management
- Fraud Detection & Prevention Management
- Risk & Compliance Management
By Deployment Type
- Cloud-Based
- On-Premises
By Organization Size
- Small & Medium-Sized Enterprises (SMEs)
- Large Enterprises
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 1.3 Billion |
| Revenue Forecast by 2030 | USD 5.8 Billion |
| CAGR | 23.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BioCatch Ltd., Nuance Communications Inc., SecureAuth Corp., NuData Security – A Mastercard Company, BehavioSec Inc., Threat Mark SRO, UnifyID Inc., Zighra Inc., Plurilock Security Solutions Inc., SecuredTouch Inc. |
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