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I AgreeAnalysis of Behavioural Biometrics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global market for behavioural biometrics reached a valuation of around US$ 1.5 Bn in 2020, and is slated to accelerate at a stupendous CAGR of 20% to top US$ 9 Bn by 2031, as per latest industry analysis published by Fact.MR. The behavioural biometrics software is set to be worth over US$ 6 Bn in the next ten years.
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As per Fact.MR, a market research and competitive intelligence provider, the global behavioural biometrics market thrived at a CAGR of over 9% from 2016 to 2020 to be worth US$ 1.5 Bn.
Cybercriminals steal data such as email, physical addresses, phone numbers, birthdates, and other personal details to open a fraudulent account. According to Plurilock Security research, 2016 and 2017 marked 82,000 and 160,000 cyber-attacks respectively, across the world. Behavioural biometrics technology solves these problems by using machine learning to analyze patterns. The high need to prevent cyber-attacks has driven adoption of behavioural biometric systems at a rapid pace.
With an increase in the number of mobile phone users with bank accounts, there has been rapid rise in mobile banking. Fraudsters are targeting digital transactions, and this is one of the key factors driving the global behavioural biometrics technology market. Demand for more developments in machine learning and artificial intelligence for advanced digital security has further led to the proliferation of behavioural biometrics.
Behavioural biometrics technology has a unique ability, which bridges the gap between security and user experience, and this significant factor is further impelling the need for behavioural biometrics in eHealth and well-being.
Latest trends and advancements in behavioural biometrics are also a significant factor that has led to an increase in investments by top behavioural biometric service providers.
Furthermore, government initiatives have been instrumental in promoting the adoption of these technologies, with governments across different countries providing subsidies on the installation of new solutions.
Considering these factors, the market is projected to witness high growth over the coming years, registering a CAGR of 20% to cross US$ 9 Bn by 2031.
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As several behavioural patterns and data points are being continuously collected by behavioural biometrics, any combination of data can be employed for the identification of a user. Thus, the authentication is precise and accurate, and users cannot practicably be impersonated.
Advent of AI in behavioural biometrics is a major growth driver for the market. Since the fundamental incident signals in which the device user’s behavioural data, such as length of stride and speed of typing are encoded, it cannot be easily susceptible to human interpretation.
Hence, AI-driven behavioural biometrics undertaking is adding impetus to the market by delivering real-time results. Rising demand for behaviour-based technologies will be a major factor for the emergence of AI in behavioural biometrics.
Due to an increase in the number of Internet users, people have found their digital journey painful as they are losing their security trust on online activities and privacy. This need to protect sensitive data from cyber intrusions with modern security and increasing demand for voice recognition in behavioural biometrics has driven market growth.
One of the major challenges faced by behavioural biometrics providers globally is high installation cost. Due to ongoing technology upgrades, initial cost of adopting behavioural biometrics has increased rapidly, which restrains end users from purchasing these solutions.
This is especially prevalent in developing nations where budgets for educational institutes will not be able to accommodate this technology. Even in developed nations, the cyber security budget of many companies is rather limited, which can hinder the adoption of behavioural biometrics-based mobile authentication solutions.
Concerns associated with the security of the technology and high cost of cloud-based behavioural biometric tools are some of the restraining factors that may affect the growth of the biometrics market to some extent.
Owing to growing demand for behavioural biometrics in the BFSI segment and ICT sector in North America, the region is anticipated to hold more than 40% share in the global market for behavioural biometrics.
Availability of IT infrastructure and increasing demand for gait recognition are factors expected to drive growth of the market in the region.
Further, the region benefits from governmental interest and funding in security sectors. The government is known to aggressively fund research and start-ups in the field of behavioural biometrics.
Rising demand for behaviour-based authentication software in Canada, latest trends of behavioural biometric software in Japan, and growing demand for behavioural biometrics in Germany are supplementing market growth in these respective countries.
The U.S. market was valued at over US$ 420 Mn in 2020. Top behavioural biometric software and service providers located in the U.S. is one of the major driving factors for market growth here.
All major companies in finance, retail, and IT & Telecom are moving towards the adoption of behavioural biometrics for fraud prevention. The U.S. government has shown keen interest in implementing behavioural biometrics, and it is spending millions and dollars to develop advanced behavioural biometrics applications in public sector departments.
Growing demand for keystroke dynamics, gait analysis, and signature analysis in the U.S. has opened new growth avenues for providers of behavioural biometrics.
By 2031, the market in China is expected to be worth roughly US$ 1.1 Bn. Increasing demand for advanced security systems and growing finance sector are factors anticipated to drive the growth of the market in China.
Rising proliferation of mobile payment and real-time payment platforms across the country has increased fraud events, which is driving demand for behavioural biometric services in China. Furthermore, top behavioural biometrics solution providers in China are focusing on providing secured authentication solutions based on behavioural biometrics to their customers.
The software segment is the highest revenue-generating segment accounting for 60% of global revenue. Growing demand for reliable and safe digital transactions globally, owing to increasing penetration of smartphones and e-commerce, is leading to increased adoption of behavioural biometrics software.
To reduce fraud, increase security, and minimize costs associated with traditional multi-factor authentication solutions and passwords, vendors are developing behaviour-based authentication software. Additionally, rising number of fraudulent activities coming to light is driving demand for behavioural biometrics tools.
Behavioural biometrics platforms provide enhanced mobile security for individuals and businesses. The software makes use of User Behavior Analytics (UBA) to identify patterns in human behaviour and detect anomalies, which could indicate security breaches, using statistical analytics.
Introduction of such innovative software based on behavioural biometrics is further expected to drive growth of the software segment over the next ten years.
Large enterprises focus on implementing behavioural biometrics in their business applications to enhance customer loyalty and reduce overall infrastructure costs. This trend is expected to drive demand for advanced behavioural biometrics applications in the large enterprises segment to a great extent.
Increasingly sophisticated data theft and cyber-attacks are driving the adoption of behavioural biometrics-based cyber security measures, which provide adaptive authentication and persistent security for large enterprises. Furthermore, behavioural biometrics tools allow large enterprises to meet increasingly stringent cyber-security regulations and standards such as ISO 27001, NIST 800-171, and Health Insurance Portability and Accountability Act (HIPAA).
Increasing advances in technology and technology-driven business models increase customer expectations for a high-end security experience to protect their data. To provide an improved security experience, large enterprises are adopting a combination of two or more biometrics modalities such as face detection biometric technology, fingerprint biometric systems, and voice recognition in behavioural biometrics, so as to offer secure services to their customers.
Healthcare, banking, and retail are the top industries adopting contactless biometric technologies for enhanced safety. Due to COVID-19, many of the public and private sectors are using behavioural biometrics for ensuring modern security.
The world has seen demand for secure, hygienic, and convenient authentication systems during this pandemic. It has been difficult for users to touch card readers, keypads, and devices for identity authentication.
The pandemic has forced top biometric component and equipment manufacturers to halt manufacturing operations on a temporary basis to obey government rules, and due adverse impact on supply chains, revenue of companies has been affected. The COVID-19 pandemic has impacted the entire global economy in unprecedented ways.
Various companies or industries have asked their staff to work from home, and this has intensified the need for digital solutions. With the outbreak of COVID 19, the market for behavioural biometrics is expected to witness significant growth due to increasing cyber-attacks and data breaches across the globe.
Major vendors providing behavioural biometric software and services are continuously focusing on research & development for increasing their share in the global market.
Attribute |
Details |
Market size value in 2020 |
USD 1.5 Billion |
Market forecast value in 2031 |
USD 9 Billion |
Growth Rate |
CAGR of 20% from 2021 to 2031 |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value & ‘000 Units for Volume |
Key Regions Covered |
|
Key Countries Covered |
|
Key Market Segments Covered |
|
Key Companies Profiled |
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Pricing |
Available upon Request |
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The global behavioural biometrics market is currently valued at more than US$ 1.5 Bn.
From 2016-2020, value sales of behavioural biometrics registered a CAGR of 9%.
Increasing sales of smartphones with built-in fingerprint sensors and rising adoption of behavioural biometrics for fraud prevention & detection in financial services are key driving factors for market growth.
BioCatch Ltd., Nuance Communications Inc., MasterCard Incorporated, ThreatMark s.r.o., and Plurilock Security Solutions Inc. are key players in this space.
North America, with 40% global market share, will largely contribute to the growth of behavioural biometrics revenue.
The market for behavioural biometrics in Canada is projected to expand at a CAGR of more than 16% during 2021 – 2031.
The software segment continues to be the highest revenue-generating segment, accounting for 60% of global revenue.
Sales of behavioural biometrics in Japan are forecasted to cross US$ 1.3 Bn by 2031.
The U.S., China, Canada, Germany, and Japan are key countries with behavioural biometrics providers.
The market is expected to cross a value of US$ 9 Bn by the end of 2031, with sales revenue expected to register a high CAGR of around 20%.