Rapid growth in online transactions and online fraudulent activities across the globe, and an increasing need for multi-layered security approach in the BFSI industry are the major driving factors for the behavioral biometrics market.
The global behavioral biometrics market size is expected to grow from USD 871.2 million in 2018 to USD 2,552.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. Major growth drivers for the market are a rapid increase in online transactions and online fraudulent activities, and an increasing need for multi-layered security approach in the BFSI industry are expected to drive the behavioral biometrics market. However, higher installation cost of behavioral biometrics software, and lack of competent behavioral biometrics experts could be major challenges for the behavioral biometrics market growth.
Cloud deployment model to grow at a higher CAGR during the forecast period
Organizations are rapidly deploying behavioral biometric solutions, either on-premises or the cloud. The demand for cloud-based behavioral biometrics solutions is increasing due to cost-effective and time-efficient features of cloud. Hence, SMEs would prefer to deploy behavioral biometrics solutions on the cloud.
APAC to grow at the highest rate during the forecast period
The behavioral biometrics market growth in Asia Pacific (APAC) is gaining momentum and is expected to record the highest growth rate during the forecast period. Vendors in the region have been adopting venture funding strategies and are investing in R&D activities in an effort to provide technologically advanced tag management solutions. In addition, major economies in APAC, such as China, India, Australia, and New Zealand, are investing in emerging technologies to implement innovation in the traditional business processes and enhance the performance. The region witnesses an increased adoption rate of such solutions across major industry verticals.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of the profiles of the primary participants is given below:
• By Company: Tier 1: 15%, Tier 2: 32%, and Tier 3: 53%
• By Designation: C-level: 38%, Director level: 30%, and Others: 32%
• By Region: North America: 38%, Europe: 32%, APAC: 20%, and RoW: 10%
The behavioral biometrics market includes major providers of software and services, such as BioCatch (Israel), IBM (US), Nuance Communications (US), SecureAuth (US), Mastercard (US), BehavioSec (Sweden), SecuredTouch (US), ThreatMark (Czech Republic), Plurilock (Canada), Zighra (Canada), XTN (Italy), EZMCOM (US), One Identity (US), Callsign (UK), FST Biometrics (Israel), UnifyID (US), AimBrain (UK), AuthenWare (US), Sentegrity (US), TypingDNA (Romania), NoPassword (US), ID Finance (Spain), Nethone (Poland), Pinn Technology (US), and Unbotify (Israel).
The report segments the behavioral biometrics market by components (software and services), application (identity and access management, risk & compliance management, and fraud detection and prevention management). Based on organization size, the market has two segments: large enterprises and Small and Medium-sized Enterprises (SMEs). The market by vertical analyzes BFSI, retail and eCommerce, healthcare, telecommunication, government and defense, and other verticals. The market report covers 5 major geographic regions: North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
Reasons to buy the report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the behavioral biometrics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across industry verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders better understand competitors and gain more insights to enhance their position in the business. The competitive landscape section includes new product launches/developments; partnerships and collaborations; mergers and acquisitions; and expansions.