Market Research Report
Behavioral Biometrics Market - Forecast (2020 - 2025)
|Published by||IndustryARC||Product code||850090|
|Published||Content info||101 Pages
Delivery time: 2-3 business days
|Behavioral Biometrics Market - Forecast (2020 - 2025)|
|Published: March 11, 2020||Content info: 101 Pages||
In this era of 'data' and digitalization, humongous amount of people are unaware of the priceless economy their personal data used for authentication at various verticals such as banking can fetch to impostors. As per the World Bank, the global data economy is valued at over $3 trillion. With a majority of the economy taking up the digital form and recurring incidents of authentication-data and credentials being unethically mined or stolen for hefty outlays, the demand for risk-free authentication is witnessing an unprecedented concern. Owing to the traditional security measures such as static biometrics failing to modern breaches resulting in credentials being compromised, the behavioral data market is the remedial measure enterprises are seeking. From BFSI and healthcare to government and defense, all are employing behavioral biometrics tools for adequate safety pertaining to digital as well as physical assets. The global behavioral biometrics market was valued at $871.2mas of 2018.
Behavioral biometrics is extensively being employed by online banking, e-commerce, payments, and high-security authentication markets. The global market demand is estimated to escalate at a compound annual growth rate of 17.34% during the forecast period 2019-2025. Behavioral biometrics recognizes individuals by assessing everything, from the manner a user grips the phone and swipes the screen, to the keyboard or gestural shortcuts they use. Software algorithms build a unique user profile, which is employed to confirm the individual's distinctiveness on the following interactions.
Installation of any cutting edge technology in a region necessitates a compatible technological infrastructure, influx of investments, and aligned agendas by organizations and federal authorities. North America was the leading region with a share of 33.61% in the global behavioral biometrics demand in 2018. This can be attributed to its impeccable IT infrastructure and IT investments by governments. For instance, in 2017, The Intelligence Advanced Research Projects Activity launched the Odin program, which intended at developing progressive behavioral biometrics technologies to identify imposters & unauthorized user attempts. Similarly, for the FY 2018, the United Sates Federal Government Budget for IT was $95.7 billion, an increase by 1.7% from FY 2017. Moreover, the cyber insurance market generates majority of its global demand (34.48%) from North America, with the U.S. having the largest digital economy at nearly 35% of its GDP. All these factors very well resonates with the rampant digitalization of economy in North America; and hence, the catapulting demand for risk-free authentication that is offered by the behavioral biometrics market.
BFSI (banking, financial services and insurance) is the fastest growing end use vertical in the global behavioral biometrics market and is projected to register a CAGR of 16.38% through 2025. With majority of financial assessments dipping into digitalization, compromising of authentication-data and credentials have become ubiquitous. Consequently, the BFSI sector is evading traditional PIN/Password and static biometric security gadgets and transitioning towards behavioral biometrics, as it notes the actions of clients to recognize malicious actors and safeguards the BFSI organizations' network infrastructure from hackers trying to fetch personally identifiable information (PII) of users.
Technical factors driving the implementation-
As there are several behavioral patterns and data points being continuously collected by behavioral biometrics, any combination of data can be employed for identification of a user. Thus, the authentication is precise and accurate and users cannot practicably be impersonated.
AI is a major growth driver for the behavioral biometrics market. Since, the fundamental incident signals in which the device user's behavioral data such as length of stride and speed of typing are encoded, cannot be easily susceptible to human interpretation. Hence AI undertaking is adding impetus to the market by delivering real-time results.
Privacy is a leading concern for new novel technologies including IoT and behavioral biometrics. As biometrics collects and stores personal data such as finger print, palm veins, face recognition, palm print, hand geometry, and iris recognition, it is viewed as privacy- invasive. On the contrary, behavioral biometrics is characteristically privacy friendly as it stores data pertaining to authentication based on behavioral patterns. For instance, a finger print data lodged in a device can be relocated via IoT platform and used unethically to trace down an individual via biometric records. In behavioral biometrics, the data pertaining to the gesture by which someone grips their phone cannot be used to confirm anyone's identity. Additional privacy is a major force disrupting the market.
Smart devices loaded with sensors is a major trend disrupting the market. Sensors play a major role in collecting behavioral patterns. Devices such as smartphones can be aligned to passively capture and process behavioral data over accelerometer and the gyroscope installed inside of the device. That data can then be scrutinized by means of advanced software algorithms in order to support identity authentication and fraud detection.
Some of the key players operating in the behavioral biometrics market are Secured Touch, Bio catch, Zighra, NuData Security, NexGen Technologies, GetSmart Solutions Ltd., Akiyama, Net Com SAS, and G2 Data Technologies.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the behavioral biometrics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in behavioral biometrics market, and their specific advantages to the market.
Key Questions Addressed in the Behavioral Biometrics Market Report
"*Financials would be provided on a best efforts basis for private companies"