Behavioral Biometrics Market - Forecasts from 2022 to 2027

The global behavioral biometrics market is projected to register a growth of US$3,221.969 million in the year 2027 from the US$864.714 million in the year 2020 at a CAGR of 20.67%.

Behavioural biometrics is a field of study which analyses a person's digital behaviour with respect to their physical behaviour and cognition. This field is usually used for the prevention of fraud or cybercrimes. It basically legally distinguishes the difference between a cybercriminal and a legitimate user. This identification involves the consideration of a person's digital behaviour instead of information about his physical behaviour. This digital behaviour includes individual interaction with computer devices, such as smartphones, tablets, or keyboards and mouses. Behaviour biometrics is known to be the new generation of security solutions. The software used for biometrics builds a user profile based on every gesture used by an individual while handling any digital device.

COVID-19's Impact on the behavioural biometric market

During the outbreak of the COVID-19 pandemic, many sectors witnessed cybercrime. This has paved the way for an increase in awareness regarding cybersecurity. Thus, organisations have realised that their proclivity to implement all security solutions has been attributed to their ability to maintain cyber resilience, that is, prevention from cyber-attacks even in the future. Thus, due to this, it has been estimated that there will be significant growth in the behavioural biometric market post-COVIDperiod.

Rising needs in the eCommerce sector

The banking sector is feeling the surge of behavioural biometric use. They are implementing this service to increase the security of their customers' data. Many banking sectors are even working on customer security. Preventing customers from fraud and cybercrime is becoming a prime concern for many banks. National Australian Bank implemented this service in 2019. Some other companies, for example, Wells Fargo Company, are planning to implement this technology as well. The company is planning to work on a solution that will make use of the customer's voice for transaction authentication. Due to the rise in hacking issues, there is a requirement for the implementation of advanced solutions to prevent these security threats. Even the awareness among the customers has increased in terms of security. A study by Gemalto states that around 44% of customers leave their respective banks due to a security breach.

In August 2019, the Treasury army deployed the Biocatch system. This system helps the bank to detect over 95% of malware cases. This system has a false positive rate of just 0.05%. The bank has added the same system to its online banking applications as well. With the help of the same system, they can rapidly detect the attack using real-time transaction alerts.

Implementation in government services

The governments of many nations have started to apply biometric systems. Governments are even funding many research and development programs to develop an advanced behavioural biometric system. A recent study has reported that the Canadian Internet Registration Authority has reported that around 71% of organisations have suffered from data fraud in 2019. And most of these organisations were unaware of data breach security services. Thus, the government's enhancing of security services can drive the behavioural biometric market during the forecast period.

Even the market players have come up with various marketing strategies to attract consumers to adopt their behavioural biometric services. For example, Biocatch Ltd. successfully completed its strategic acquisition with AimBrain in 2020 to strengthen its global position in digital identity services. Biocatch promises that its new acquisition, by enhancing its fraud detection capabilities, will deepen its cybersecurity solutions and provide a better experience for all its consumers.

North America leads in market share.

North America is leading in the adaptation and applications of behavioural biometrics in the banking, financing, insurance, and information and communication sectors as well. The advancement in this region is expected to continue in the coming years. In 2019, the United States government also announced an investment of USD 15 billion for cybersecurity. The region has experienced a rise in cybercrime due to an increasing number of hackers, cyber fraud, and many more. This dramatic growth in cybercrime hacker gang activities in the region has increased the cost of biometrics in the countries like US and Canada. This is also predicted to increase investment in the cybersecurity sector. Thus, this attributes to a significant market share of North America in the Behavioural Biometric market globally during the forecast period.

Latest development.

The market players in the behaviour biometric market are continuously working on new innovations and launching new solutions. This is projected to grow the market size in upcoming years.

• In February 2020, Biocatch Ltd., to enhance its digital identity globally, completed its acquisition by AimBrain. The acquisition is said to deepen the solution by improving fraud detection capacity, as well as to provide a better experience for customers.

Segmentation

• By Type

Signature Analysis

Keystroke Dynamics

Voice Recognition

Gait Analysis

Others

• By Application

Identity Proofing

Continuous Authentication

Risk and Compliance

Fraud Detection and Prevention

Others

• By End-users

BFSI

Retail and E-commerce

Healthcare

Government and Public Sector

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• UK
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others