Behavioral Biometrics Market Size Witnessing Remarkable Growth Globally | Reaching USD 3,922.42 Million by 2025

The global behavioral biometrics market was estimated to be worth $720.50 million in 2017, and it is anticipated to grow to $3,922.42 million by 2025, a CAGR of 23.71%. The market's voice recognition category generated the most revenue in 2017.

The term "behavioral biometrics system" refers to the user's cognitive footprint, which focuses on various behavioral traits of the user as they carry out a particular action. Depending on the authentication mechanism, these solutions come in a variety of forms, including keystroke dynamics, gait analysis, signature analysis, and others.

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The rising number of cyber threats and fraudulent activities has driven the demand for advanced security solutions across various industries. Behavioral biometrics offers a unique approach by analyzing and identifying patterns in human behavior, such as keystroke dynamics, mouse movements, and touchscreen interactions. This technology provides an additional layer of security, enhancing authentication processes and protecting sensitive data from unauthorized access.

The widespread adoption of mobile banking and e-commerce platforms has created a need for robust authentication methods. Traditional authentication methods like passwords and PINs are often susceptible to theft or hacking. Behavioral biometrics provides a seamless and secure authentication experience by analyzing user behavior, such as typing speed, swipe patterns, and touch gestures. This trend is driving the integration of behavioral biometrics into mobile banking apps and e-commerce platforms.

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Compliance regulations, such as the Payment Services Directive 2 (PSD2) in Europe and the Payment Card Industry Data Security Standard (PCI DSS), mandate stronger customer authentication measures to prevent fraud and protect consumer data. Behavioral biometrics offers a non-intrusive and continuous authentication solution that complies with these regulations. It helps financial institutions and other organizations meet compliance requirements while effectively preventing fraudulent activities.

The advancement of artificial intelligence (AI) and machine learning (ML) technologies has significantly contributed to the growth of behavioral biometrics. AI and ML algorithms can analyze vast amounts of behavioral data to identify patterns, anomalies, and suspicious activities. This enables more accurate and reliable user identification and fraud detection. As AI and ML continue to evolve, the performance and accuracy of behavioral biometrics systems are expected to improve further.

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User experience plays a crucial role in the adoption of any security solution. Traditional authentication methods often result in user frustration due to complex passwords or multiple authentication steps. Behavioral biometrics offers a frictionless authentication experience by seamlessly analyzing user behavior in the background without requiring any additional actions. This user-friendly approach enhances convenience and encourages widespread adoption.

Collaboration and partnerships among technology providers, financial institutions, and cybersecurity firms are driving the growth of the behavioral biometrics market. These collaborations aim to develop and integrate behavioral biometrics solutions into existing platforms and systems. Additionally, industry consortiums and standards bodies are working together to establish best practices, interoperability standards, and guidelines for the implementation of behavioral biometrics. These collaborative efforts foster innovation, create awareness, and accelerate the adoption of behavioral biometrics technology across various industries.

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Overall, the drivers and trends in the Behavioral Biometrics market revolve around the increasing need for advanced security solutions, the growing adoption of mobile banking and e-commerce, regulatory compliance, advancements in AI and ML, user-friendly authentication experiences, and industry collaboration. As organizations continue to prioritize security and user experience, the demand for behavioral biometrics solutions is expected to witness substantial growth in the coming years.

Some of the key market players profiled in the report include BehavioSec Inc., BioCatch, EZMCOM Inc., IBM Corporation, NEC Corporation, Nuance Communications, Inc., NuData Security Inc., Plurilock, Samsung SDS, SecuredTouch Inc., and others.

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