Behavioral Biometrics Market Poised to Grow to $5.59 Billion by 2028 with a CAGR of 23.0% Amid Cybersecurity Demands

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Behavioral Biometrics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $394.09 billion In 2028 At A CAGR Of 14.0%:

The behavioral biometrics market size has grown exponentially in recent years. It will grow from $1.99 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to rising adoption of behavioral biometrics in mobile devices, growing concerns over data breaches and identity theft, increasing demand for continuous authentication, growing adoption of behavioral biometrics in enterprise applications.

The behavioral biometrics market size is expected to see exponential growth in the next few years. It will grow to $5.59 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to increasing adoption of behavioral biometrics in emerging markets, increasing demand for continuous authentication, growing adoption of behavioral biometrics in new applications, growing government mandates for behavioral biometrics. Major trends in the forecast period include advancements in artificial intelligence and machine learning, continuous authentication, multi-modal biometrics, iot security.

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Behavioral Biometrics Market Major Segments
The behavioral biometrics market covered in this report is segmented -
1) By Components: Software, Services
2) By Type: Keystroke Dynamics, Gait Analysis, Signature Analysis, Voice Recognition
3) By Deployment Model: Cloud, On-Premises
4) By Application: Identity Proofing, Continuous Authentication, Risk and Compliance Management, Fraud Detection and Prevention
5) By Verticals: Banking, Financial Services and Insurance (BFSI), Retail, e-Commerce, Healthcare, Government and Defense, Telecommunications, Other verticals

Key Driver - Surge In Data Breaches Accelerates Adoption Of Behavioral Biometrics For Robust Cybersecurity Measures

Rising data breach cases are expected to propel the behavioral biometrics market going forward. Data breaches refer to unauthorized sensitive information hacking using malicious information and security violations in which sensitive information can be stolen from a computer system without the prior permission of the owner of the system. Behavioral biometrics is used to prevent any unauthorized access to information from the system of the company's employees' database by analysing the behavioural pattern. For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. Therefore, cyber security and data breach cases are driving the behavioral biometrics market.

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Prominent Trend - Strategic Partnerships Propel Advanced Fraud Detection In Australia And New Zealand's Behavioral Biometrics Market

Major companies operating in the behavioral biometrics market are adopting a strategic partnership approach to offer financial institutions throughout Australia and New Zealand access to advanced fraud detection capabilities driven by behavioral biometrics. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in October 2022, BioCatch, an Israel-based behavioral biometrics company, partnered with Indue, an Australia-based financial products company. Through this recent partnership, Indue's array of financial institutions, retailers, and non-profit organizations can harness the advanced technology of BioCatch to enhance protection against fraud attacks and cybercrime for their customers. Users within Indue's network will now have the capability to enjoy a seamless digital experience, fostering a sense of security and trust between financial institutions and their customers.

Behavioral Biometrics Market Players
Major companies operating in the behavioral biometrics market report are BioCatch Ltd., Microsoft Corporation, NuData Security Inc., LexisNexis Corporation, Ping Identity Holding Corporation, Fair Isaac and Company, Prove Identity Inc., ThreatMark sro, Plurilock Security Solutions Inc., Callsign Technologies LLC, SecureAuth Corporation, International Business Machines Corporation, XTN Cognitive Security, One Identity LLC, TypingDNA, Nethone Sp. z o.o., Unbotify Ltd., BehavioSec Inc., EZMCOM Inc., NEC Corporation, Nuance Communications Inc., Samsung SDS, SecuredTouch Inc., AimBrain Solutions Ltd., AuthenWare Corp., Fst Biometrics, UnifyID Inc., Zighra Inc., Crossmatch Technologies Inc., EyeVerify Inc., FacePhi Biometria S.A.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the behavioral biometrics market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the behavioral biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Behavioral Biometrics Market Report Structure
3. Behavioral Biometrics Market Trends And Strategies
4. Behavioral Biometrics Market - Macro Economic Scenario
5. Behavioral Biometrics Market Size And Growth
…..
27. Behavioral Biometrics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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