Market research and competitive intelligence company named Fact.MR projects that the global market for behavioral biometrics will reach US$ 9 Bn by 2031, growing at a CAGR of 20% during the next 10 years.
TA technology called behavioral biometrics examines quantifiable patterns in human behavior. The movements of the gadget, the mouse, and the keyboard are some examples of these patterns. Interactive motions like how people type on a keyboard, use a mouse, move a device, and touch a screen are recognized by behavioral biometrics.
Physical biometrics, such as fingerprints or iris patterns, are different from behavioral biometrics, which continuously monitors a user’s use of their gadgets. By analyzing distinctive patterns in human behavior, behavioral biometrics can distinguish between a legitimate user and a cybercriminal.
Behavioral biometrics are being used by enterprises, government agencies, and financial institutions for secure authentication, online payments, and online banking. As more and more products and services go beyond basic passwords and pin codes to provide enhanced digital security, the behavioral biometrics market is predicted to grow quickly.
In the upcoming years, the market is expected to rise quickly due to the widespread adoption of behavioral biometrics for fraud prevention and detection in financial services, consumer applications, and government applications.
Key Market Study Conclusions
- The market for behavioral biometrics will reach US$ 9 billion by 2031.
- Software for behavioral biometrics is expected to be valued at $5 billion by 2031.
- Over the next 10 years, behavioral biometrics services are expected to grow at a rate above 15% CAGR.
- More than 40% of the market is in North America.
- By 2031, it is anticipated that the South Korean market will be worth US$ 1.1 billion.
- Australia’s market is expected to grow at a 14% CAGR from 2021 to 2031.
The market is moderately competitive, with participants strategically emphasizing innovation and the introduction of new solutions.
- Identity security independent software vendor (ISV) SecureAuth from the United States secured a distribution contract with Arrow Electronics in June 2020 for Australia and New Zealand.
Key Companies Profiled: BioCatch Ltd., Nuance Communications Inc., MasterCard Incorporated, ThreatMark s.r.o., Plurilock Security Solutions Inc., ZIGHRA INC., Secured Touch, GetSmart Solutions Ltd., Akiyama, NuData Security, G2 Data Technologies, Nexgen Technologies, Net Com SAS, UnifyID, SecureAuth Corporation, Fair Issac Corporation, BehavioSec Inc.