Behavioral Biometrics Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2885
Behavioral Biometrics Market size is driven by the growth in online transactions. This growth can be attributed to the widespread adoption of online banking portals to conduct their financial transactions such as to check the account balance, request bank statements, and to upgrade debit cards. However, the adoption of these technologies is making the financial institutions more susceptible to security threats. This has led organizations to adopt various advanced security solutions to secure the online transactions across their networks.
A key factor leading to the growth of the behavioral biometrics market is the need for a multilayered security approach. Over the years, the cybersecurity threats have become advanced and sophisticated. Hence, the traditional remedies for fighting viruses and malicious codes are increasingly becoming ineffective. This has driven the companies to adopt multilayered security solutions to protect their network infrastructures, driving the growth of the behavioral biometrics market.
While there has been a steady growth in the adoption of the biometrics over the past decade, the companies have raised serious concerns regarding the use of physical characteristics. The problem with physical biometric authentication solutions is that it uses static factors such as points captured within a fixed image, wherein even if the initial authentication is valid and legitimate, the integrity of the session erodes over the time. The only way to ensure the integrity throughout the session is to adopt continuous monitoring mechanisms. This led to the development of the behavioral biometrics technologies.
Behavioral biometrics is used for a wide range of application including identity & access management, fraud detection & prevention, and risk & compliance management. Identity and access management is the most used application of the behavioral biometrics. This solution is used to provide different authentication options to its employees based on their privilege levels. It also helps in setting up authentication policies for sensitive applications defining the maximum number of attempts and developing fail-safe mechanisms. It uses artificial intelligence to detect changes in its users’ environmental & behavioral factors to trigger caution. Fraud detection & prevention is also one of the prominent applications of the behavioral biometrics solutions. It analysis the human-device interactions to protect the users and data. Moreover, it also collects data through multiple data points to capture an array of human interactions such as hand-eye coordination, pressure, fingerprint movement, and navigation.
Behavioral biometrics is used across BFSI, healthcare, government, defense, telecommunication, and retail sectors. BFSI holds a majority share in the market. It enables the measurement and analysis of patterns in human behaviors. It tracks the activities of the users to identify malicious actors and secures the organization’s network infrastructure in an age where the cybercriminals have more access to the personally identifiable information (PII) of users.
North America is anticipated to hold a majority share in the behavioral biometrics market. This can be credited to the technological advancements in the IT infrastructure and the widespread adoption of big data and social media platforms. Furthermore, the government across the region has taken a keen interest in biometric applications and is aggressively funding multiple research programs and startups to develop advanced behavioral biometrics applications in crucial public sector departments. For instance, in 2017 the IARPA launched the Odin program, which aimed at developing advanced behavioral biometrics technologies to identify imposters & unauthorized user attempts.
The key players providing behavioral biometrics market are Callsign, Unbotify, SecuredTouch, EZMCOM, NoPassword, ID Finance, Nethone, Pinn Technologies, FST Biometrics, UnifyId, AimBrain, Zighra, AuthenWare, XTN, Sentegrity, BioCatch, IBM, Nuance Communications, SecureAuth, and Mastercard. The companies operating in the market are focusing on strategic partnership & collaboration initiatives and fund-raising activities to expand their offerings and increase their market share. For instance, in 2018, BioCatch raised a fund of USD 30 million from Maverick Ventures, American Express Ventures, NexStar Partners, and Credit Ease. BioCatch plans to use the funding to develop customized solutions for various industry verticals such as insurance, P2P payments, healthcare, and government.
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