The report provides detailed information related to the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market.
According to the new market research report "Behavioral Biometrics Market by Component (Software & Services), Application (Identity & Access Management, Risk & Compliance Management, Fraud Detection & Prevention management), Deployment Model, Organization Size, and Vertical - Global forecast to 2023", The behavioral biometrics market size is expected to grow from USD 871.2 million in 2018 to USD 2,552.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period.
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The key factors driving the behavioral biometrics market include growth in online transactions and online fraudulent activities, and higher compatibility with emerging AI technologies.
The identity and access management application segment to hold the largest market size in the behavioral biometrics market in 2018
The identity and access management application segment would dominate the overall behavioral biometrics market in terms of share, as the behavioral biometrics applications are predominantly finding use in all major industry verticals to reduce risks and improve the efficiency and transparency in payment systems across verticals. The technology monitors user behavior, such as their typing styles, in background while they log-in into their applications and during sessions.
Working retrospectively, behavioral biometrics provides an additional layer of security over the existing identity and access solutions without impeding the performance of applications and enhancing overall user experience.
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The services segment to grow at a higher CAGR in the global behavioral biometrics market during the forecast period
The categories in the behavioral biometrics market by components are software and services. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through the business tenure.
Further, these services benefit enterprises by maximizing the resource usage, improving project execution, and streamlining the business operations. As the adoption of behavioral biometrics software increases, the need for services such as support and maintenance will also grow.
North America to hold the largest market size in the behavioral biometrics market during the forecast period
North America is expected to account for the largest share of the overall market in 2018. It is the most advanced region in terms of technology adoption and IT infrastructure.
The presence of key vendors of behavioral biometrics and the largest payments industry in the region is the major driving factor for the behavioral biometrics market. All the major companies operating across major verticals in the region are moving toward the adoption of the behavioral biometrics software to develop business applications, due to the recognition of behavioral biometrics potential of safeguarding users from cybercrimes by understanding their behavioral patterns.
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Major vendors in the global behavioral biometrics market include BioCatch (Israel), IBM (US), Nuance Communications (US), SecureAuth (US), Mastercard (US), BehavioSec (Sweden), SecuredTouch (US), ThreatMark (Czech Republic), Plurilock (Canada), Zighra (Canada), XTN (Italy), EZMCOM (US), One Identity (US), Callsign (UK), FST Biometrics (Israel), UnifyID (US), AimBrain (UK), AuthenWare (US), Sentegrity (US), TypingDNA (Romania), NoPassword (US), ID Finance (Spain), Nethone (Poland), Pinn Technology (US), and Unbotify (Israel).
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