Behavioral Biometrics Market – Growth, Trends, And Forecast (2019 – 2024)
The report presents an in-depth assessment of the Behavioral Biometrics including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Behavioral Biometrics investments from 2019 till 2024.
The behavioral biometrics market is anticipated to register a CAGR of over 21.3% during the forecast period (2019 – 2024).
The Behavioral Biometrics market is highly competitive and consists of a number of major players. Top Companies like BioCatch Ltd., Nuance Communications Inc., SecureAuth Corporation, Mastercard Technologies Canada ULC, BehavioSec Inc., FST Biometrics Corporation, UnifyID Inc., Zighra Inc., Plurilock Security Solutions Inc., SecuredTouch Inc. among others
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Scope of the Report
Behavioral biometrics provides a new generation of user security solutions that identify individuals based on the unique way they interact with computer devices like smartphones, tablets or mouse-screen-and-keyboard.
Key Market Trends
Increasing Data Breaches in BFSI to Support Growth
– With the increasing fraud and cybercrime, along with improving the customer experience, preventing customers from being exposed to risk has become a top concern of banks’ agendas. With new threats emerging almost daily, measures to protect end-users from hacking and fraud have to be delivered without jeopardizing the consumer experience.
– With the rise of fintech start-ups and the imminent PSD2 (Revised Payment Service Directive) regulations set to increase competition in the sector, the customer experience is becoming an increasingly important differential, so a more nuanced approach is necessary.
– A recent study commissioned by Gemalto showed that 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service. This has driven the interest of banks and other financial institutions in using biometric technology for which they are strategically working with partners who have the security and technology expertise to ensure every link in the chain is protected.
– For instance, Wells Fargo Company is working on a payment solution that will make use of the voice of its customers to authenticate transactions and access services. Further, the company is exploring how it can leverage artificial intelligence to make it able to perform conversational banking, much like iPhones Sir or Amazons Alexa.
– Also, Rivner reported that four of the five biggest banks in the UK have started to implement BioCatchs solution into their online and mobile retail banking services, with an average deployment of 5 to 10 million users at each bank.
– Such implementations are anticipated to grow over the forecast period, thereby reflecting the growth of the market studied in the BFSI.
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North America to Hold Highest Share
– Owing to the significant adoption of behavioral biometrics in BFSI and ICT in North America, the region is anticipated to hold a major share in the market studied. The region is witnessing an increase in spending on security solutions. In 2019, the United States announced to spend USD 15 billion for cybersecurity a USD 583.4 million (4.1 percent) increase over 2018.
– Cybersecurity Ventures predicts cybercrime would continue rising and cost businesses globally more than USD 6 trillion annually by 2021. The estimate is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in the hostile nation state-sponsored and organized crime gang hacking activities, a cyber attack surface which is anticipated to be an order of magnitude higher than the present, and the cyber defenses expected to be pitted against hackers and cybercriminals over that time. This would increase cybersecurity spending over the forecast period.
– 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. Such factors are anticipated to support the growth of the market studied the forecast period
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Behavioral Biometrics Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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