The global behavioral biometrics market garnered $720.5 million in 2017 and is projected to reach $3,922.4 million by 2025, growing at a CAGR of 23.7% from 2018 to 2025.
Increase in the number of online transactions, development of IoT landscape coupled with aggrandized need for enhanced security systems drive the growth of the global behavioral biometrics market. However, performance issues associated with behavioral biometrics solutions and lack of cybersecurity budget would impede the growth of the industry. Conversely, emergence of artificial intelligence in behavioral biometrics and expansion of the cloud-based solutions would create new opportunities in the industry in the coming years.
The key market players operating in the industry include BehavioSec Inc., BioCatch, EZMCOM Inc., IBM Corporation, NEC Corporation, Nuance Communications, Inc., NuData Security Inc., Plurilock, Samsung SDS, SecuredTouch Inc., and others. New product launches, joint ventures, expansions, mergers & acquisitions, partnerships, collaborations, and others are some of the strategies implemented by them to gain a lead position in the industry.
The behavioral biometrics market in North America contributed more than one-third share of the total market in 2017 and would maintain its lead through 2025. This on account of the high adoption of behavioral biometrics solutions coupled with well-established BFSI industry and high ICT spending among organizations for data security solutions across the region. However, the Asia-Pacific region would register the highest CAGR of 26.5% from 2018 to 2025, owing to factors such as rise in security spending among government organizations, rapid penetration of smartphones in emerging economies such as China, Japan, India, Australia, and South Korea. The other regions analyzed in the study include Europe and Latin America, Middle East and Africa (LAMEA).
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The large enterprises segment held the largest share of 76.3% in 2017 and would maintain its revenue lead through 2025. This is due to the high digital security spending among these organizations and increased need for digital security due to the growing number of identity spoofing cases. However, the SMEs segment would grow at the fastest CAGR of 26.8% from 2018 to 2025, owing to the surge in adoption of behavioral biometric solutions and increase in ICT spending among these enterprises.
Significant adoption of behavioral biometrics solutions for identity proofing among BFSI and other organizations have facilitated the identity proofing segment to garner more than one-third share of the market in 2017. The segment would dominate the market through 2025. However, the fraud detection and prevention segment would exhibit the fastest CAGR of 25.2% through the study period. Growing adoption of behavioral biometrics solutions for fraud detection and prevention to control and manage frauds has led to the growth of the segment. The other applications analyzed in the report include continuous authentication and risk and compliance management.
Among industries, the BFSI sector contributed 27.1% of the total market share in 2017 and is expected to maintain its revenue lead throughout the study period. This is owing to the rise in cybercrimes and significant adoption of behavioral biometrics solutions for anti-fraud purposes. On the other hand, the healthcare segment is projected to grow at the fastest CAGR of 25.5% from 2018 to 2025, owing to the digitalization of healthcare data among institutions using advanced behavioral biometrics solutions. The report also includes retail & e-commerce, government & defense, and IT & telecom among other industry verticals.
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Among components, software segment accounted for the largest share in 2017, contributing 72% of the total market revenue and is projected to maintain its dominance through 2025. This is attributed to the fact that software can be upgraded and updated depending on the evolving nature of threats and vulnerabilities, which creates more applications among businesses. However, the service segment would grow at the fastest CAGR of 26.5% during the forecast period, owing to the ease of deployment of these services to ensure proper deployment and functioning of the software.
Top Impacting Factors Such as –
1. Rise in number of digital transactions
2. Development of IoT landscape
3. Increased market of cloud-based behavioral biometrics
Key Findings of the Behavioral biometrics Market:
• By industry vertical, the BFSI segment is expected to dominate the global behavioral biometrics during the forecast period.
• In 2017, North America accounted for the highest revenue among the other regions.
• Based on deployment mode, the on-premise behavioral biometrics solutions segment generated the highest revenue in 2017.
• By region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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