Behavioral Biometric Trends and Forecast
The future of the global behavioral biometric market looks promising with opportunities in the BFSI, retail and e-commerce, healthcare, IT & telecom, and government and defense markets. The global behavioral biometric market is expected to reach an estimated $3.2 billion by 2030 with a CAGR of 23.4% from 2024 to 2030. The major drivers for this market are increase in fraudulent activities and online transactions worldwide and growing demand for multi-layer security in the finance sector.
• Lucintel forecasts that, within the application category, identity verification & validation will remain the largest segment over the forecast period because the users are given several authentication choices based on their privilege levels.
• In terms of regions, North America will remain the largest region over the forecast period due to increasing need for data security owing to the availability of top technology providers and behavioral biometrics solutions in this region.
Gain valuable insight for your business decisions with our comprehensive 150+ page report
Emerging Trends in the Behavioral Biometric Market
The behavioral biometric market is undergoing broad-ranging changes, some of which are defining its evolution path.
• Integration with AI and Machine Learning: In contrast, artificial intelligence and machine learning enable the improvement of the performance and flexibility of behavioral biometrics. This integration allows users to identify more accurately, leading to a decrease in fraud activities and an increase in safety.
• Growth in Mobile and IoT Applications: Behavioral biometrics, in particular, are being incorporated into mobile devices and IoT applications. This trend promotes greater efficiency and more secure user authentication, as well as control and monitoring in a connected environment.
• Enhanced Privacy and Data Protection: Emphasis is placed on improving privacy and data protection in behavioral biometric systems as well. Technologies for effective compliance with ever more stringent data protection and privacy requirements are incorporated.
• Adoption in Financial Services: Financial services are now embracing the use of behavioral biometrics for fraud detection and customer verification. This, in turn, is caused by the increasing demand for strong security measures that safeguard critical monetary activities.
• Focus on Usability and User Experience: Organizations are working towards creating a more convenient and less invasive behavioral biometric system for users. Better ease of use and integration into normal life activities are key motivators for the uptake of the market.
Such trends are transforming the Behavioral Biometric market by reinforcing security, enhancing user experience, and broadening the scope of applicability.
Recent Developments in the Behavioral Biometric Market
Trends in the Behavioral Biometric market lately include technological enhancements and the enlargement of target markets.
• Advanced Algorithm Development: Improvements in behavioral biometric algorithms have been realized, resulting in lower false positives and higher accuracy. These innovations enhance the efficiency of the authentication systems and make it easier for the systems to be accepted.
• Integration with Multi-Factor Authentication: The applications of behavioral biometrics are moving toward the incorporation of multi-factor methods. This method helps add layers of security, especially in environments where such processes are high-risk.
• Expansion in Mobile Security: The field of mobile security increasingly uses behavioral biometrics. The improvement of algorithms, as well as interface usability, makes the authentication of smartphones and other handheld devices more efficient.
• Enhanced Data Privacy Measures: Behavioral biometric systems have introduced features known as privacy-enhancing technologies. Such measures are a resolution to data security concerns and aim to conform to the standard requirements of data protection in the world.
• Growth in Industrial Applications: The use of behavioral biometrics is now finding application in the industrial sectors, such as robotics automation systems, where they are integrated. This trend helps enhance security and efficiency in high technologies.
These developments are nurturing innovations as well as widening the areas of application of behavioral biometrics, improving user security and satisfaction.
Strategic Growth Opportunities for Behavioral Biometric Market
There are numerous strategic opportunities for growth in the behavioral biometric market concerning various applications.
• Expansion in Financial Services: There are significant opportunities for growth in the application of behavioral biometrics in user and fraud verification processes within the financial services sector, bolstered by the demand for safety in financial transactions.
• Integration in Healthcare Systems: Behavioral biometrics analysis offers the potential to increase safety and the availability of information regarding patients in healthcare systems. Achieving better health outcomes for patients through improved patient management and safer health data will be possible.
• Adoption in Smart City Projects: The market for behavioral biometrics includes growth opportunities in enhancing public security and city management through the adoption of smart city projects. Authentication and security technologies can improve the infrastructure and services of cities.
• Growth in E-commerce: E-commerce applications can leverage behavioral biometrics to protect transactions and improve user experiences. This use case facilitates secure transactions and user-based interactions, boosting the market.
• Creation of More Intuitive Solutions: There will be opportunities in the market to introduce easier and more consistent behavioral biometric solutions. These ergonomic changes can lead to better acceptance in consumer and industrial market applications.
These prospects for growth are influencing and modifying the scope of application, as well as security and user experience, in the behavioral biometric market.
Behavioral Biometric Market Driver and Challenges
The market for behavioral biometrics is dictated by several factors, including growth drivers, market constraints, and the following considerations.
The factors driving the behavioral biometric market include:
• Technological Advancements: The development of behavioral biometric systems is accelerating due to advancements in AI and machine learning. Better algorithms and processing power are improving authentication levels.
• Increasing Cybersecurity Threats: The rise in cybersecurity threats significantly contributes to the demand for advanced authentication systems. Behavioral biometrics serve as an effective means of securing sensitive information against these growing threats.
• Regulatory Support for Data Privacy: Favorable regulatory policies on data privacy and protection facilitate the use of behavioral biometrics. Existing policies foster consumer confidence, thus increasing market growth.
• Growth in Mobile and IoT Devices: The growing mobile and IoT device market creates demand for behavioral biometrics. Their implementation in such devices ensures that user verification is safe and hassle-free.
• Focus on Enhanced User Experience: The increasing need to make interactions with behavioral biometric systems easier has led to further innovations in more user-friendly systems. Improved usability increases the market uptake of the technology.
Challenges in the behavioral biometric market include:
• Privacy Issues: Privacy is a significant concern, especially regarding the collection or utilization of behavioral data, which can slow down market uptake. It is essential to address these issues by implementing stringent data security measures.
• High Implementation Costs: The installation of state-of-the-art behavioral biometric systems comes at a high price. This challenge may hinder adoption, especially for small organizations considering various factors, primarily cost.
• Integration with Existing Systems: Various issues arise when incorporating behavioral biometrics into existing systems. The compatibility of solutions and the smoothness of implementation are crucial to success in the market.
These drivers and challenges influence the behavioral biometric market, rapidly transforming growth strategies and market forces in chronological order, propelled in turn by these strategies.
List of Behavioral Biometric Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies behavioral biometric companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the behavioral biometric companies profiled in this report include-
• Biocatch
• IBM
• Nuance Communications
• Secureauth
• UnifyID
• Behaviosec
• Securedtouch
• Threatmark
• Plurilock
• Zighra
Behavioral Biometric by Segment
The study includes a forecast for the global behavioral biometric by solution, organization size, application, end use, and region.
Behavioral Biometric Market by Solution [Analysis by Value from 2018 to 2030]:
• Behavioral Biometrics Software
• Services
Behavioral Biometric Market by Organization Size [Analysis by Value from 2018 to 2030]:
• Small And Medium-Sized Enterprises
• Large Enterprises
Behavioral Biometric Market by Application [Analysis by Value from 2018 to 2030]:
• Identity Verification & Validation
• Fraud Prevention
• Multi-Factor Authentication
• Others
Behavioral Biometric Market by End Use [Analysis by Value from 2018 to 2030]:
• BFSI
• Retail And E-Commerce
• Healthcare
• IT & telecom
• Government And Defense
Behavioral Biometric Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Behavioral Biometric Market
The biometric analytics market is witnessing growth in all major regions, supported by technological advancements and an increase in security requirements.
• United States: The United States has progressed in the application of behavioral biometrics within multi-factor authentication systems to enhance cyber protection. Increased usage in the financial services and healthcare industries is improving fraud detection and user verification.
• China: In China, behavioral biometric technology is being widely rolled out for smart cities, law enforcement, and similar applications. Attention is focused on improving the use of artificial intelligence and machine learning in authentication and surveillance areas.
• Germany: Germany is at the forefront of high-end developments of novel psychological biometric technologies. There is increased focus on application design, particularly in deploying biometric systems where efficacy reduces false alarm rates in revenue collection authorities and banking industries.
• India: There is an expansion of behavioral biometrics in mobile security and e-commerce within India. Users are focused on improving convenience and preventing fraud due to the country’s growing digital economy and internet usage.
• Japan: Japan incorporates behavioral biometrics into high-end robotics and automation systems. Efforts are directed toward improving interactions between humans and robots, thus promoting security in advanced technologies and systems that further contribute to the nation’s growth in this technological age.
If you are looking to expand your business in this market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the behavioral biometric market size?
Answer: The global behavioral biometric market is expected to reach an estimated $3.2 billion by 2030.
Q2. What is the growth forecast for behavioral biometric market?
Answer: The global behavioral biometric market is expected to grow with a CAGR of 23.4% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the behavioral biometric market?
Answer: The major drivers for this market are increase in fraudulent activities and online transactions worldwide and growing demand for multi-layer security in the finance sector.
Q4. What are the major segments for behavioral biometric market?
Answer: The future of the global behavioral biometric market looks promising with opportunities in the BFSI, retail and e-commerce, healthcare, IT & telecom, and government and defense markets.
Q5. Who are the key behavioral biometric market companies?
Answer: Some of the key behavioral biometric companies are as follows:
• Biocatch
• IBM
• Nuance Communications
• Secureauth
• UnifyID
• Behaviosec
• Securedtouch
• Threatmark
• Plurilock
• Zighra
Q6. Which behavioral biometric market segment will be the largest in future?
Answer: Lucintel forecasts that identity verification & validation will remain the largest segment over the forecast period because the users are given several authentication choices based on their privilege levels.
Q7. In behavioral biometric market, which region is expected to be the largest in next 5 years?
Answer: • In terms of regions, North America will remain the largest region over the forecast period due to increasing need for data security owing to the availability of top technology providers and behavioral biometrics solutions in this region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the behavioral biometric market by solution (behavioral biometrics software and services), organization size (small and medium-sized enterprises and large enterprises), application (identity verification & validation, fraud prevention, multi-factor authentication, and others), end use (BFSI, retail and e-commerce, healthcare, IT & telecom, and government and defense), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Behavioral Biometric Market, Behavioral Biometric Market Size, Behavioral Biometric Market Growth, Behavioral Biometric Market Analysis, Behavioral Biometric Market Report, Behavioral Biometric Market Share, Behavioral Biometric Market Trends, Behavioral Biometric Market Forecast, Behavioral Biometric Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.