The behavioral biometrics market is anticipated to register a CAGR of over 21.3% during the forecast period. In the mobile payments realm, behavioral biometrics technology has become a popular authentication method. The rise of machine learning, artificial intelligence, and the continuous search to replace passwords has made behavioral biometrics a viable solution for authentication.
– A key factor leading to the growth of the behavioral biometrics market is the need for a multilayered security approach. Over the years, 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.
– The voice recognition type of behavioral biometrics has been gaining traction in recent years, owing to the significant adoption of voice biometrics solutions among users. Moreover, the growing need for high-end security solutions for technology-driven systems has supplemented the growth. In addition, the rise in popularity of voice assistants, such as Alexa and Google Assistant, as well as a high degree of accuracy offered by these solutions have been playing a significant role in the market growth.
– However, the gait analysis segment is expected to exhibit a significant growth rate during the forecast period, owing to the rise in investments in this technology. For instance, a Chinese computer vision startup Watrix AI recently raised USD 14 million in an early investment round to bring its image-based gait analysis to market. Other gait recognition technologies have been developed based on data collected by a pressure pad the subject walks on.
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.
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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 iPhone’s Sir or Amazon’s Alexa.
– Also, Rivner reported that four of the five biggest banks in the UK have started to implement BioCatch’s 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.
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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The behavioral biometrics market is moderately competitive consisting of players strategically focusing on innovation and new solution launches. The companies are also focusing on strategic partnership & collaboration initiatives and fund-raising activities to expand their offerings and increase their market share.
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