Report Ocean has released a research study titled “Behavioral biometrics Market2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Behavioral biometrics market is valued approximately at USD 0.87 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 24.5% over the forecast period 2020-2027. Behavioral biometrics is a modern type of consumer authentication solution that recognizes people based on how they communicate with computers, such as smartphones, laptops, or mouse-screen-and-keyboard systems. Data compromise is associated with an increasing number of risks. As a result, companies are suffering massive losses, and breaching user accounts has been identified as one of the main triggers of global cyber-attack. Similarly, big malicious attacks were triggered by stolen passwords, according to an IBM study from 2020.
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Furthermore, in 2020, malware hacks accounted for roughly 19% of all malicious attacks. In addition, the behavioral biometric market is being implemented by the majority of BFSI sectors to improve the protection of their customers’ data. National Australian Bank (NAB) began using behavioral biometrics for fraud detection in 2019. In addition, Wells Fargo Company is developing a payment solution that would use consumers’ voices to authenticate purchases and provide access to facilities. Furthermore, the firm is looking at how it would use artificial intelligence to make it capable of conversational banking, similar to Siri on the iPhone or Alexa on Amazon
Major market player included in this report are:
Nuance Communications Inc.
Mastercard Incorporated (NuData Security)
Threat Mark SRO
Plurilock Security Solutions Inc.
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Here’s an outline for a comprehensive analysis of the behavioral biometrics market across industries:
- Market Overview:
- Provide an overview of the behavioral biometrics market, including its current size, growth trajectory, and the role of behavioral biometrics in cybersecurity and user authentication across industries.
- Technology Landscape:
- Explain the technology behind behavioral biometrics, focusing on keystroke dynamics, mouse movement, voice recognition, gesture analysis, and other biometric authentication methods. Discuss their reliability and application in various sectors.
- Industry Segmentation:
- Segment the behavioral biometrics market based on industry verticals such as finance, healthcare, eCommerce, government, etc. Analyze specific use cases, adoption rates, and security challenges prevalent in each sector.
- Market Drivers and Challenges:
- Identify the key drivers accelerating the adoption of behavioral biometrics, such as the need for advanced authentication methods, rising cyber threats, regulatory compliance requirements (GDPR, HIPAA), and the shift towards a passwordless future. Discuss challenges like user privacy concerns and integration complexities.
- Competitive Landscape:
- Conduct a detailed analysis of major players in the behavioral biometrics market, their market share, technological advancements, partnerships, and customer base. Evaluate their strengths in addressing industry-specific security needs.
- Regulatory Environment:
- Discuss the regulatory landscape affecting the adoption of behavioral biometrics across industries. Analyze how compliance with regulations impacts market adoption and innovation.
- Use Cases and Success Stories:
- Provide real-world use cases and success stories demonstrating how behavioral biometrics solutions have helped organizations in different industries prevent unauthorized access, detect fraudulent activities, and enhance overall security.
- Technological Advancements and Emerging Trends:
- Explore emerging trends in behavioral biometrics, such as continuous authentication, AI-driven fraud detection, biometric fusion (combining multiple biometric modalities), and the integration of behavioral biometrics into IoT devices. Assess their impact on industry-specific security practices.
- Customer Requirements and Adoption Challenges:
- Analyze the specific security requirements of different industries and the challenges they face in adopting behavioral biometrics. Discuss factors influencing the pace of adoption and strategies employed by successful adopters.
- Future Outlook and Recommendations:
- Provide insights into the future trends and growth prospects of the behavioral biometrics market within different industries. Offer strategic recommendations for solution providers to enhance offerings, address industry-specific security concerns, and stay competitive in the evolving market.
The detailed segments and sub-segment of the market are explained below:
Risk and Compliance
Fraud Detection and Prevention
By end user:
Retail and E-commerce
Government and Public Sector
Other End-user Verticals
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