Behavioural Biometrics Market Size Forecast to Reach $4.8 Billion by 2026
The Behavioural Biometrics Market size is forecast to reach $4.8 billion by 2026, growing at a CAGR of 19.5% from 2021 to 2026. The Behavioural Biometrics Market is estimated to witness sustainable growth over the forecast period majorly because of the increasing sale of smartphones with built-in fingerprint sensors. The Market is expected to grow as products and services are moving into advanced digital security beyond simple password and pin codes. With a majority of the economy taking up the digital form and recurring incidents of authentication-data and credentials being unethically mined or stolen for hefty outlays, the demand for risk-free authentication is witnessing an unprecedented concern. Owing to the traditional security measures such as static biometrics failing to modern breaches resulting in credentials being compromised, the Behavioural data market utilizing keyboard dynamics, gait analysis, signature analysis and voice recognition is the remedial measure enterprises are seeking. From BFSI and healthcare to government and defence, all industries are employing Behavioural biometrics tools for adequate safety pertaining to digital as well as physical assets.
Behavioural Biometrics Market Segment Analysis – By Techniques
Voice recognition is the leading segment in the present market with a share of 22.5% in 2020. This is actually a relatively new form of authentication, particularly voice recognition in mobile banking. This creates a growing demand for multifactor authentication in enterprises as the ability to use technology remotely, and quite reasonable price is factor behind the growing market. Multi-factor biometric technology is used under e-commerce and cloud computing and has created plenty of opportunities for prominent players. Although this multi-factor authentication is not simple and convenient, the improved security offered will see this segment witness significant growth.
Behavioural Biometrics Market Segment Analysis – By End Use Industry
Behavioural biometrics is extensively being employed by online banking, e-commerce, payments, and high-security authentication markets. Behavioural biometrics recognizes individuals by assessing everything, from the manner a user grips the phone and swipes the screen, to the keyboard or gestural shortcuts they use. Software algorithms build a unique user profile, which is employed to confirm the individual’s distinctiveness on the following interactions. BFSI (banking, financial services and insurance) is the fastest-growing end-use vertical in the global Behavioural biometrics market and is projected to register a CAGR of 17.2% through 2026. With the majority of financial assessments dipping into digitalization, compromising of authentication-data and credentials have become ubiquitous. Consequently, the BFSI sector is evading traditional PIN/Password and static biometric security gadgets and transitioning towards Behavioural biometrics, as it notes the actions of clients to recognize malicious actors and safeguards the BFSI organizations’ network infrastructure from hackers trying to fetch personally identifiable information (PII) of users.
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Behavioural Biometrics Market Segment Analysis – By Geography
North America is the leading market and estimated to account for more than 40% in the base year, 2020. The increased use of behavioural biometric devices in government establishments, hospitals, and ATMs in this region is foreseen to raise the growth of the market in the predicted period. The significant adoption in BFSI in particular will drive market adoption. Asia-Pacific is among the growing markets for biometric technology. Asian countries have started adopting biometric technology in screening security systems at all the border checkpoints, through facial detection systems. This will raise awareness of various behavioural biometrics solutions and the rising digital security requirements will propel their adoption.
Behavioural Biometrics Market Drivers
New Technology Adoption Driving Market Growth
As there are several Behavioural patterns and data points being continuously collected by Behavioural biometrics, any combination of data can be employed for the identification of a user. Thus, the authentication is precise and accurate and users cannot practicably be impersonated. AI is a major growth driver for the Behavioural biometrics market. Since, the fundamental incident signals in which the device user’s Behavioural data such as length of stride and speed of typing are encoded, cannot be easily susceptible to human interpretation. Hence AI undertaking is adding impetus to the market by delivering real-time results. The adoption of these technologies will be a major growth driver for the market.
Rising need for Digital Security.
Privacy is a leading concern for new novel technologies including IoT and Behavioural biometrics. As biometrics collects and stores personal data such as fingerprint, palm veins, face recognition, palm print, hand geometry, and iris recognition, it is viewed as privacy-invasive. On the contrary, Behavioural biometrics is characteristically privacy friendly as it stores data pertaining to authentication based on Behavioural patterns. For instance, fingerprint data lodged in a device can be relocated via IoT platform and used unethically to trace down an individual via biometric records. In Behavioural biometrics, the data pertaining to the gesture by which someone grips their phone cannot be used to confirm anyone’s identity. The usage of behavioural biometrics will also enable improved digital security due to the challenges associated with bypassing behavioural biometrics tools, thus driving market growth.
Behavioural Biometrics Market Challenges
High Installation Cost
One of the major challenge faced by Behavioural Biometrics Market globally is the high installation cost. Due to ongoing technology upgrades, the initial cost of adapting Behavioural Biometrics has increased rapidly which restrains end users from purchasing these solutions. This is especially prevalent in developing nations where budgets for educational institutes will not be able to accommodate this technology. Even in developed nations, the cybersecurity budget of many companies is rather limited which will hinder the adoption of behavioural biometrics solutions. These are the major challenges that restrain the Behavioural Biometrics Market growth globally.
Behavioural Biometrics Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Behavioural Biometrics Market. The Behavioural Biometrics Market is dominated by major companies such as Biometric Signature ID, BehavioSec, HYPR Corp., AnchorID, B-Secure and Laforge Optical among other companies.
Acquisitions/Technology Launches/Partnerships
BehavioSec develops non-invasive biometric authentication methods, its ability is to prevent fraudulent activity. The team is working on enabling defensive systems to recover from a security breach in real-time situation
HYPR Corporation works with enterprise-level clients for security systems and convert the legacy systems to modern biometric standards. The company creates systems used under voice, eye, face, and fingerprint systems.
Key Takeaways
Fingerprint biometric systems have witnessed a wide range of acceptance in various applications. Increasing adoption in e-commerce, tablets, mobile phones, and cloud computing are expected to generate high demand in biometric technology.
The face detection biometric technology is expected to grow rapidly due to its high adoption in retail, security and consumer electronics. Software for face recognition technology in mobile apps, such as digiKam, and Lightroom are have increased the demand in smartphone applications and social networking platforms.
The rise of e-commerce and online presences in an increasingly digital world will propel the market growth as improved security and safety will be a major challenge that can be alleviated with behavioural biometrics
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