Behavioral Biometrics Market

Behavioral Biometrics Market Insights, Trends | Global Industry Report, 2023| MarketsandMarkets™

Behavioral biometrics, also known as behavior-based authentication, is a dynamic form of cybersecurity practice/technology that records and measures human behavioral patterns for verifying and authenticating computer-user activities of individuals either in real-time or retrospectively. It can be used to authenticate high-risk sessions, including remote login, unusual transactions, and password changes in a way that is transparent and friction-free to the end-user. Behavioral biometricss software enhances security of users’ behaviraol data by analyzing multiple data and endpoint interactions, such as hand-eye coordination, signature analysis, voice or speech recognition, pressure, hand tremors, navigation, and other finger movements. The global behavioral biometrics market is expected to grow from USD 871.2 million in 2018 to USD 2,552.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. Major growth factors for the market include rapid growth in online transactions and online fraudulent activities, and an increasing need for multi-layered security approach in the BFSI industry vertical.

The behavioral biometrics market includes many major vendors providing software and services, such as BioCatch (Israel), IBM (US), Nuance Communications (US), SecureAuth (US), Mastercard (US), BehavioSec (Sweden), SecuredTouch (US), ThreatMark (Czech Republic), Plurilock (Canada), Zighra (Canada), XTN (Italy), EZMCOM (US), One Identity (US), Callsign (UK), FST Biometrics (Israel), UnifyID (US), AimBrain (UK), AuthenWare (US), Sentegrity (US), TypingDNA (Romania), NoPassword (US), ID Finance (Spain), Nethone (Poland), Pinn Technology (US), and Unbotify (Israel). Other stakeholders of the behavioral biometrics market include research organizations, network and system integrators, managed services providers, artificial intelligence solutions providers, government and defense agencies, legal agencies, and professional services. The market players have embraced different strategies to expand their presence and market share. Partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions have been the major growth strategies embraced by the major players in the behavioral biometrics market.

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Founded in 2011 by neuroscience research, machine learning, and cybersecurity experts, BioCatch is an Israel-based cybersecurity company offering a wide range of behavioral authentication and threat detection solutions for web and mobile applications in the behavioral biometrics market. The company’s clientele includes the leading organizations across the banking and payment industries. In May 2018, BioCatch partnered with ForgeRock to integrate its behavioral biometrics platform with ForgeRock’s identity platform. With this partnership, both the companies would be able to detect criminal behaviors that use synthetic identities at the onboarding registration page and protect against new account takeover frauds. This partnership also enables a seamless way to secure people, devices, and things from new account frauds and account takeover attacks. In November 2016, BioCatch launched the latest version of its platform, BioCatch platform 2.0. The latest version is more optimized for greater behavioral data collection in terms of amount and richness of data. BioCatch 2.0 enables improved authentication and a broader identification of remote access Trojans, bots, and aggregators and malware and provides much faster response times. This version is aimed at assisting banks and other enterprises in significantly reducing online frauds and protecting against a variety of cyber threats, without compromising the user experience.

Founded in 1992, Nuance Communications is headquartered in Massachusetts, the US. It provides voice recognition and natural language understanding solutions. The companys segments include Healthcare, Mobile, Enterprise, and Imaging. The Healthcare segment provides clinical speech and clinical language understanding solutions. Its Mobile segment provides a portfolio of specialized virtual assistants and connected services. The Enterprise segment provides automated customer solutions and services. The Nuance Communications offers Nuance Security Suite to cater to behavioral biometrics market. In February 2018, the company launched a new biometric security solution for fraud prevention and authentication, and a key advancement to its Omni-Channel Customer Engagement Platform. The new solution offers a comprehensive and layered AI-based approach, with the help of ConversationPrint and Intelligent Detectors, toward omni-channel frauds through voice and face or behavioral biometrics.

Related Reports:

Behavioral Biometrics Market by Component (Software & Services), Application (Identity & Access Management, Risk & Compliance Management, Fraud Detection & Prevention management), Deployment Model, Organization Size, and Vertical - Global forecast to 2023

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Behavioral Biometrics Market Size,  Share & Growth Report
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