Behavioral Biometrics Market Size is booming globally by 2022-2028: BioCatch Ltd., Nuance Communications Inc., NuData Security, SecuredTouch Ltd

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Behavioral Biometrics Market Size, Share & Segment by Component (Software, Service), by Type (Voice Recognition, Keystroke Dynamics, Gait Analytics, Signature Analytics, Others), by Deployment (Premise-Based, Based on cloud), by application (risk and compliance management, identity verification, continuous authentication, fraud detection and prevention), by organization size (large enterprise, SMB), by industry (retail and electronics, healthcare, BFSI, government and defense, IT and telecommunications, others), and by regions | Global Market Forecast 2022-2028

This press release was originally issued by SBWire

Pune, Maharashtra — (SBWIRE) – 28/07/2022 – Market overview, definition and statistics
Monitoring and recording patterns of human behavior for use in real time or retrospectively in authenticating computer users is known as behavioral biometrics. Physiological and behavioral biometrics are the two categories that biometrics falls into; behavioral biometrics generally refers to keystroke, signature, and voice recognition. A new generation of user security solutions that recognize people based on their particular interactions with computers is provided by behavioral biometrics. Behavioral biometrics can be built into existing hardware and require additional software. Compared to other security solutions, this technique is simple, less expensive and easy to implement.
According to the latest market research report from SNS Insider, the behavioral biometrics market is expected to reach USD 7.53 billion by 2028 growing at a higher CAGR of 24.5% during the forecast period 2022- 2028.

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Drivers, constraints, opportunities and challenges
The number of mobile applications for these services is increasing which is expected to support the growth of the market as smartphones are increasingly used for socializing, entertainment and work purposes. The market is expected to grow due to the acceptance of advanced techniques such as continuous authentication based on behavioral biometrics. The development of online transactions is the primary driver of the behavioral biometrics market. This expansion can be attributed to the widespread use of online banking portals for financial transactions such as debit card upgrades, account balance checks, and bank statement requests.
However, the high cost of installing behavioral biometrics software and scarcity of skilled behavioral biometrics experts can be the major impediments for the growth of the global behavioral biometrics market. Additionally, a top-notch soundtrack is required for speech recognition in behavioral biometrics because it is difficult to identify customers above background noise. Throughout the projected period, these issues are expected to limit market growth.

Impact of the COVID-19 pandemic
The behavioral biometrics market has been impacted by the COVID-19 outbreak in several ways. The outbreak has forced a number of market players to temporarily suspend their manufacturing processes in order to comply with new government requirements. Due to the terrible effects supply chains and trade disruptions have had on all businesses, revenue streams have been impacted. However, the global demand for sanitary, secure and convenient authentication systems has skyrocketed as a result of the pandemic.

Market segmentation
By component
1.Software
2.Service

By type
1. Voice recognition
2. Typing dynamics
3. Gait analysis
4.Analysis of signatures
5.Others

Per deployment
1. On site
2. Cloud-based

By app
1.Risk and compliance management
2. Identity Verification
3.Continuous authentication
4. Fraud detection and prevention

By organization size
1. Large companies
2. SMEs

By industry
1.Retail and e-commerce
2. Healthcare
3.BFSI
4.Government & Defense
5. IT & Telecom
6.Others

The software category has dominated the global market in terms of components, and this trend is expected to continue in the coming years. Due to increasing urbanization and technological innovation, the Asia-Pacific region has recently become a global center for the software industry.
From an industry perspective, the BFSI segment has dominated the behavioral biometrics market and is expected to do so in the coming years. The growth of this market is expected to be driven by exposure to new frauds, cybercrimes, and data breaches.
Identity verification is the application that contributes the most to the global market in this sector, and it is very likely to continue the trend in the coming years. Continuous authentication is surpassing conventional login-based authentication and its use in information technology is growing rapidly.

Regional analysis
The region with the largest market share is expected to continue leading the industry in the future. It is the most technologically advanced region in terms of IT infrastructure and usage. All major enterprises operating in multiple verticals in the region are turning to using behavioral biometrics software to enhance business applications due to the potential of behavioral biometrics to protect users from cybercrime by understanding their behavioral patterns. During the projected period, the behavioral biometrics market is expected to grow fastest in Asia Pacific. The region has seen an increase in fraud due to the use of real-time payment platforms and mobile payments, which is increasing the demand for behavioral biometrics.

Competitive Landscape Insights
Some of the major companies operating in the behavioral biometrics market include IBM Corporation, Nuance Communications Inc., Plurilock Security Solutions Inc., BioCatch Ltd., EZMCOM Inc., NuData Security, SecureAuth Corporation, SecuredTouch Ltd., Mastercard Incorporated, and UnifyID Corporation . .

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