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Behavioral Biometrics Market 2019 Racing Towards an Excellent CAGR of 23.9% by 2023

iCrowdNewswire   Dec 4, 20199:13 AM ET

The global Behavioral Biometrics Market is likely to witness growth with a CAGR of 23.9% during the forecast period. Behavioral biometrics is used in recording and measuring human behavioural patterns in order to authenticate and verify an individual computer-user in real time. The behavioural biometrics security solution identifies individuals based on their behavioural traits such as keystrokes dynamics, speech pattern, and others.

Behavioral biometrics offers benefits like continuous monitoring, which is expected to drive the market in the coming years. Further, increasing number of online transactions and a rise in the number of frauds are some of the factors that are driving the growth of the market. At the same time, the growing use of cloud-based behavioural biometrics by various organizations is expected to create opportunities for the market during the forecast period.

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The increasing use of the internet of things by various companies is driving the demand for the market in recent years. The Internet of things (IoT) demands more sophisticated authentication process in order to protect the data from unauthorized access. Further, IoT devices have created various security challenges, which in turn, is creating demand for behavioral biometrics software.

Based on end-use, the BFSI sector dominated the market in 2018 and is expected to show similar trends in coming years. The increasing adoption of mobile devices by customers for various banking applications is driving the demand for the behavioral biometrics market.

In terms of deployment, the cloud-based segment dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing adoption of cloud computing by business organizations is boosting the demand for the market. Moreover, the cloud application enables organizations to manage all applications simultaneously, thereby increasing the demand for cloud-based behavioural biometrics.

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North America dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing technology adoption and a rise in IT infrastructure are driving the growth of the market in the region. Further, the Asia-Pacific market held a significant share of the market in 2018, owing to the rise in security spending by the government in the region. China dominated the Asia Pacific market owing to the development of smartphone market which demands behavioural biometrics solution.

The key players of the market are BioCatch Ltd., EZMCOM Inc., IBM Corporation, NEC Corporation, Nuance Communications, Inc., NuData Security Inc., Plurilock Security Solutions Inc., Samsung SDS, SecuredTouch Inc., BehavioSec Inc., and others. Companies operating in this market concentrate on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share.

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Keywords:    Behavioral Biometrics Market, Behavioral Biometrics Industry, Behavioral Biometrics

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