Behavioral Biometrics Market Size Expected to Witness Significant Growth in Response to Rising Security Concerns
With the growing threat landscape and the rise in identity theft and fraudulent activities, there is a strong demand for robust authentication solutions.
PORTLAND, OREGON, UNITED STATES, June 19, 2023/EINPresswire.com/ — The global behavioral biometrics market size was estimated to be worth $720.50 million in 2017, and it is anticipated to grow to $3,922.42 million by 2025, a CAGR of 23.71%. The market’s voice recognition category generated the most revenue in 2017.
The term “behavioural biometrics system” refers to the user’s cognitive footprint, which focuses on various behavioural traits of the user as they carry out a particular action. Depending on the authentication mechanism, these solutions come in a variety of forms, including keystroke dynamics, gait analysis, signature analysis, and others.
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With the growing threat landscape and the rise in identity theft and fraudulent activities, there is a strong demand for robust authentication solutions. Traditional authentication methods such as passwords and PINs are vulnerable to various attacks and can be easily compromised. Behavioral biometrics, which analyze unique patterns in user behavior such as keystrokes, mouse movements, and gesture patterns, provide an additional layer of security. The market is driven by the need for more secure and user-friendly authentication methods, reducing the reliance on traditional credentials.
Behavioral biometrics are finding applications across a wide range of industries. The financial sector is a key driver, as banks and other financial institutions seek stronger authentication measures to combat fraud. Additionally, the healthcare sector is adopting behavioral biometrics to secure patient data and ensure secure access to electronic health records. The e-commerce industry is also leveraging behavioral biometrics to enhance user experience by providing frictionless authentication while reducing fraud risks. The increasing adoption of behavioral biometrics in these sectors is propelling the market growth.
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Machine learning and artificial intelligence (AI) are playing a crucial role in the evolution of behavioral biometrics. These technologies enable the analysis of vast amounts of behavioral data and the identification of unique patterns and anomalies. Machine learning algorithms can adapt and learn from user behavior, improving the accuracy of authentication and fraud detection. AI-powered behavioral biometrics solutions are becoming more sophisticated and efficient, enhancing security measures and providing real-time threat detection capabilities. The integration of machine learning and AI in behavioral biometrics is a significant trend driving market growth.
The behavioral biometrics market is driven by the increasing need for advanced authentication solutions, growing adoption in various industries such as finance, healthcare, and e-commerce, and advancements in machine learning and artificial intelligence. As organizations strive to enhance security measures and protect sensitive data, behavioral biometrics offer a promising solution by leveraging unique patterns in user behavior for authentication and fraud detection purposes. The market is expected to continue its growth trajectory as more industries recognize the benefits of this innovative technology.
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Some of the key market players profiled in the report include BehavioSec Inc., BioCatch, EZMCOM Inc., IBM Corporation, NEC Corporation, Nuance Communications, Inc., NuData Security Inc., Plurilock, Samsung SDS, SecuredTouch Inc., and others.
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