Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Behavioral biometric is the measurement and recording of human behavioral patterns and it is used to verify and authenticate an individual computer-user, either in real time or retrospectively. Behavioral biometrics focuses on how a user conducts a specified activity. Biometric technology is gaining more popularity day by day, all around the world. Biometric solutions are highly accepted by many government agencies, multinational organizations, institutions, banks, and hospitals. It is growing in every sector including, banking, workforce, borders and most rapidly for national identity. Behavioral biometric analyses a user’s digital physical and cognitive behavior and behavior and is most commonly used today as a fraud prevention solution. As every person’s interactions with a device are unique, behavioral biometrics can differentiate between the activities of a genuine user and the activities of an imposter. Behavioral biometric can gathered with existing hardware, needing only software for analysis. This capacity makes behavioral biometrics simpler and less costly to implement.
The uninterrupted increase in the use of mobile applications and the exchange of data over the web are giving rise to numerous security and privacy concerns. Traditionally authentication techniques such as unlock pattern and passwords proves to be largely ineffective when it comes to advanced security and privacy threats. The advanced techniques popularity is driving the behavioral biometric market globally. The emergence of technologies such as artificial intelligence and growing adoption of these technologies in applications such as authentication and identification could provide a potential growth opportunity for market players. Performance issues associated with behavioral biometrics solution and lack of cyber security budget are expected to considerable impact the behavioral biometric market growth.
COVID-19 has affected several industries. Biometric technologies like fingerprint scanners and vein pattern recognition have been dealt a substantial blow due to new governmental regulations targeting contact and close-proximity interactions. In fact, hygine and virus control efforts have been a significant drawback for manufacturers and vendors in these spaces across the globe. The new measure meant to protect the population from getting infected are also making biometric obsolete. The COVID-19 pandemic and changing user preferences for multiple types of biometric identity authentication will drive continued market growth.
The report analyses the behavioral biometric market services based on component, application, end-user, deployment model and geography. By component, behavioral biometrics market segmented into behavioral biometric service and behavioral biometric software. Behavioral biometric market by deployment model is segmented into cloud and on-premises. Cloud is likely to be the fastest growing deployment model over the forecast period. The market finds application into identity & access management, risk & compliance management, fraud detection & prevention management. The major end users of the market include BFSI, retail and e-commerce, healthcare, government and public sector etc. Geographically, the market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world which includes Latin America and Middle East & Africa. North America is likely to dominate the market owing to more investment in technology in this region.
By component, behavioral biometrics market segmented into behavioral biometric service and behavioral biometric software. Software segment is likely to grow at faster rate than behavioral biometric service. The growing demand for reliable and safe digital transaction globally, owing to the growing penetration of smartphones and the e-commerce industry, is leading to the increased adoption of behavioral biometrics software. The service segment is further classified into managed services and professional services. Additionally, the rising number of fraudulent activities coming to light is driving the demand for behavioral biometric software. The software makes use of Users behavioral Analytics (UBA) to identify patterns in human behavior and detects anomalies, which could indicate security breaches, using statistical analytics. Behavioral biometric technology gathers user data continuously, rather than during a single, fixed-length instance like a sign on with a token or scanning a fingerprint. As a result, it can achieve high performance, and provide a high degree of fidelity over time.
Behavioral biometric market by deployment model is segmented into cloud and on-premises. Cloud is likely to be the fastest growing deployment model over the forecast period. Due to its flexibility, reliability, and security, cloud can remove the burden of a business having to maintain and upgrade their own systems, which enables them to invest their time and money into concentrating on their core business strategies.
The market finds application into identity & access management, risk & compliance management, fraud detection & prevention management. Identity and access management is a framework of business processes, policies and technologies that facilitates the management of electronic or digital identities. With Identity and Access Management framework in place, information technology (IT) managers can control user access to critical information within their organizations. Compliance risk management practices of identifying potential risks in advance, analyzing them and taking precautionary step to reduce the risk.
The major end users of the market include BFSI, retail and e-commerce, healthcare, government and public sector etc. Banking, financial services and insurance is the fastest growing end-user. Organizations in the BFSI sector are using behavioral biometrics to develop next-generation identification solutions that can combat fraudulent activities and make transactions more secured. A continuous rise in government initiatives and financial regulations globally is compelling companies in the BFSI sector to opt for behavioral biometrics solutions to secure customer data to offer enhanced customer experience.
Geographically, the market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world which includes Latin America and Middle East & Africa. North America is likely to dominate the market owing to more investment in technology in this region. The increased use of behavioral biometric devices in government establishment, hospitals, and ATMs in this region is foreseen to raise the growth of the market adoption. Asia-pacific is among the fastest growing markets for biometric technology.
Some of the major players operating in the market are BioCatch, IBM, Nuance Communications, SecureAuth, Mastercard, BehavioSec, SecuredTouch, ThreatMark, Plurilock, Zighra, XTN, EZMCOM, One Identity, Callsign, FST Biometrics, UnifyID, AimBrain, AuthenWare, Sentegrity, TypingDNA, NoPassword, ID Finance, Nethone, Pinn Technology and Unbotify.
The report analyses the behavioral biometric market services based on component, application, end-user, deployment model and geography. By component, behavioral biometrics market segmented into behavioral biometric service and behavioral biometric software. Behavioral biometric market by deployment model is segmented into cloud and on-premises. Cloud is likely to be the fastest growing deployment model over the forecast period. The market finds application into identity & access management, risk & compliance management, fraud detection & prevention management. The major end users of the market include BFSI, retail and e-commerce, healthcare, government and public sector etc. Geographically, the market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world which includes Latin America and Middle East & Africa. North America is likely to dominate the market owing to more investment in technology in this region.
Some of the major players operating in the market are BioCatch, IBM, Nuance Communications, SecureAuth, Mastercard, BehavioSec, SecuredTouch, ThreatMark, Plurilock, Zighra, XTN, EZMCOM, One Identity, Callsign, FST Biometrics, UnifyID, AimBrain, AuthenWare, Sentegrity, TypingDNA, NoPassword, ID Finance, Nethone, Pinn Technology and Unbotify.
Why to Buy This Report
