SAN FRANCISCO, Oct. 15, 2020
SAN FRANCISCO, Oct. 15, 2020 /PRNewswire/ -- The global behavioral biometrics market size is expected to reach USD 4.62 billion by 2027, registering a CAGR of 24.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Owing to the increasing incidences of cyberattacks and the growing demand to protect customer data and offer them a streamlined experience, enterprises are looking for advanced security solutions. As behavioral biometric tools are less vulnerable to authentication frauds and hacking, their demand is expected to increase across end-use industries.
Key suggestions from the report:
Read 120 page research report with ToC on "Behavioral Biometrics Market Size, Share & Trends Analysis Report By Component, By Type, By Application, By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/behavioral-biometrics-market
A notable rise in the number of fraudulent activities across the globe is further expected to drive the demand for behavioral biometrics solutions over the forecast period. According to a survey conducted by the Communications Fraud Control Association (CFCA), the telecom industry reported that in 2017, it incurred nearly USD 29.2 billion worth of losses from communication frauds. The use of technologies such as AI and machine learning for developing behavioral biometrics tools are gaining popularity in the market as they offer real-time intelligence and security control with enhanced user experience.
To stay competitive in the market, vendors are focusing on expanding their behavioral biometrics portfolio through innovations and mergers and acquisitions. For instance, in February 2020, BioCatch announced the acquisition of the multimodal biometric authentication capabilities of AimBrain. The acquisition would help the former to enhance its capabilities in anomaly detection, behavioral biometrics, and other biometrics modalities for applications in the field of digital identity.
The increasing penetration of smartphones and e-commerce, coupled with increasing online payment frauds across the globe, is encouraging vendors to offer behavioral biometrics solutions to protect consumers from online payment frauds. For instance, in January 2019, BioCatch launched a behavioral biometrics tool. The company launched the tool to protect consumers in the U.K. from an authorized push payment fraud attack.
Grand View Research has segmented the global behavioral biometrics market based on component, type, application, deployment, enterprise size, end-use, and region:
List of Key Players of Behavioral Biometrics Market
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