In the mobile payments realm, behavioral biometrics technology has become a popular authentication method. The rise of machine learning, artificial intelligence, and the continuous search to replace passwords have made behavioral biometrics a viable solution for authentication.
New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Behavioral Biometrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06036759/?utm_source=GNW
- A key factor leading to the growth of the behavioral biometrics market is the need for a multilayered security approach. Over the years, cybersecurity threats have become advanced and sophisticated. Hence, the traditional remedies for fighting viruses and malicious codes are increasingly becoming ineffective. This has driven the companies to adopt multilayered security solutions to protect their network infrastructures, driving the growth of behavioral biometrics.
- The voice recognition type of behavioral biometrics has been gaining traction in recent years, owing to the significant adoption of voice biometrics solutions among users. Moreover, the growing need for high-end security solutions for technology-driven systems has supplemented the growth. Besides, the rise in popularity of voice assistants, such as Alexa and Google Assistant, as well as a high degree of accuracy offered by these solutions, have been playing a significant role in market growth.
- However, the gait analysis segment is expected to exhibit a significant growth rate during the forecast period, owing to the rise in investments in this technology. For instance, a Chinese computer vision startup Watrix AI recently raised USD 14 million in an early investment round to bring its image-based gait analysis to market. Other gait recognition technologies have been developed based on data collected by a pressure pad the subject walks on.
- Major vendors in this market are also investing in its research and development section to gain some competitive advantage with others. For instance, in September 2019, BioCatch updated its behavioral biometrics platform with several new products, like a Policy Manager, Case Manager, and further behavioral indicators that increase visibility into the risk score it generates.
Key Market Trends
Increasing Data Breaches in BFSI will Drive the Growth of this Market
- With the increasing fraud and cybercrime, along with improving the customer experience, preventing customers from being exposed to risk has become a top concern of banks’ agendas. With new threats emerging almost daily, measures to protect end-users from hacking and fraud have to be delivered without jeopardizing the consumer experience.
- With the rise of fintech start-ups and the imminent PSD2 (Revised Payment Service Directive) regulations set to increase competition in the sector, the customer experience is becoming an increasingly important differential, so a more nuanced approach is necessary.
- A recent study commissioned by Gemalto showed that 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service. It has driven the interest of banks and other financial institutions in using biometric technology for which they are strategically working with partners who have the security and technology expertise to ensure every link in the chain is protected.
- Most of BFSI sectors are implementing this behavioral biometric market to increase the security of their customer’s data. In 2019, National Australian Bank(NAB) implemented behavioral biometrics for fraud prevention. Additionally, Wells Fargo Company is working on a payment solution that will make use of the voice of its customers to authenticate transactions and access services. Further, the company is exploring how it can leverage artificial intelligence to make it able to perform conversational banking, much like iPhone’s Sir or Amazon’s Alexa.
- The Treasury arm, One of the top five banks of the United States, recently deployed Biocatch’s behavioral biometric modality, which can able to detect 95% of all malware cases with a false positive rate of less than 0.05%. This increasing adoption rate of behavioral biometric systems is driving the growth of this market.
North America to Hold Highest Share
- Owing to the significant adoption of behavioral biometrics in BFSI and ICT in North America, the region is anticipated to hold a substantial share in the market studied. The area is witnessing an increase in spending on security solutions. In 2019, the United States announced to spend USD 15 billion for cybersecurity, a USD 583.4 million (4.1 %) increase over 2018.
- Cybersecurity Ventures predicts cybercrime would continue rising and cost businesses globally more than USD 6 trillion annually by 2021. The estimate is based on historical cybercrime figures, including recent year-over-year growth, a dramatic increase in the hostile nation state-sponsored, and organized crime gang hacking activities. This would increase cybersecurity spending over the forecast period.
- Furthermore, the government across the region has taken a keen interest in biometric applications. It is aggressively funding multiple research programs and startups to develop advanced behavioral biometrics applications in crucial public sector departments. According to a recent survey by CIRA (Canadian Internet Registration Authority), 71 percent of organizations are suffered from data breach activities in 2019. Additionally, almost 43 % of those organizations were unaware of the mandatory breach requirements of the Personal Information Protection and Electronic Documents Act (PIPEDA). Hence the government campaigns to reduce these cyber thefts will drive the market of behavioral biometrics for this region.
The behavioral biometrics market is moderately competitive, consisting of players strategically focusing on innovation and new solution launches. The companies are also focusing on strategic partnership & collaboration initiatives and fund-raising activities to expand their offerings and increase their market share.
- Feb 2020: Biocatch Ltd completed its strategic acquisition with AimBrain to enhance its digital identity position in all over the world. According to the Biocatch, this acquisition will deepen its solution by enhancing its fraud detection capabilities and by also providing a better experience to its users.
- August 2020: Nuance Communications released its cloud-based Dragon Professional Anywhere speech recognition solution which can be used for the multiple markets, including law enforcement, social services and financial services. Moreover, any banking and financial organisation can use this system to to record client interactions and document disclosures.
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