Behavioral Biometrics Market 2023 Size, Growth Analysis Report, Forecast to 2033

 According to Future industry Insights (FMI), the behavioral biometrics market would be worth US$ 1,254.7 million in 2022, and is expected to reach US$ 1,533.2 million in 2023. The global market is estimated to reach US$ 13,001.4 million by 2033, rising at a CAGR of 23.8% between 2023 and 2033.

The behavioral biometrics industry will continue to expand, resulting in increased rivalry among leading competitors. According to FMI, the top five suppliers will account for around 55.0% of the overall market in 2022.

Frequent advancements and the deployment of new technologies/software, including advanced behavioral biometrics innovations, human behavioral patterns, and machine learning/deep learning for identity identification and validation, avoiding fraud, and multiple-factor authorization applications, are creating prospects for behavioral biometrics solutions to expand.

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Behavioral biometrics are being used in a variety of businesses with a digital presence and are positioned to play an important role in increasing digital trust and safety. For financial institutions, digital banking is one of the most successful platforms for driving growth, attracting new clients, and increasing income.

Behavioral biometrics has a number of applications in the banking industry, including account opening safeguards, account takeover security, and social engineering fraud detection, among others. The dependability of behavioral biometrics and biometrics technologies will drive their use in the BFSI industry.

Key Takeaways

  • South Asia is expected to develop rapidly in the market, with a CAGR of over 35% from 2023 to 2033.
  • According to Future Market Insight, the top 15 firms presently account for about 55%-60% of the market share in 2023.
  • Demand for banking, financial services, and insurance (BFSI) is expected to rise at a 28% CAGR throughout the projection period.
  • The market increased at a CAGR of 21.7% over the previous five years
  • According to the analysis, the United States will account for roughly 18.5% of the North American market by 2033.

Competitive Landscape

  • BioCatch, a worldwide leader in behavioral biometric intelligence and sophisticated fraud prevention technologies, opened its Australian headquarters on February 8, 2023. Furthermore, the corporation reinforces its worldwide leadership position by establishing operations throughout Asia-Pacific, with branches in Australia and Singapore.
  • According to a report released in May 2023, Amsterdam-based ThreatFabric obtained €11.5 million (roughly US$12.55 million) in an initial fundraising round, with aspirations to broaden its behavioral biometrics and safeguard against fraud capabilities.

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the Global Behavioral Biometrics market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.

The study reveals essential insights by Solution (Software, Services), Application (Identity Verification & Validation, Fraud Prevention, Multi-factor Authentication), Enterprise Size (SMEs, Large enterprises), Industry (BFSI, Retail and eCommerce, Healthcare, IT & Telecom, Government and Defense) & Region.

Behavioral Biometrics Market Outlook by Category

By Solution:

  • Behavioral Biometrics Software
  • Services

By Application:

  • Identity Verification & Validation
  • Fraud Prevention
  • Multi-factor Authentication
  • Others

By Enterprise Size:

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

By Industry:

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and E-commerce
  • Healthcare
  • IT & Telecom
  • Government and Defense
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

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