Home > > > Behavioral Biometrics Market Surges: Reaching US$ 13 Billion by 2033, Driven by Unprecedented Growth

Behavioral Biometrics Market Surges: Reaching US$ 13 Billion by 2033, Driven by Unprecedented Growth

Author : Rohit palan | Published On : 23 Apr 2024

The behavioural biometrics market is projected to generate revenues of US$ 1,254.7 million in 2022 and US$ 1,533.2 million in 2023, according to Future Industry Insights (FMI). With a CAGR of 23.8% from 2023 to 2033, the worldwide market is anticipated to be worth US$ 13,001.4 million by that year.

As the behavioural biometrics business expands, the leaders in the sector will face more competition. In 2022, the top five suppliers will hold a 55.0% share of the market, according to FMI.

Behavioural biometrics solutions have opportunities to grow as a result of ongoing development and the implementation of new technologies/software, including advanced behavioural biometrics innovations, human behavioural patterns, and machine learning/deep learning for identity identification and validation, preventing fraud, and multiple-factor authorization applications.

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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.

“The expansion of real-time transaction and mobile banking systems in the country has increased fraud,?fueling?the demand for?behavioral?biometrics. Furthermore, financial solution suppliers in the South Asia & Pacific area are working on providing their clients with safe verification solutions based on sophisticated?behavioral?biometrics technology,” says the FMI analyst. 

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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.

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Behavioral Biometrics Market Outlook by Category

By Solution:

  • Behavioral Biometrics Software
    • Cloud-Based
    • On-Premise
  • Services
    • Consulting Services
    • Implementation Services
    • Support & Maintenance
    • Managed 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
  •