Behavioral Biometrics Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Application; By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 - 2032

Behavioral Biometrics Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Application; By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 - 2032

The global behavioral biometrics market size is expected to reach USD 9,345.99 million by 2032, according to a new study by Polaris Market Research. The report “Behavioral Biometrics Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Application; By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

BioCatch, a pioneer in behavioral biometric intelligence and digital fraud detection, has revealed the results of a commissioned study conducted by the Forrester Consulting titled ""Improve Fraud and Anti-Money Laundering Operations with A Proactive and Unified Approach."" This study sheds light on the concerns and preparedness of global financial institutions in addressing the evolving landscape of fraud and financial crime. With increasing reports of money laundering scams from media and regulatory bodies, the urgency of the issue becomes evident.

The study found that 78% of financial institutions express concern about their ability to effectively respond to emerging fraud threats. Additionally, 83% of banking leaders recognize the need to adopt best-in-class approaches to combat financial crime in today's market environment. These findings underscore the demand for advanced and unified solutions in fraud prevention and anti-money laundering efforts. Behavioral biometrics offer proactive and effective measures to counter fraud, driving the growth of the market.

Growing investments in the field of behavioral biometrics are playing a significant role in driving the market's growth. ThreatFabric, headquartered in Amsterdam, has recently secured €11.5 million (approximately US$12.55 million) in a successful seed funding round. The funding will be utilized to strengthen the company's behavioral biometrics and fraud protection capabilities. This investment is indicative of the growing demand and interest in the behavioral biometrics market. The need for robust fraud protection solutions, driven by the escalating threats in today's digital landscape, is a key factor propelling the expansion of the behavioral biometrics market. Threat Fabric’s funding round highlights the industry's recognition of the importance of leveraging behavioral biometrics technologies to combat fraud and enhance security measures.

Behavioral Biometrics Market Report Highlights

Behavioral Biometrics Solution segment is anticipated to witness faster growth in the coming years due to offering advanced analytics and algorithms.

Fraud Prevention segment accounted for the larger market share owing to the addressing the increasing threat of fraud.

Large Enterprises segment is projected to experience a larger revenue share due to the increased risk exposure, financial capabilities, and complex security requirements.

Banking, Financial Services and Insurance segment is expected to have higher growth owing to the industry's need for enhanced security.

APAC projected to register a higher growth rate in the study period owing to the growing fraudulent activities in the region.

Europe is expected to grow larger revenue share owing to the rising digital banking scams in the region.

The global players include BioCatch, BehavioSec, Plurilock Security Solutions, NuData Security, Bio-Metrica, SecuredTouch, Featurespace, TypingDNA, UnifyID, HYPR & Secured2.

Polaris Market Research has segmented the behavioral biometrics market report based on solution, application, enterprise size, industry, and region:

Behavioral Biometrics, Solution Outlook (Revenue - USD Million, 2019 - 2032)

Behavioral Biometrics Software

Cloud-based

On-premise

Behavioral Biometrics Services

Consulting Services

Implementation Services

Support & Maintenance

Managed Services

Behavioral Biometrics, Application Outlook (Revenue - USD Million, 2019 - 2032)

Identity Verification & Validation

Fraud Prevention

Multi-factor Authentication

Others

Behavioral Biometrics, Enterprise Size Outlook (Revenue - USD Million, 2019 - 2032)

Small and Medium-sized Enterprises

Large Enterprises

Behavioral Biometrics, Industry Outlook (Revenue - USD Million, 2019 - 2032)

Banking, Financial Services and Insurance

Retail and E-commerce

Healthcare

IT & Telecom

Government and Defense

Others

Behavioral Biometrics, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa