BEHAVIORAL BIOMETRICS MARKET TO REACH USD 3.07 BILLION BY 2024 | CAGR 23.2% – FORENCIS RESEARCH

Global Behavioral Biometrics Market: Key Highlights

• According to the new market research report “Behavioral Biometrics Market by Technology (Cloud and On-Premises), By Type (Voice), By Solution (Fraud Control, Payment, Identification, Data Protection, Risk Management and Others), By Component (Software and Services), By End-User (BFSI, E-Commerce, Telecom, Government, Manufacturing, Retail and Military & Defense), By Region (Asia-Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast 2019 to 2024”, the global Behavioral Biometrics Market is estimated to reach USD 3.07 Billion by 2024 at a CAGR of around 23.2% during the review period.
• Rising demand for cloud computing ensuring the services are used for the legal and authorized person. Hence, it helps to reduce fraud is a key factor driving the demand for behavioral biometrics market.
• However, cybercrime and fraud issues remain a major restraining factor for the growth of the behavioral biometrics market

Global Behavioral Biometrics Market: Key Market Dynamics

• Increasing digitization in financial services by mobile banking application to manage the transaction and data is witness to enhance the market growth.
• Adoption digital services in healthcare support the digital fingerprints and high reliability canner to ensure the security of data.
• Advancing machine learning algorithms are also being use for academic integrity in e-assessment, which will help the behavioral biometrics market to growth in the forecast year.
• Growing demand for fingerprint sensor and EMV technology enhance the demand in payment system and for identification the user detail.
• Difficult to reset in blood vessel patterns, heartbeat rhythms is difficult to process again for reset which may hamper the market growth.  

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Global Behavioral Biometrics Market: Regional Overview

• Asia-Pacific

The region is at adoption stage of information and communication technology to improve the financial sector, government services, and communication.  According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the region has extensive transboundary disaster risk hotspots. The region is facility 5th generation deployment by Mobile Network Operator (MNO). The Japan government had also increase its investment in science and technologies may lead to increase the market in the forecast year.

• Europe

The region is witness to be a world leading Artificial Intelligence market with new emerging technologies features which is anticipate to increase the market demand. According to the European Commission, in 2020 the European Union artificial intelligence and Blockchain to projected to invest USD 112 Million in startups.

Global Behavioral Biometrics Market: Key Players Overview

• BioCatch:

BioCatch was founded in 2011, which the services in neural science research, machine leaning and cyber security.  Also the company work in digital identify and AI driven behavior biometrics. The company delivers behavioral biometric detection human devices to enhance the security features. These biometric helps to secure the online business for the organization. In 2019, the company has launched new product for behavioral biometric which combat social engineering scams and also the payment fraud detection.

• Nuance Communications, Inc.

Nuance Communications, Inc. is a multinational company its provides application for business and consumer, automated telephone directory services and for telephone call steering systems. The company can help to identify and verify the user with the identification features software. In 2018, the company launched a next generation of Security suit and a state of art biometric security features for fraud detection.

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