Global Behavioral Biometric Market 2016-2020
Market outlook of the global behavioral biometric market
Technavio’s market research analyst predicts the global behavioral biometric market to grow at an impressive CAGR of around 17% by 2020. The recent rise in the demand for behavioral biometric technologies, such as keystroke recognition, signature recognition, and voice recognition, from the BFSI sector, is a significant factor that drives market growth during the forecast period.
Geographically, the North American region is estimated to account for a market share of more than 40% by 2020. The augmented use of behavioral biometrics by government organizations, hospitals, and ATMs in this region is anticipated to foster market growth during the predicted period.
End-user segmentation of the behavioral biometric market
In 2015, the government sector dominated the market and accounted for a total market share of more than 40% since it was an early adopter of behavioral biometric solutions. Moreover, with the implementation of BYOD policy in enterprises and high adoption of mobile devices by customers for various banking applications, the usage of behavioral biometrics is envisaged to gain prominence by the end of 2020.
Segmentation by technology and analysis of the behavioral biometric market
- Voice recognition
- Keystroke recognition
- Signature recognition
In this market study, analysts have estimated the voice recognition segment to be the largest market segment during the forecast period. The ability of voice recognition systems to eliminate the need to have a multitude of complicated passwords to get access to secured transactions and systems is a significant factor that results in this segment’s profound market share of more than 80% by 2020.
Competitive landscape and key vendors
The global market for behavioral biometric solutions is dynamic and consists of numerous large and small players. In this market, the large vendors continually strive to form partnerships with smaller players as it helps them to augment their revenue generating capacity. Factors like intense competition, advances in technology, and frequent changes in end-user preferences are expected to inhibit vendor growth during the estimated period.
The top vendors in this market are -
- ID Control
- M2SYS Technology
- Nuance Communications
Other prominent vendors in the market include Biometric Signature ID, Certify, CIC, Cyber-SIGN, Decillion Group, Deepnet Security, DynaSig, Hitachi, KeCrypt, Kofax, Odyssey Technologies, OneVault, Parascript, Scriptel, SOFTPRO, SpeechPro, SQN Banking Systems, SutiSoft, Uniphore, ValidSoft, VoicePass, VoicePIN, VoiceTrust, Voice Security Systems, and WonderNet.
Key questions answered in the report
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global behavioral biometric market?
- What are the key market trends impacting the growth of the global behavioral biometric market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global behavioral biometric market?
- Trending factors influencing the market shares of the APAC, Europe, Latin America, MEA, and North America
- What are the key outcomes of the five forces analysis of the global behavioral biometric market?
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