Surge in the number of online transactions and development of IoT landscape coupled with elevated need for improved security systems fuel the growth of the global Behavioral Biometrics Market. On the other hand, several performance issues associated with behavioral biometrics solutions and lack of cyber security budget hamper the growth to some extent.
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Based on components, software segment accounted for nearly three-fourths of the total market share in 2017, and is expected to rule the roost by 2025. The service segment, on the other hand, would register the fastest CAGR of 26.5% during the study period.
Based on type, the voice recognition segment contributed to two-fifths of the total market revenue in 2017, and is anticipated to retain the lion’s share till 2025. Simultaneously, the gait analysis segment would portray the fastest CAGR of 27.5% throughout the forecast period. The market report also assesses the segments of keystroke dynamics and signature analysis.
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Based on industry vertical, the BFSI dominated the global market in 2017, owing to rise in demand for advanced data security solutions among these organizations. Recently, Israel-based bank, Leumi Card announced to replace passwords with passive behavioral authentication for data security.
Furthermore, the healthcare segment is expected to grow at the highest CAGR during the forecast period, owing to rise in demand for biometric solutions to meet the unique challenges such as patient identification, patient record maintenance, fake billing, duplicates claims, and others.
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Based on geography, North America accrued the highest share in 2017, holding more than one-third of the global market. At the same time, the Asia-Pacific region would manifest the fastest CAGR of 26.5% by 2025. The key market players include EZMCOM Inc., SecuredTouch Inc., IBM Corporation, NEC Corporation, Nuance Communications, Inc., BehavioSec Inc., BioCatch, NuData Security Inc., Plurilock, and Samsung SDS.
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Key Findings of the Behavioral biometrics Market:
- By industry vertical, the BFSI segment is expected to dominate the global behavioral biometrics during the forecast period.
- In 2017, North America accounted for the highest revenue among the other regions.
- Based on deployment mode, the on-premise behavioral biometrics solutions segment generated the highest revenue in 2017.
- By region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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