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