05 Jul Biometrics market to reach new heights in 2023 and beyond!
According to Future Industry Insights (FMI), the behavioural biometrics market was valued at US$ 1,254.7 million in 2022 and is expected to reach US$ 1,533.2 million in 2023.
The global market is estimated to reach US$ 13,001.4 million by 2033, rising at a CAGR of 23.8% between 2023 and 2033.
The behavioural biometrics industry is expected to continue expanding for years to come, resulting in increased rivalry among leading competitors.
Frequent advancements and the deployment of new technologies/software, including access control innovations, human behavioural patterns, machine learning/deep learning for identity identification and validation, avoiding fraud, and multiple-factor authorization applications, are all leading to the marketplace heading in a positive direction.
Behavioural 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.
“The expansion of real-time transaction and mobile banking systems in the country has increased fraud, fueling the demand for behavioural biometrics. Furthermore, financial solution suppliers in the South Asia & Pacific area are working on providing their clients with safe verification solutions based on sophisticated behavioural biometrics technology,” says the FMI analyst.
Recently, multiple announcements have been made across the biometrics marketplace, such as biometrically locked cards, new fingerprint and face scanners as part of access control – and more.
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