The Global Behavior Analytics Market size is expected to reach $7.1 billion by 2028, rising at a market growth of 30.5% CAGR during the forecast period.
Behavior analytics is the application of modern technologies, including artificial intelligence, machine learning, and big data, to analyze and comprehend human behavior. These technologies uncover patterns, trends, and aberrations in human behavior to enhance decision-making, optimize operations, and strengthen security. In addition, the market of behavior analytics facilitates the collection, analysis, and efficient utilization of customer data.
Knowing what drives and motivates customers is a crucial component of this process. Consumers of digital products, such as applications and websites, whose behavior is collected and analyzed through data collection and analysis. With this information, businesses may assess the future advancement of their digital services based on the level of customer involvement with the virtual experience.
Integration of sophisticated analytics with machine learning algorithms into behavior analytics and an increase in investments in security solutions contribute to the expansion of the market for behavior analytics. In addition, the rise in insider security threats within businesses benefits the market's expansion.
The significant benefits of behavior analytics include acquiring a better understanding of client preferences, identifying ways to improve client interaction, enhancing customer retention, decreasing customer churn, and boosting customer happiness. Behavior analytics can also assist firms in identifying consumer behavior trends, gaining customer preference insights, and optimizing business operations. Moreover, behavior analytics can help firms increase productivity, save expenses, and enhance customer service.
The COVID-19 pandemic outbreak has had a substantial effect on the behavior analytics business. Demand for behavior analytics solutions and services has decreased due to the pandemic. Companies are concentrating on mitigating the pandemic's impact on their operations. Also, the pandemic has decreased the number of IT projects performed by enterprises. This is because organizations are focused on mitigating the pandemic's impact on their business operations. As a result, the market for behavior analytics is anticipated to suffer in 2020.
Many investors are turning to alternative investments, such as real estate, to create a haven for their money. This asset class provides many of the benefits that are traditionally associated with haven investments. These benefits include a lack of correlation to equities, lower volatility, and strong performance throughout market cycles. Additionally, this asset class provides the potential for much better returns than highly rated sovereign bonds. As a result, investors are making it possible for security solutions to have a risk-free investment, which in turn is boosting the expansion of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Analytics of behavior can uncover and flag various unusual behaviors for the business to take action on. Activities carried out intentionally, accidentally, or in a compromised manner by a worker, user, or third-party entity are all examples of potential hazards. In addition, it is used in various industries to detect and prevent insider threats and investigate and understand user habits to comply with and fulfill regulatory requirements. Due to this ability of behavior analytics to mitigate errors, these solutions are widely being adopted by the various industry verticals, thereby supporting market growth.
Cloud-based environments are highly vulnerable to cyberattacks. For example, if consumers flee to competitors, cyber intrusions could become market-altering occurrences that signal major brand names' decline and eventual demise. Similarly, after analysis, the anonymity of the data may be compromised, posing a security risk to the company. Hence, privacy and security issues provide a significant barrier to the widespread adoption of analytics solutions. This is anticipated to hinder the growth of the behavior analytics market during the forecast period.
Based on component, the behavior analytics market is segmented into solution and services. In 2021, the solution segment held the highest revenue share in the behavior analytics market. Due to the increasing number of insider attacks worldwide, the market for insider threat detection systems is predicted to increase significantly. Organizations have been under threat from insider attacks for more than a decade. Advanced analytics techniques are used by insider threat detection software to efficiently identify and mitigate the effects of insider attacks.
By deployment mode, the behavior analytics market is classified into on-premise, and cloud. The cloud segment garnered a substantial revenue share in the behavior analytics market in 2021. Due to cost-effectiveness and ongoing improvements to the security of cloud platforms, demand for cloud-based products is predicted to rise in the future.
By industry vertical, the behavior analytics market is bifurcated into retail & e-commerce, BFSI, healthcare, IT & telecom, energy & utilities, government & defense and others. Analytics can reduce the cost of client acquisition by optimizing marketing expenditures with a greater understanding of the customer. Using behavior analytics, marketing teams may target & acquire customers with similar profiles to the best customers. These prospects are more likely to respond positively to messaging and incentives and are likely to have high customer loyalty.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 1.1 Billion |
| Market size forecast in 2028 | USD 7.1 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 30.5% from 2022 to 2028 |
| Number of Pages | 223 |
| Number of Table | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Type, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the behavior analytics market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the behavior analytics market by generating the largest revenue share. The region's cyber security market is anticipated to be driven by the region's strong cloud platform basis and the resulting requirement to reduce cyber threats. Several small and medium-sized businesses are concentrating on the potential of cloud computing and its advantages, such as cost-effectiveness, scalability, and flexibility.
Free Valuable Insights: Global Behavior Analytics Market size to reach USD 7.1 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Splunk, Inc., IBM Corporation, Microsoft Corporation, NTT Data Corporation, Oracle Corporation, SAP SE, Tibco Software, Inc. (Vista Equity Partners), Varonis Systems, Inc., Cynet Security, and LogRhythm, Inc.
By Component
By Deployment Type
By Vertical
By Geography
The global Behavior Analytics Market size is expected to reach $7.1 billion by 2028.
Behavior analytics helps in mitigating risks are driving the market in coming years, however, Growing security concern especially for cloud-based solutions restraints the growth of the market.
Splunk, Inc., IBM Corporation, Microsoft Corporation, NTT Data Corporation, Oracle Corporation, SAP SE, Tibco Software, Inc. (Vista Equity Partners), Varonis Systems, Inc., Cynet Security, and LogRhythm, Inc.
The On-premise segment is leading the Global Behavior Analytics Market by Deployment Type in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5 billion by 2028.
The North America market dominated the Global Behavior Analytics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.6 billion by 2028.
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