The North America Behavior Analytics Market would witness market growth of 29.6% CAGR during the forecast period (2022-2028).
Companies are under relentless pressure to safeguard their vital data and systems against sophisticated cyberattacks. To ensure data security, companies must have visibility into the network actions of users and other entities. Behavior analytics assist companies in achieving this objective by giving visibility into the behavior of users and entities and by delivering insights that can aid in identifying and investigating questionable activities. Behavior analytics use machine learning algorithms to examine the behavior of users and entities within an organization's network.
These algorithms can recognize patterns of behavior that are indicative of malevolent activities. By identifying these trends, Behavior analytics can assist businesses in detecting and investigating questionable conduct. The necessity to adhere to severe data security & privacy standards is one of the primary forces driving the market for behavior analytics. Companies must adhere to numerous data security and privacy standards, including the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and the Sarbanes-Oxley Act (SOX).
Several individuals access their bank accounts through smartphone devices or mobile browsers. In the near future, the popularity of smartphones will increase the number of people who use digital banking, boosting the demand for a digital banking platform solution among banks. Due to the technologically advanced nations in the region, such as the United States, the digital transformation of financial services has become even easier. With the emergence of digital banking, banks' focus on behavior analytics has grown to avoid the risk of fraud that could lead to financial losses. Thus, the growth of digital banking in the region is predicted to support the regional market's growth.
The US market dominated the North America Behavior Analytics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,848.6 million by 2028. The Canada market is poised to grow at a CAGR of 32.6% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 31.4% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Vertical, the market is segmented into Retail & E-commerce, BFSI, IT & Telecom, Energy & Utilities, Healthcare, Government & Defense and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Behavior Analytics Market is Projected to reach USD 7.1 Billion by 2028, at a CAGR of 30.5%
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 Country
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