Behavior Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Behavior Analytics Market
The Behavior Analytics Market size was valued at USD 801.8 million in 2023, and the market is now projected to grow from USD 1,096.5 million in 2024 to USD 11,468.3 million by 2032, exhibiting a CAGR of 34.1% during the forecast period of 2024-2034.
COVID-19 worked as a market driver for analytics’ expansion. During pandemic the demand for behavior was taken a speed for behaviour analytics, the primary reason was to understand the chaining trends and analyse future demand. To address the challenges, happened during pandemic, enterprises are investing their time and money on analytical tools to make prediction as lockdown have severely impacted the market, when customers’ buying behavior for all products had completely changed., benefiting the Behavior Analytics Market Growth. According to McKinsey and Oxford Economics report on Scenario A1, due to uncertainties faced byU.S. economy, customers’ disposable income is not expected to recover till the second quarter of 2024, creating a huge impact on shopping and consumption behaviour of the customers.
With growing digitalisation and dependancy over digital platforms, world is become more prone to cyber threats. Federal Trade Commission Reported that online shopping have faced 2.1 million frauds in 2020, leading to the need for quality tool for behaviour analytics. Companies have stated investing in tools to keep a track on unusual activities, to monitor various things such as, how fast information is entered and the number of password re-entries, and growing market need is expanding the Behaviour Analytics Market Share. This tool is able to recognise the changes in behaviour patterns, which can clearly state the patterns for potential fraud and help to reduce risk. This protects companies from cyber security threats and monitor employees, customers to prevent fraud, leading to the market growth.
Generative AI, resulted to be a fruitful advancement for the behaviour analytics, as it is able to analyse vast amounts of data, which can identifies patterns, and makes real-time decisions to combat cyber threats. Generative AI is able to improve the detection, prediction and proactive defence measures, and is very quick to response against risks. It creates a perfect predictive models, simulate environments, with complete data analysis to keep the systems protected. The only drawback industries might face is AI will be able to access all the ethical, private and adversarial data and it is their responsibility to protect themselves and their ethics of the company. In July 2023, to enhance customer experience, Swiggy used generative AI, and it is generating personalised food images and descriptions based on user behaviour, similarly what the Zomato did.
Comprehensive Analysis of Behavior Analytics Market
The Behavior Analytics Market and Information & Communication Technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the technological benefit management industry. These segmentations are methodically segregated By Deployment Analysis, By Application Analysis, and By Industry Analysis. The types of deployment include, Cloud, & On-premises, by application it includes Advertising Campaign, Digital Marketing, Content Delivery, Brand Promotion, Threat Detection, & Others (Customer Engagement), by industry type it includes Retail, BFSI, Healthcare, Government, Media & Entertainment, Education, Food & Beverages, & Others (Utility, Travel & Tourism).
North America is dominating the Behaviour Analytics Market by gaining the highest revenue share during forecast period. The region is witnessing the growing digitalisation and shift across the presentbusinesses and customers, driving the market growth. The Digital 2023 USA report stated that 72.5% of the total population in the U.S. are digital platform users, giving the market more opportunity to introduce digital solutions, fuelling the region’s demand.
The top players in the market play a crucial role in the Information & Communication Technology industry assuring industrial prospectus growth and setting market standards. These players include,Oracle Corporation (U.S.), Adobe Inc. (U.S.), IBM Corporation (U.S.), Splunk Inc. (U.S.), Heap Inc. (U.S.), LogSentinel B.V. (Netherlands), Altamira.ai (U.S.), Hotjar Ltd. (Malta), TIBCO Software Inc. (U.S.), Niara Inc. (HP Inc.) (U.S.) these market players provide a level-playing competitive landscape.
February 2024: NEC APAC and Securonix Inc, partnered with each other to improve NEC’S cyber defence services, particularly in Southeast Asia, keeping its focus on Managed Services Business Unit. The goal was to improve the company’s technological innovations, enhance its capabilities, including behavior analytics, to get protected from growing cyber threats.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 34.1% from 2024 to 2032
Unit Value (USD Million)
Segmentation By Deployment
Cloud
On-premises
By Application
Advertising Campaign
Digital Marketing
Content Delivery
Brand Promotion
Threat Detection
Others (Customer Engagement)
By Industry
Retail
BFSI
Healthcare
Government
Media & Entertainment
Education
Food & Beverages
Others (Utility, Travel & Tourism)
By Region
North America (By Deployment, By Application, By Industry, and By Country)
- U.S. (By Industry)
- Canada (By Industry)
- Mexico (By Industry)
South America (By Deployment, By Application, By Industry, and By Country)
- Brazil (By Industry)
- Argentina (By Industry)
- Rest of South America
Europe (By Deployment, By Application, By Industry, and By Country)
- U.K. (By Industry)
- Germany (By Industry)
- France (By Industry)
- Italy (By Industry)
- Spain (By Industry)
- Russia (By Industry)
- Benelux (By Industry)
- Nordics (By Industry)
- Rest of Europe
Middle East and Africa (By Deployment, By Application, By Industry, and By Country)
- Turkey (By Industry)
- Israel (By Industry)
- GCC (By Industry)
- North Africa (By Industry)
- South Africa (By Industry)
- Rest of MEA
Asia Pacific (By Deployment, By Application, By Industry, and By Country)
- China (By Industry)
- Japan (By Industry)
- India (By Industry)
- South Korea (By Industry)
- ASEAN (By Industry)
- Oceania (By Industry)
- Rest of Asia Pacific
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