Allied Market Research published a new report, titled, “Behavior Analytics Market Size Growing at 32.4% CAGR Reach USD 19.2 Billion by 2031.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global behavior analytics market was valued at USD 1.2 billion in 2021 and is projected to reach USD 19.2 billion by 2031, growing at a CAGR of 32.4% from 2022 to 2031.
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Driving Factors
Rise in investments in security solutions. Increase in insider security threats in organizations. Integration of advanced analytics and machine learning algorithms into behavior analytics. However, Lack of awareness about advanced cyber-attacks, Increase in security concerns. This factor is likely to hinder the market growth during the forecast period. On the other hand, an increase in demand for driver safety measures will present new growth opportunities for the global market in the coming years.
Market Segmentation
The behavior analytics market is segmented on the basis of by component, deployment model, industry vertical, and region. On the basis of component, the market is categorized into solution and service. On the basis of deployment model, the market is fragmented into on-premise, and cloud. On the basis of industry vertical, it is classified into BFSI, retail and E-commerce, healthcare, IT and telecom, energy and utilities, government & defense, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players
Leading market players of the global behavior analytics market analyzed in the research include Exabeam, Oracle Corporation, Splunk Inc., NTT Data Corporation, Microsoft Corporation, SAP SE, Varonis Systems Inc., IBM Corporation, and Niara Inc.
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Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global behavior analytics market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 34.8% during the forecast period. The other regions analyzed in the study include Europe and LAMEA.
Based on component, the solution segment held the highest share in 2021, accounting for more than half of the global behavior analytics market and is expected to continue its leadership status during the forecast period. The services segment is expected to register the highest CAGR of 33.3% from 2022 to 2031.
Based on deployment, the on-premises segment accounted for the highest share in 2021, holding nearly two-thirds of the global behavior analytics market, and is expected to continue its leadership status during the forecast period. However, the cloud segment is estimated to grow at the highest CAGR of 34.0% from 2022 to 2031.
Based on industry vertical, the retail and e-commerce segment held the highest share in 2021, accounting for nearly one-fourth of the global behavior analytics market and is expected to continue its leadership status during the forecast period. On the other hand, the energy and utilities segment is expected to register the highest CAGR of 35.1% from 2022 to 2031. The report also studies the BFSI, healthcare, IT and telecom, government and defense, and others segments.
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Covid-19 Scenario:
● Due to the outbreak of the COVID-19 pandemic, the market witnessed a slight downfall in 2020. This is attributed to the implementation of lockdowns by governments in a majority of countries globally and the shutdown of travel across the world to prevent the transmission of the virus.
● The COVID-19 outbreak significantly impacted the global behavior analytics market, as it propelled the requirements for behavior-based technologies like voice recognition & gait analysis, that offer accurate solutions to identify people, both in-person & online, while resisting the spread of the virus.
● Furthermore, amidst the pandemic, the demand for behavioral analytics solutions widely progressed across the healthcare sector, too. It gave the market a significant boost and also showed signs of growth.
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