Behavior Analytics Market Size
Cybersecurity threats, data privacy concerns, regulatory compliance, and AI adoption are driving the Behavior Analytics market growth.
PORTLAND, OREGON, UNITED STATES, September 4, 2023/EINPresswire.com/ — The behavior analytics market had a value of $1.2 billion in 2021 and is anticipated to increase at a CAGR of 32.4% from 2022 to 2031 to reach $19.2 billion.
Business analytics’ idea of “behavioral analytics” offers insights into how customers behave on websites, in mobile apps, chat rooms, and other digital channels including the Internet of Things (IoT) and connected products. Additionally, marketers employ behavioral analytics to create cohort data that aids in maximizing retention and conversions, optimizing customer acquisition, and making the most of campaigns.
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Region-wise, the behavior analytics market share was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to rising adoption in healthcare sector in U.S. due to increase healthcare IT infrastructure and growing number of data breaches. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to high internet penetration rate and large number of mobile phone and application users.
Behavior Analytics is increasingly being adopted as a critical cybersecurity tool. Organizations are leveraging behavioral analysis to detect and respond to advanced threats and insider threats that may go unnoticed by traditional security measures. This trend involves monitoring user and entity behavior in real-time to identify anomalies, unusual patterns, and suspicious activities, helping organizations thwart cyberattacks more effectively. The incorporation of machine learning and artificial intelligence (AI) into Behavior Analytics solutions is a notable trend. These technologies enhance the accuracy and efficiency of behavior analysis by identifying nuanced patterns and anomalies that humans might miss. Machine learning algorithms can adapt to evolving threat landscapes and continuously improve detection capabilities, making them invaluable in the fight against cyber threats.
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With increased scrutiny on data privacy and regulatory compliance, organizations are emphasizing the ethical and legal aspects of Behavior Analytics. They are implementing these solutions in ways that respect user privacy, comply with data protection regulations, and maintain transparency in data collection and analysis. This trend ensures that organizations balance security needs with privacy concerns.
Behavior Analytics is no longer limited to cybersecurity; it’s expanding across industries. Financial institutions use it for fraud detection, healthcare organizations employ it for patient monitoring, and retail companies leverage it for customer insights, among other applications. This trend demonstrates the versatility and wide-ranging impact of Behavior Analytics beyond just security.
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Although COVID-19 has severely impacted various industries, the behavior analytics industry is expected to witness moderate impact of COVID-19, due to major shift toward digital transformation, increase in investments in data analytics, rise in demand for remote services as well as location data, and surge in need for tracking real-time information. For instance, in January 2023, Awareness Technologies partnered with Sectonics to launch Veriato’s workforce behavior analytics software in India helps to improve productivity and get ahead of issues in a remote and hybrid work environment.
The key players profiled in the behavior analytics market analysis are Exabeam ,Splunk Inc., IBM Corporation, Microsoft Corporation, Niara Inc., NTT Data Corporation, Oracle Corporation, SAP SE, TIBCO Software Inc., and Varonis Systems Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the behavior analytics industry.
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David Correa
Allied Analytics LLP
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