Dublin, May 24, 2023 (GLOBE NEWSWIRE) -- The "Global Behavior Analytics Market Size, Share & Industry Trends Analysis Report by Component, Deployment Type, Vertical, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
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.
Market Growth Factors
Grown investment in security solutions
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.
Behavior analytics helps in mitigating risks
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.
Market Restraining Factors
Growing security concern especially for cloud-based solutions
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.
Scope of the Study
By Component
- Solution
- Services
By Deployment Type
- On-premise
- Cloud
By Vertical
- Retail & E-commerce
- BFSI
- IT & Telecom
- Energy & Utilities
- Healthcare
- Government & Defense
- Others
Key Market Players
List of Companies Profiled in the Report:
- Splunk, Inc.
- IBM Corporation
- Microsoft Corporation
- NTT Data Corporation
- Oracle Corporation
- SAP SE
- Tibco Software, Inc. (Vista Equity Partners)
- Varonis Systems, Inc.
- Cynet Security
- LogRhythm, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/l61cky
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
