New York, May 16, 2023 (GLOBE NEWSWIRE) -- The Internet of Behaviors Market share is set to grow by USD 811 Bn by 2032 from USD 386 Bn in 2022. However, the growth momentum will be progressing at a CAGR of over 23% during the forecast period, according to Market.us.
The Internet of Behaviors refers to an area of R&D, and it seeks to understand when, how, and why humans use technology for making purchasing decisions. IoB is a concept that combines behavioral research and technology to study the attitudes of people toward products and services.
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Key Takeaway:
- By Application, the digital marketing segment has generated a revenue share of 35% in 2022.
- By Enterprise Size, the small & medium enterprises segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By Industry, the BFSI segment held dominated share of the market.
- In 2022, Asia-Pacific dominated the market with the highest revenue share of 36%.
- North America will grow at a significant CAGR from 2023-2032.
Big data, location tracking, and facial recognition are being combined and matched with behavioral events, and this is projected to increase market growth. Behavioral data assists organizations in increasing the quality of their value chain and services and making more informed decisions. Also, the business functions and their strategies to execute their business plans have changed severely because of the continued digitalization.
Factors affecting the growth of the Internet of Behaviors market
There are several factors that can affect the growth of the Internet of behaviors market. Some of these factors include:
- An Increase in Cloud Platform Use: An increase in cloud platform use will likely facilitate the growth of the global Internet of Behaviors market.
- A Decrease in the Cost of Connected Devices: The main factor driving the growth of the market is a decrease in the cost of connected devices.
- The Advancement of Wireless Network Technologies: The advancement of wireless network technologies leads to boost market growth.
- IoB Improve Efficiency and Service Quality: With the help of IoB efficiency and service quality of the data were improved, and this will likely boost the growth of the market.
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Top Trends in the Global Internet of Behaviors Market
The COVID-19 pandemic is the most important factor due to which IoB came into trend. At the time of the pandemic, businesses are concentrating on how to communicate with their customers to keep them engaged in their brands. The IoB tries to understand the data which was obtained by the online user from the perspective of behavioral psychology. The concept of IoB analyzes the data accurately from the point of view of human psychology. This new approach has impacted the quality of infrastructure since many organizations are trying to upsurge their connectivity.
Market Growth
The Internet of Behavior offers businesses advanced methods for influencing user and employee behavior as well as marketing products and services. In short, it is a concept of new technology in which the online activity of the user has been noticed through data mining with the behavioral psychology perspective. Additionally, to optimize customer service, this technology is very useful to organizations, depending on the acquired data.
Regional Analysis
The Asia Pacific held the highest revenue share of 36% of the overall market, and it will likely continue its dominance during the forecast period. Some organizations are concentrating on growing cloud investment and developing innovative methodologies for behavioral analysis in this region. For instance, China invested a huge amount in cloud infrastructure.
In North America, the early adoption of advanced technologies, due to the strong presence of market players, significant R&D expenditures, numerous start-up cultures, and increasing use of smart connected devices, the region grew at a significant rate. Moreover, due to the increasing demand for IoT cloud platforms gaining popularity, this will boost the market growth during the forecast period.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 386 Billion |
| Market Size (2032) | USD 811 Billion |
| CAGR (from 2023 to 2032) | 23% |
| Asia-Pacific Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The Internet of Things technology allows numerous smart gadgets to communicate as well as share data. Furthermore, cell phones, wearables, and sensors, among other smart gadgets, gather important data, and understanding the behavior of users, it improves their experience. The growing demand for analytics integration and data analysis was projected to raise the Internet of Things market, which will further speed up the growth of the global Internet of Behavior market over the forecast period 2023-2032.
Market Restraints
Data losses and security breaches have increased because of inadequate management of petabytes and exabytes of data. Data is the most crucial part of businesses, and they struggle to manage their data privacy. Marketing teams need secure and real-time data to provide a good client experience in dealing with the current competitive industry.
Market Opportunities
IoB would allow more modification by improving efficiency as well as service quality. It is easy to merge data from different sources, gets new insights from data, and improve the quality of data with the help of IoB. It will be very important for businesses to be more sensitive to their client who are concerned about privacy and security.
Moreover, the factors such as a surge in cloud platform use, a decrease in the cost of connected devices, and the advancement of wireless network technologies will increase the growth of the market during the forecast period.
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Report Segmentation of the Internet of Behaviors Market
Application Insight
The digital marketing segment held the maximum revenue share of 35% of the market. It is the field in which products and services are marketed to individuals around the world with the help of data as its primary commodity. Digital marketing services were used to generate leads and increase & promote sales.
Enterprise Size Insight
Small & medium enterprises grab the largest share of 59% of the market. There are several small & medium enterprises located across the world, and at a higher rate, they are implementing IoT-based technologies. According to the World Bank, SMEs possess massive enterprises around the world, and it plays a crucial role in the market expansion of technology implementation, the global economy, and employment creation. It accounted that there are 90% of all enterprises and above 50% of all jobs worldwide. SMEs are likely to have up to 40% of the contribution to GDP in developing economies.
Industry Insight
Industry Vertical the Market is segmented into healthcare, BSFI, telecom and IT, media and entertainment, retail and e-commerce, manufacturing, tourism & travel, and other industries. The BSFI accounted for the largest share of the market. IoB is extensively utilized in the BSFI business for automatic notification and statement generation applications.
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Market Segmentation
By Application
- Digital Marketing
- Advertising Campaign
- Brand Promotion
- Content Delivery
- Other Applications
By Enterprise Size
- Larger Enterprises
- Small & Medium Enterprises
By Industry Vertical
- Healthcare
- BFSI
- Telecom and IT
- Media and Entertainment
- Retail and e-Commerce
- Manufacturing
- Tourism & Travel
- Other Industries
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Behavioral analytics is used by YouTube to provide behavioral suggestions and to improve the consumer experience. Facebook and Google utilize behavioral analytic techniques to understand their customers and provide relevant adverts. So, the popularity of IoB is the chief factor in market development, and this will accelerate the growth of the market.
Market Key Players:
- Vertica Systems
- Aware, Inc.
- Capillary Technologies
- Trifacta
- Traceable Inc.
- Mazu Networks, Inc.
- NuData Security
- CognitiveScale
- Trifacta
- Guardian Analytics
- Other Key Players
Recent Development of the Internet of Behaviors Market
- In September 2021- Aware, Inc. demonstrated its digital identification expertise in various sessions at the Identity Week London 2021 Conference, which was taken place in England and London. Aware, Inc., is a leading global provider of biometrics software products.
- In November 2020- Aware, Inc. acquired Maxar Technologies’ AFIX™, a suite of biometric products. The Aware ABIS product family has grown with the addition of AFIX. It provides fingerprinting biometric matching for medium and small-size government agencies and law enforcement.
Browse More Related Reports:
- Cloud Computing Market size is expected to be worth around USD 2,321 Billion by 2032 from USD 546.1 Billion in 2022, growing at a CAGR of 16% during the forecast period from 2022 to 2032.
- Location-Based Advertising Market was accounted for in 2021 at USD 86,963.35 million and estimated CAGR of 18.1% between 2023-2032.
- Internet of Medical Things Market was valued at US$ 48.7 billion in 2022 and expected to grow US$ 370.9 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 23.15%.
- Industrial Internet-of-Things Market size is expected to be worth around USD 1,917.45 billion by 2032 from USD 263.50 billion in 2022, growing at a CAGR of 22.00% during the forecast period from 2022 to 2032.
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