The Global Behavioral Analytics Market size was valued at USD 1.5 billion in 2023 and is projected to grow at a CAGR of more than 40% during the forecast period, i.e., 2023-28., cites MarkNtel Advisors in the recent research report. The substantial paradigm shifts in the high-tech landscape with the incorporation of technologies such as IoT have compelled the tech–giants to come up with more human-compatible and secure technologies. This has led to the integration of machine learning algorithms and advanced analytics in order to analyze human behavior, trends, and patterns efficiently, resulting in behavior analytics.
The significance of precise behavior analytics in predicting and ensuring improved decisions has called for its extensive adoption by organizations. Moreover, rampant security threats have positively influenced market growth by attracting a large influx of investment to strengthen the security system globally. However, a lack of adequate information regarding constantly upgrading cyber-attack tactics may discourage adoption on a much broader level, hindering market growth, further states the research report, “Global Behavioral Analytics Market Analysis, 2023.”
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Behavioral Analytics Market Segmentation Analysis:
- By Component(Solution (Compromised Credential Detection Solutions, Insider Threat Detection Solutions, Loss Prevention Solution, Others), Service (Professional Services, Managed Services),
- By Industrial Vertical(Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, Manufacturing, Healthcare, Retail & Ecommerce, Others (Energy & Utilities, etc.)),
- By Organization Size (Large Enterprises, Small & Medium-Sized Enterprise),
- By Deployment Type(On-Premise, On-Cloud),
North America Leads the Global Behavioral Analytics Market with the Largest Share through 2028
North America held the lion’s share of the global market for behavior analytics in 2022 and is predicted to keep that position throughout the forecast period due to leading firms providing cutting-edge solutions and making significant investments in technologies like 5G and IoT. Nevertheless, due to the rising use of mobile and web apps and the implementation of IoT and smart technologies, Asia-Pacific is anticipated to grow considerably during the forecast period.
Behavioral Analytics in Healthcare to Witness the Fastest Growth Through 2028
The need for behavioral analytics is expected to grow the fastest in the healthcare sector between 2023 and 2028, among other sectors. It owes principally to healthcare institutions’ inadequate cyber security architecture, which leaves them vulnerable to insider invasions and the growing possibility of data breaches creating financial hazards. Another important factor driving the demand for behavioral analytics in the sector is the rise in cases of patient data theft used in insurance fraud, which is compelling healthcare organizations to improve their security architecture.
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Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including IBM Corporation, Microsoft Corporation, Splunk Inc., Varonis Systems Inc., Exabeam Inc., Niara Inc., SAP SE, Oracle Corporation, NTT Data Corporation, Tibco Software Inc., Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How have the buying behavior, customer in- inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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