Behavior Analytics Market is Expected to Generate $19.2 Billion by 2031: Allied Market Research

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Mar 14, 2023, 06:25 ET

Rise in investments in security solutions, increase in insider security threats in organizations, and integration of advanced analytics and machine learning algorithms into behavior analytics drive the growth of the global behavior analytics market. Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global behavior analytics market share.

PORTLAND, Ore., March 14, 2023 /PRNewswire/ -- According to the report published by Allied Market Research, the global behavior analytics market garnered $1.2 billion in 2021, and is estimated to generate $19.2 billion by 2031, manifesting a CAGR of 32.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

Drivers, Restraints and Opportunities

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.

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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.

The research provides detailed segmentation of the global behavior analytics market based on component, deployment mode, industry vertical, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

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The solution segment to dominate the market during the forecast period

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.

The on-premises segment to maintain its leadership during the forecast period

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.

The retail and e-commerce segment held highest share by 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.

North America to achieve the largest revenue by 2031

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.

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Leading Market 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.

The report provides a detailed analysis of these key players of the global behavior analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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