DELRAY BEACH, Fla., Sept. 11, 2024 /PRNewswire/ -- The Behavior Analytics Market is expected to reach USD 13.4 billion by 2029 from USD 5.5 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period, according to a new report by MarketsandMarkets.
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019-2029 |
Base year considered | 2023 |
Forecast period | 2024-2029 |
Forecast units | Value (USD) Billion |
Segments covered | By Offering (Solutions and Services), Type (Customer Centric, Employee Centric), Application (Customer Engagement, Brand Promotion, Workforce Optimization, Threat Detection & Prevention, and Other Applications), Vertical (BFSI, Retail & eCommerce, Telecom, IT & ITES, Media & Entertainment, Healthcare, Government & Defense, Travel & Hospitality, and Other Verticals) |
Region covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | Qualtrics (US), OpenText (Canada), Microsoft (US), Cisco Systems, Inc. (US), IBM (US), Zoho Corporation (India), Oracle (US), Varonis Systems, Inc. (US), Fortinet, Inc. (US), Securonix (US), Teradata (US), Google (US), Adobe (US), SAS Institute (US), Qlik (US), 84.51° (US), Contentsquare (France), Exabeam (US), Clevertap (US), Dtex Systems (US), Mouseflow (US), Gurucul (US), Netspring (US), Visier, Inc. (Canada), Teramind (US), SplashBI (US), Amplitude (US), and Prohance (India) |
Behavior analytics is a surging functionality that has immense significance in the betterment of cybersecurity and operational efficiency. It empowers organizations to identify the anomaly, insider threat, and probable fraud by harnessing the power of user and entity behavior analytics. Similarly, as business enterprises gradually adopt higher-level technology Al and machine learning behavior analytics solutions also increase in terms of accuracy and adaptability. This allows the maturing of security postures, reduction of operational risks, and the making of data-driven decisions in pacing up to the threats that are rapidly morphing. The market is segmented on the basis of offering, type, application, and vertical. Offering includes solutions like user and entity behavior, A/B testing, Feedback and voice of the customer (VOC), Heatmap among other solutions like session replay, website conversion optimization. This further can be divided into customer-centric and employee-centric. Applications in this segment involve customer engagement, brand promotion, workforce optimization, threat detection, and prevention applications, many more of which get further categorized into applications like personalized recommendations, product development, and compliance management. The verticals segment includes BFSI, Retail & Ecommerce, Telecom, IT & ITES, Media & Entertainment, Healthcare, Government & Defense, Travel & Hospitality, and Other verticals, which include Transportation & Logistics and Energy & Utilities. These together provide a composite, deep view into the evolving landscape of behavioral analytics and its likely business implications.
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Based on application, customer engagement segment to hold the largest market size during the forecast period.
Customer engagement would have the largest market size during the forecast period, owing to the fact that this segment potentially might register high growth by enhancing and personalizing customer interactions. Enterprises are leveraging behavior analytics to develop rich insights into customer preferences, purchasing habits, and interaction patterns. It therefore allows business organizations to come up with highly targeted marketing strategies, to base most of their offerings on the needs of customers, and to improve the quality of service. On the other hand, this better satisfies and creates more loyalty among customers, which again turns into more efficient strategies of customer engagement and retention. Coupled with this, the delivery of customized experiences that would be carried out in a way that would give a differentiating edge over their peers, especially with regard to closer ties with customers, has increased demand for behavior analytics solutions in the customer engagement space.
Based on offering, the service segment is expected to hold a higher growth rate during the forecast period.
The service segment is bound to grow at a higher rate in the forecast period, as more demand arises for support and expertise to deploy and manage behavior analytics solutions. In contrast to product-based offerings, services are comprehensive in nature, where implementation and customization, continuous support would be required to use such behaviour analytics tools to their full functionality by organizations. Consequently, the business starts striving to adopt these solutions in their existing system and optimally tunes them for its needs; therefore, increasing demand for professional consulting, training, and technical support. On the whole, behavior analytics solutions are complex in nature and require special kinds of knowledge and are always in a phase of maintenance in order to fight off threats and problems of businesses.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
The factors that may drive the market growth rate higher in this region during the forecast period include the rapid digital transformation in Asia-Pacific and increasing adoption of advanced technologies, including cloud computing, Al, and machine learning, which are part and parcel of behavior analytics solutions. As companies in the region look toward improving cybersecurity and gaining better insights into user behavior, demand is high, surging for tools that can provide behavior analytics. This coupled with the rise in cyber threats and data breaches has called for organizations. As such, they tend to incur more expenditures for better analytics solutions while securing their assets. Again, the rising middle-class populations, together with growing technology start-ups and established firms, create the demand for behavior analytics to achieve operational efficiency and consumer engagement. In this regard, the mix of technological growth, heightened security concerns, and growing digital economy acts as the underpinning for the higher growth rate in the Behavior Analytics Market of APAC.
Top Key Companies in Behavior Analytics Market:
The major vendors covered in the Behavior Analytics Market are Qualtrics (US), OpenText (Canada), Microsoft. (US), Cisco Systems, Inc. (US), IBM (US), Zoho Corporation (India), Oracle (US), Varonis Systems, Inc. (US), Fortinet, Inc. (US), Securonix (US), Teradata (US), Google (US), Adobe (US), SAS Institute (US), Qlik (US), 84.51° (US), Contentsquare (France), Exabeam (US), Clevertap (US), Dtex Systems (US), Mouseflow (US), Gurucul (US), Netspring (US), Visier, Inc. (Canada), Teramind (US), SplashBI (US), Amplitude (US), Prohance (India). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Behavior Analytics Market.
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