Behavior Analytics Market to Hike at a Notable Growth of $19.2 Bn by 2031 ; growing at a CAGR of…
EIN News –
According to a report by Allied Market Research, the global behavior analytics market was valued at $1.2 billion in 2021 and is projected to reach $19.2 billion by 2031, growing at a CAGR of 32.4% from 2022 to 2031.
The report provides an in-depth analysis of market dynamics, segments, value chain, competitive landscape, and regional outlook.
Behavioral analytics involves analyzing customer behavior on various digital channels to gain insights and optimize marketing campaigns, customer acquisitions, and retention.
The growth of the behavior analytics market is driven by the integration of advanced analytics and machine learning algorithms, increasing investments in security solutions, and the rise in insider security threats.
However, the lack of awareness about advanced cyber-attacks and growing security concerns pose challenges to market growth.
On the other hand, the demand for driver safety measures presents growth opportunities in the market.
The energy and utilities segment is expected to experience the fastest growth, followed by retail and e-commerce, BFSI, healthcare, IT and telecom, government, and defense sectors.
On-premise deployment currently dominates the market, but the cloud segment is expected to grow rapidly due to cost-effectiveness and continuous security advancements.
North America currently holds the largest market share, driven by increasing adoption in the healthcare sector and growing data breaches.
However, Asia-Pacific is expected to witness significant growth due to high internet penetration and a large user base of mobile phones and applications.
The key players in the behavior analytics market include Exabeam, Splunk Inc., IBM Corporation, Microsoft Corporation, Niara Inc., NTT Data Corporation, Oracle Corporation, SAP SE, TIBCO Software Inc., and Varonis Systems Inc.
These companies have adopted various strategies for market penetration and strengthening their position in the industry.
Link: https://www.einnews.com/pr_news/663649752/behavior-analytics-market-to-hike-at-a-notable-growth-of-19-2-bn-by-2031-growing-at-a-cagr-of-32-4