Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global behavior analytics market size was valued at USD 586.5 million in 2022 and is projected to grow from USD 801.8 million in 2023 to USD 7384.4 million by 2030, exhibiting a CAGR of 37.3% during the forecast period. Leveraging analytical tools for market insights and enhanced security to rapidly transform industries. Fortune Business Insights presents this information in their report titled "Global Behavior Analytics Market Forecast, 2023-2030."
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Behavior analytics captures customer actions to understand market trends and lower security threats, driving the demand for analytical tools in rapidly transforming industries. Organizations collaborate and invest in security solutions to enhance customer satisfaction and drive business growth.
Key Industry Development
January 2023: Awareness Technologies collaborated with Sectonics to launch Veriato workforce behavior analytics for Indian businesses, providing risk management and behavior monitoring amid the rise of remote work culture.
Key Takeaways
- Behavior analytics market size in North America was USD 254.1 million in 2022
- Predicting future demand through analytics amid pandemic propelled market growth
- Digital Marketing Steers Market Growth with Growing E-commerce Adoption
- On-Premises Solutions to Lead as Businesses Prioritize Security and Control
- Retail Segment Dominates the Market due to E-commerce Boo
Discover the Leading Players Featured in the Report:
“Companies leading the global behavior analytics market are Oracle Corporation (U.S.), Adobe Inc. (U.S.), IBM Corporation (U.S.), Splunk Inc. (U.S.), Heap Inc. (U.S.), LogSentinel B.V. (Netherlands), Altamira.ai (U.S.), Hotjar Ltd. (Malta), TIBCO Software Inc. (U.S.), Niara Inc. (HP Inc.) (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 37.3% |
| 2030 Value Projection | USD 7384.4 Million |
| Base Year | 2022 |
| Behavior Analytics Market Size in 2022 | USD 586.5 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Application, Industry and Geography |
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Drivers and Restraints
Rising Cybersecurity Threats Drive Demand for Behavior Analytics in Online Shopping
The increasing adoption of digitalization led to a rise in cybersecurity threats and frauds. This has fueled the demand for behavior-analytics tools that monitor user activities and detect potential fraud early on, helping enterprises reduce risk and protect against fraudulent activities in online shopping and other digital channels. The significant rise in online shopping fraud with 2.1 million reports in 2020, as reported by the Federal Trade Commission, is anticipated to surge the demand for behavior-analytics solutions.
However, the behavior analytics market share is likely to be hindered by increasing regulations against the collection and usage of customer data without their consent.
Segmentation
By Deployment
- Cloud
- On-premises
By Application
- Advertising Campaign
- Digital Marketing
- Content Delivery
- Brand Promotion
- Threat Detection
- Others (Customer Engagement)
By Industry
- Retail
- BFSI
- Healthcare
- Government
- Media & Entertainment
- Education
- Food & Beverages
- Others (Utility, Travel & Tourism)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America to Lead Market Fueled by Digitalization and Social Media Adoption
The North America behavior analytics market growth is driven by rapid digitalization and a high number of customers on various digital platforms. The region's demand for behavior-analytics is fueled by the increasing adoption of digital solutions, with 72.5% of the total U.S. population being social media platform users according to the Digital 2023 USA report.
The Asia Pacific market is expected to rapidly grow due to increasing population in India and China, thereby accelerating the demand for trend comprehension in the markets.
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Competitive Landscape
Organizations Invest in Analytics Solutions to Enhance User Experience and Mitigate Fraud
Major market players invest in sophisticated solutions to analyze customer behavior and understand their requirements, aiming to enhance user experience and bolster enterprise credibility. These solutions are adopted across industries to mitigate fraud risks, improve customer relationships, and monitor the workforce effectively.
FAQs
How big is the behavior analytics market?
The behavior analytics market size was USD 586.5 million in 2022. It is expected to reach USD 7384.4 million by 2030.
How fast is the behavior analytics market growing?
The behavior analytics market will exhibit a CAGR of 37.3% during the forecast period, 2023-2030.
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