New York, April 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Behavior Analytics Market Size, Share & Industry Trends Analysis Report By Component, By Deployment Type, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06449947/?utm_source=GNW
In addition, the market of behavior analytics facilitates the collection, analysis, and efficient utilization of customer data.
Knowing what drives and motivates customers is a crucial component of this process. Consumers of digital products, such as applications and websites, whose behavior is collected and analyzed through data collection and analysis. With this information, businesses may assess the future advancement of their digital services based on the level of customer involvement with the virtual experience.
Integration of sophisticated analytics with machine learning algorithms into behavior analytics and an increase in investments in security solutions contribute to the expansion of the market for behavior analytics. In addition, the rise in insider security threats within businesses benefits the market’s expansion.
The significant benefits of behavior analytics include acquiring a better understanding of client preferences, identifying ways to improve client interaction, enhancing customer retention, decreasing customer churn, and boosting customer happiness. Behavior analytics can also assist firms in identifying consumer behavior trends, gaining customer preference insights, and optimizing business operations. Moreover, behavior analytics can help firms increase productivity, save expenses, and enhance customer service.
COVID-19 Impact Analysis
The COVID-19 pandemic outbreak has had a substantial effect on the behavior analytics business. Demand for behavior analytics solutions and services has decreased due to the pandemic. Companies are concentrating on mitigating the pandemic’s impact on their operations. Also, the pandemic has decreased the number of IT projects performed by enterprises. This is because organizations are focused on mitigating the pandemic’s impact on their business operations. As a result, the market for behavior analytics is anticipated to suffer in 2020.
Market Growth Factors
Grown investment in security solutions
Many investors are turning to alternative investments, such as real estate, to create a haven for their money. This asset class provides many of the benefits that are traditionally associated with haven investments. These benefits include a lack of correlation to equities, lower volatility, and strong performance throughout market cycles. Additionally, this asset class provides the potential for much better returns than highly rated sovereign bonds. As a result, investors are making it possible for security solutions to have a risk-free investment, which in turn is boosting the expansion of the market.
Behavior analytics helps in mitigating risks
Analytics of behavior can uncover and flag various unusual behaviors for the business to take action on. Activities carried out intentionally, accidentally, or in a compromised manner by a worker, user, or third-party entity are all examples of potential hazards. In addition, it is used in various industries to detect and prevent insider threats and investigate and understand user habits to comply with and fulfill regulatory requirements. Due to this ability of behavior analytics to mitigate errors, these solutions are widely being adopted by the various industry verticals, thereby supporting market growth.
Market Restraining Factors
Growing security concern especially for cloud-based solutions
Cloud-based environments are highly vulnerable to cyberattacks. For example, if consumers flee to competitors, cyber intrusions could become market-altering occurrences that signal major brand names’ decline and eventual demise. Similarly, after analysis, the anonymity of the data may be compromised, posing a security risk to the company. Hence, privacy and security issues provide a significant barrier to the widespread adoption of analytics solutions. This is anticipated to hinder the growth of the behavior analytics market during the forecast period.
Component Outlook
Based on component, the behavior analytics market is segmented into solution and services. In 2021, the solution segment held the highest revenue share in the behavior analytics market. Due to the increasing number of insider attacks worldwide, the market for insider threat detection systems is predicted to increase significantly. Organizations have been under threat from insider attacks for more than a decade. Advanced analytics techniques are used by insider threat detection software to efficiently identify and mitigate the effects of insider attacks.
Deployment Mode Outlook
By deployment mode, the behavior analytics market is classified into on-premise, and cloud. The cloud segment garnered a substantial revenue share in the behavior analytics market in 2021. Due to cost-effectiveness and ongoing improvements to the security of cloud platforms, demand for cloud-based products is predicted to rise in the future.
Industry Vertical Outlook
By industry vertical, the behavior analytics market is bifurcated into retail & e-commerce, BFSI, healthcare, IT & telecom, energy & utilities, government & defense and others. Analytics can reduce the cost of client acquisition by optimizing marketing expenditures with a greater understanding of the customer. Using behavior analytics, marketing teams may target & acquire customers with similar profiles to the best customers. These prospects are more likely to respond positively to messaging and incentives and are likely to have high customer loyalty.
Regional Outlook
Region wise, the behavior analytics market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the behavior analytics market by generating the largest revenue share. The region’s cyber security market is anticipated to be driven by the region’s strong cloud platform basis and the resulting requirement to reduce cyber threats. Several small and medium-sized businesses are concentrating on the potential of cloud computing and its advantages, such as cost-effectiveness, scalability, and flexibility.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Splunk, Inc., IBM Corporation, Microsoft Corporation, NTT Data Corporation, Oracle Corporation, SAP SE, Tibco Software, Inc. (Vista Equity Partners), Varonis Systems, Inc., Cynet Security, and LogRhythm, Inc.
Recent Strategies Deployed in Behavior Analytics Market
Partnerships, Collaborations and Agreements:
Feb-2023: LogRhythm came into partnership with Trend Micro, a Japan-based company operating in the application software industry. The partnership includes supporting companies across the globe in automating threat detection and response. The integrated solution enables security teams to extract the data, correlate, and automate.
Dec-2022: LogRhythm teamed up with SentinelOne, a cloud-based cybersecurity company. The collaboration includes providing authority to security teams to recognize behavior anomalies. The integrated solutions allow security teams to deal with noise and gather insights into cybersecurity threats more effectively and rapidly.
May-2022: LogRhythm came into partnership with REAL security, a Slovenija-based IT company. The partnership includes providing businesses with security tools to develop a defense against increasing cyber threats. Together the companies aim to reinforce the cybersecurity of businesses in Croatia, Bosnia, Slovenia, Serbia, Kosovo, North Macedonia, and Albania.
Mergers and Acquisitions:
Nov-2022: NTT Data completed the acquisition of Aspirent, a US-based provider of management and technology consulting services. The addition of Aspirent reinforces and broadens NTT’s advisory and analytics capabilities.
Jul-2022: IBM took over Databand.ai, an Israel-based developer of data observability platform. The addition of Databand.ai reinforces IBM’s software portfolio and further enables IBM to provide a full-fledged set of observability capabilities intended for IT across multiple applications, data, and ML.
Jul-2022: SAP took over Askdata, a US-based search-driven analytics company. The addition of Askdata would benefit SAP’s clients by allowing them to make better-informed decisions by cashing on AI-driven natural language searches.
Jan-2021: LogRhythm completed the acquisition of MistNet, a US-based developer of multi-entity threat detection and response platform. The acquisition would enable the acquirer to provide ML-based response and detection capabilities that would include user and entity behavior analytics (UEBA), network detection, endpoint detection, and response data (EDR). Further, the addition of MistNet advances the acquirer’s market presence in the XDR market.
Product Launches and Expansions:
Nov-2022: IBM introduced Business Analytics Enterprise. Business Analytics Enterprise is a comprehensive suite including business intelligence planning, forecasting, and budgeting, and is equipped with dashboard capabilities that furnish the user with a wide view of data sources across their entire enterprise. The new software is developed to break down silos of data to make data-based decisions. Further, the launch of the software aligns with IBM’s strategy to deliver tools that support data-driven decision-making to businesses.
Scope of the Study
Market Segments covered in the Report:
By Component
• Solution
• Services
By Deployment Type
• On-premise
• Cloud
By Vertical
• Retail & E-commerce
• BFSI
• IT & Telecom
• Energy & Utilities
• Healthcare
• Government & Defense
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Splunk, Inc.
• IBM Corporation
• Microsoft Corporation
• NTT Data Corporation
• Oracle Corporation
• SAP SE
• Tibco Software, Inc. (Vista Equity Partners)
• Varonis Systems, Inc.
• Cynet Security
• LogRhythm, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06449947/?utm_source=GNW
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