According to MarkNtel Advisors’ research report, the Global Behavioral Analytics Market is expected to witness more than 40% CAGR during the forecast period, i.e., 2021-26. The market growth primarily attributes to the increasing integrations of analytics solutions in multiple sectors like retail, banking, and e-commerce.
Besides, most companies are becoming aware of various benefits of behavioral analytics, which is another crucial aspect likely to drive the market. It would allow those companies to monitor their core sales & marketing channels, enhance their threat detection capabilities, and predict user behavior, further states the research report, "Global Behavioral Analytics Market Analysis, 2021."
Demand for Behavioral Analytics in Healthcare to Surge at the Fastest Pace During 2021-26
Based on the Industrial Vertical, the Global Behavioral Analytics Market segments into:
Of them all, the Healthcare sector is estimated to witness the fastest demand for behavioral analytics solutions, mainly due to the lack of cybersecurity infrastructures at healthcare institutes, exposing them to the risk of insider attacks.
Moreover, the increasing threats of data breaches posing financial risks is another crucial aspect surging the demand for these solutions across the healthcare sector. Burgeoning cases of stolen patient records for insurance frauds compelling hospitals & clinics to enhance their security infrastructure shall also fuel the market growth and boost the revenue of key market leaders in the years to come.
North America Dominates the Market with the Largest Share Through 2026
According to the research report, the Global Behavioral Analytics Market expands across:
Of all regions, North America shows more potential to hold the largest market share during 2021-26. It is the largest regional spender on IT services, with significant adoption of cloud platforms. Approximately 50% of companies in North America have partially migrated to cloud deployment.
The US dominates the regional market, owing principally to the prudent adoption of advanced predictive analytics solutions, Machine Learning (ML), and Artificial Intelligence (AI) to minimize suspicious acts & improve user experiences.
Moreover, various SMEs in North America are actively adopting Cloud Computing due to its benefits like low maintenance, excellent accessibility, & data security. Thus, it is surging the need for behavioral analytics amongst them and shall further drive the market during 2021-26, reveals MarkNtel Advisors in their research report, "Global Behavioral Analytics Market Analysis, 2021."
Key Questions Answered in the Study