Global Behavioral Analytics Market Research Report: Forecast (2021-2026)

The Global Behavioral Analytics Market is expected to grow at a CAGR of more than 40% during the forecast period, i.e., 2021-26, says MarkNtel Advisors in their research report. It owes to the rapid technological advancements in developing a high-tech landscape for the Internet of Things (IoT), coupled with the growing need to strengthen the security system of organizations due to the increasing cases of cyber threats.

Additionally, the rising need to distinguish between genuine customers and fraudsters, particularly across the banking sectors, and prevent potential financial risks also augments the behavioral analytics market globally. Besides, the increasing insider attacks across organizations is another crucial aspect expected to drive the market in the coming years, further states the research report, “Global Behavioral Analytics Market Analysis, 2021.”

Dual Impact of Covid-19 Outbreak on Global Behavioral Analytics Market

• Last year, the Covid-19 pandemic had a decelerating impact on most industries worldwide, where the Global Behavioral Analytics Market observed both negative & positive effects.
• Initially, the governments across prominent regions of the world had to impose lockdowns & stringent movement limitations to curb the virus spread. Due to this, most organizations had to shut their operations, which declined the demand for behavioral analytics and led to massive revenue losses for the key market players.
• However, when most industries later made a swift shift toward working from home, the market observed a sudden hike. The need to secure data propelled dramatically since working from homes exposes an organization to threats critically, which, in turn, significantly increased the market size.
• Besides, the contagious nature of the Covid-19 virus propelled the requirements for behavior-based technologies like voice recognition & gait analysis, offering accurate solutions to identify people, both in-person & online, while resisting the spread of the virus.
• Furthermore, amidst the pandemic, the demand for behavioral analytics solutions widely progressed across the healthcare sector, too. It gave the market a significant boost and also showed signs of its growth in the years to come.