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.

Market Segmentation

Large Enterprises Observed Significant Share of the Global Behavioral Analytics Market

Based on the Organization Type, the Global Behavioral Analytics Market segments into:

• Small & Medium-Sized Enterprises
• Large Enterprises

Of both, Large Enterprises captured significant market share in recent years, owing to the consistent requirements for behavioral analytics solutions across banking, retail, healthcare, manufacturing & service, and e-commerce sectors. 

These sectors have massive IT budgets and possess extensive customer data, making them more prone to cyber threats. Hence, large enterprises substantially & consistently buying these solutions to monitor & predict customer behaviors led them to attain a sizable market share in recent years.

Behavioral Analytics in Healthcare to Witness the Fastest Growth Through 2026

Based on the Industrial vertical, the Global Behavioral Analytics Market segments into:

• Banking, Financial Services, and Insurance (BFSI)
• IT & Telecommunication
• Manufacturing
• Healthcare
• Retail & Ecommerce
• Others (Energy & Utilities, etc.)

Of them all, the demand for Behavioral Analytics across the Healthcare sector is anticipated to be the fastest during 2021-26. It owes to the lack of suitable cyber security infrastructure at healthcare institutes, exposing them to the risk of insider attacks, coupled with the increasing threats of data breaches posing financial risks. 

Besides, the rising instances of stolen patient data in insurance fraud compelling healthcare companies to enhance their security infrastructure is another crucial aspect booming the need for behavioral analytics in the sector, reveals MarkNtel Advisors in their research report, “Global Behavioral Analytics Market Analysis, 2021.”

Market Dynamics:

Key Drivers

Surging Number of Unnoticed Cyberattacks to Drive Global Behavioral Analytics Market During 2021-26

Nowadays, it is more crucial for organizations to have security tools that analyze the behavior of users connected to their networks and endpoints to detect anomalies. With the surging number of under-the-radar cyberattacks, it is becoming more challenging to detect & diagnose them and take adequate actions. Hence, the need for behavioral analytics solutions is higher than ever and will surely grow in the years to come.

Possible Challenges

The principal factors that might hamper the Global Behavioral Analytics Market growth are the lack of awareness about the user-centric approach and low budget allocations for behavior analytics solutions. Besides, the incapability of SMEs to store humongous amounts of data for behavioral analytics might also restrain the market from growing significantly in the forecast period.

Regional Landscape

North America Leads the Global Behavioral Analytics Market with the Largest Share through 2026

According to the research report, the Global Behavioral Analytics Market expands across:

• North America
• South America
• Europe
• Asia-Pacific
• Middle East & Africa

Of them all, North America is anticipated to lead the market with the largest share during 2021-26. The solid foundation of cloud platforms generating the need to curb cyber threats is expected to drive the market across the region. Various small & medium-sized organizations are also focusing on the capabilities of Cloud Computing & its benefits like cost-effectiveness, scalability, & flexibility.

North America is the largest regional spender on IT services with substantial adoption of cloud platforms. Approximately 50% of companies in North America have partially migrated to cloud deployment, which is another crucial factor that shall boost the market in the region.

In the region, the US dominates the demand for behavioral analytics solutions. It owes to the preemptive adoption of advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), advanced predictive analytics solutions, etc., to enhance customer experiences & eliminate suspicious activities using these solutions.

Additionally, the rising number of behavioral analytics start-ups in the region, coupled with strategic partnerships & acquisitions, shall also create lucrative opportunities for the key market players in North America during 2021-26.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Behavioral Analytics Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Behavioral Analytics Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Behavioral Analytics Market based on the competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Behavioral Analytics Market study?

Frequently Asked Questions