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.”
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|CAGR||more than 40%|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, The Netherlands|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||IBM Corporation, Microsoft Corporation, Splunk Inc., Varonis Systems Inc., Exabeam Inc., Niara Inc., SAP SE, Oracle Corporation, NTT Data Corporation, Tibco Software Inc., Others|
|Unit Denominations||USD Million/Billion|
Dual Impact of Covid-19 Outbreak on Global Behavioral Analytics Market
Large Enterprises Observed Significant Share of the Global Behavioral Analytics Market
Based on the Organization Type, the Global Behavioral Analytics Market segments into:
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:
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.”
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.
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.
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:
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:
Frequently Asked Questions
A. The Global Behavioral Analytics Market is forecast to grow at more than 40% CAGR during 2021-26.
A. The Healthcare sector is projected to attain the highest CAGR during the forecast period.
A. The increasing need for behavioral analytics solutions among organizations to detect & diagnose and adequately act on burgeoning cyberattacks is the prime factor likely to drive the Global Behavioral Analytics Market in the coming years.
A. The Global Behavioral Analytics Market has witnessed a progressive rise amidst the pandemic across the healthcare sector due to the mounting number of insurance frauds on account of surging cases of patient data theft. Consequently, the same trend is likely to be followed in the coming years as well.