he behavior analytics market is estimated to garner a hefty amount of revenue by recording a CAGR of ~46% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to increasing adoption of cloud-based technologies, rising number of cases of insider threats in organizations, and growing integration of machine learning and advanced analytics algorithms into behavior analytics globally. Every year, more than 32% of businesses around the world are affected by insider threats. The total number of insider attacks have increased by almost 48% since the last two years. In addition to these, as a result of the surge in demand for sophisticated security solutions among enterprises, the investments in detection analytical services are also observing a hike. This in turn is projected to push the demand for behavior analytics in the forthcoming years. Furthermore, inability of conventional security tools to identify several organization-based cyber-security threats is expected to provide ample growth opportunities to the market in the near future.
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The market is segmented by end user into retail & e-commerce, energy & utilities, financial services & insurance, IT & telecom, healthcare, and others, out of which, the financial services & insurance segment is anticipated to hold the largest share in the behavior analytics market on account of high exposure of BFSI applications to cyber-attacks. These threats are likely to result in loss of confidential data causing tremendous financial liabilities. Along with this, growing investments of financial institutions towards IT services is also assessed to drive growth to the market segment. Additionally, on the basis of deployment, the on-premise segment is evaluated to acquire for the largest market share during the forecast period owing to the large-scale adoption of on-premise deployment of security solutions and ability of these systems to analyze user activity in real-time.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the behavior analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing use of mobile and web applications, and intensifying requirement for security solutions capable of identifying threats in the data. For instance, users in China have an average of 36 apps installed in their smartphones as of 2017. Amongst these, 20% of applications are used on a daily basis. Apart from these, growing penetration of internet is also projected to boost market growth in the region. Moreover, the market in North America is anticipated to acquire the largest market share during the forecast period, which can be credited to the increasing implementation of behavior analytics in the healthcare sector and rising number of data breaches in the region.
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The behavior analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the behavior analytics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising adoption of cloud-based technologies and increasing insider security threats in companies are the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~46% over the forecast period, i.e., 2022 – 2030.
Lack of awareness about behavior analytics in several organizations is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the growing use of mobile and web applications, and intensifying requirement for security solutions capable of correctly identifying threats in data.
The major players in the market are Varonis Systems, Inc., Niara Inc., Splunk Inc., Microsoft Corporation, Exabeam Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, type, end user, and by region.
The financial services & insurance segment is anticipated to hold the largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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