Global Internet of Behaviors (IoB) Market Highlights Over 2022 - 2031
The global internet of behaviors (IoB) market is estimated to garner a substantial amount of revenue by growing at a CAGR of ~22% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rapidly growing adoption of internet of things (IoT) devices, and increasing developments in machine learning abilities across the globe. In 2021, there were about 9 billion active IoT devices in the world, which is evaluated to grow up to more than 20 billion by the end of 2030. Along with these, behavioral data helps enterprises make more informed decisions and enhance their service quality and value chain in an optimized way. This is also expected to drive market growth significantly in the forthcoming years. Furthermore, rising usage of technologies, such as location tracking, facial recognition and big data, in combination with behavioral events is projected to offer profitable opportunities to the market in the near future.
The market is segmented by application into advertising campaign, digital marketing, content delivery, brand promotion, and others, out of which, the digital marketing segment is anticipated to hold the largest share in the global Internet of behaviors (IoB) market. This can be accounted to the boom in the use of digital marketing services for lead generation, brand advertising and sales generation. Apart from these, growing usage of social media applications, coupled with high utilization of tools for behavioral analysis and interpretations are also predicted to boost the growth of the market segment in the future. Additionally, on the basis of enterprise size, the small & medium sized segment is assessed to grab the largest share during the forecast period owing to the increasing number of SMEs around the world, and escalating adoption of IoT based technologies among them. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Internet of Behaviors (IoB) Market Regional Synopsis
Regionally, the global internet of behaviors (IoB) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing emphasis of companies to develop new techniques for behavioral analytics, and increasing spending on cloud in the region. For instance, China allocates the largest amount on cloud infrastructure in the APAC region. The total cloud spending in the country was about USD 20 billion in 2020, up from USD 13 billion in 2019. In addition, introduction of high-speed technologies is also expected to fuel the market growth in the region in the coming years. Moreover, the market in North America is projected to acquire the largest share during the forecast period owing to the early adoption of advanced technologies, and strong footprint of prominent market players in the region.
The global internet of behaviors (IoB) market is further classified on the basis of region as follows:
Our in-depth analysis of the global Internet of behaviors (IoB) market includes the following segments:
By Enterprise Size
By End Use Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the growing adoption of internet of things (IoT) devices, and increasing developments in machine learning abilities globally.
The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2022-2031.
The major players in the market are Aware Inc., Guardian Analytics, Traceable Inc, Micro Focus Group, Mazu Networks 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 enterprise size, application, end use industry, and by region.
The digital marketing segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Less awareness about IoB in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing emphasis of companies to develop new techniques for behavioral analytics, and increasing spending on cloud in the region.
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