Global behavior analytics market was valued at $ 254 million in 2018 and is anticipated to grow at a CAGR of more than 40% until 2024 on account of rising need for identifying financial frauds, targeted attacks and insider attacks.
Another factor boosting adoption of behavior analytics is lack of skilled professional who can identify insider attacks, which is leading to organizations turning to machine learning to identify and prevent such incidents.
Behavior analytics offers information on the actions of users based on raw data collected through online transactions, social media, among others. Gathered data is then analyzed and is used to identify opportunities and realize specific outcomes. Global behavior analytics market can be segmented based on component, deployment, end user and region. Based on deployment, market can be bifurcated into on-premise and cloud. On-premise segment dominated the market in 2018 and the trend is expected to continue until 2024 as well. This is due to the fact that above mentioned deployment segment is more reliable, secure and data is not shared with others. However, trend is changing, and the share of cloud is expected to increase as this deployment type offers efficient handling of data. In terms of end user, BFSI segment accounted for the leading share as financial institutions need to secure their data from insider breaches.
On the basis of geography, behavior analytics market is classified into Asia-Pacific, North America, South America, Europe and Middle East & Africa. North America is expected to continue its dominance during the forecast period backed by high adoption of technology in countries such as US and presence of leading players in the region.
Major companies operating in the behavior analytics market include Splunk Inc., Rapid7 Inc., Varonis Systems Inc., Sqrrl Data Inc., Bay Dynamics, Securonix Inc., LogRhythm, Inc., ObserveIT Inc., Niara Inc., Dtex Systems Inc., among others. Leading market players are increasingly looking into partnerships and acquisitions in order to increase and strengthen their market presence. For instance, Splunk Inc. acquired Streamlio and SignalFx in November and October, 2019, respectively, to boost the development of cloud platform applications.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020–2024
- To analyze and forecast the market size of global behavior analytics market.
- To forecast global behavior analytics market based on component, deployment, end user and regional distribution.
- To identify drivers and challenges for global behavior analytics market.
- To examine competitive developments such as expansions, new launches, mergers & acquisitions etc. in global behavior analytics market.
- To identify and analyze the profile of leading players operating in the global behavior analytics market.
The report performed both primary as well as exhaustive secondary research for this study. Initially, The report sourced a list of behavior analytics service providers across the globe. Subsequently, the report conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the report could include the suppliers which could not be identified due to the limitations of secondary research.
Our report calculated global behavior analytics market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. This report sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the report
Key Target Audience:
- Application System Providers
- Cloud Service Providers
- IT System Providers
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to behavior analytics market
- Market research and consulting firms
In this report, global behavior analytics market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Component:
- IT & Telecom
Market, By Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Middle East & Africa
- South Africa
- Saudi Arabia
- South America