Behavior Analytics Market Size By Deployment Model (On Premise, Cloud), By Component (Solutions, Services), By End-Use (BFSI, IT & Telecommunication, Defense, Government Organization, Retail & E-Commerce, Healthcare, Energy & Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024
Published Date: Oct 2017 | Report ID: GMI2133 | Authors: Ankita Bhutani, Preeti Wadhwani
Behavior Analytics Market size surpassed USD 200 million in 2016 and is expected to grow at more than 40% CAGR between 2017 and 2024. Increasing number of insider attacks in the organizations across the globe is anticipated to drive the market demand.
Behavior analytics solutions help marketers to develop suitable offers and strategies for various consumer segments. They focus on comprehending consumer behavior and predicting future actions. The behavior analytics market is growing steadily in retail applications.
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Lack of awareness about advanced cyber security attacks among organizations, especially SMBs, is hindering the behavior analytics industry growth. SMBs across the globe rely on cyber insurance to mitigate cyber threats due to lack of knowledge about the analytics technologies, further restricting the market demand.
|Base Year:||2016||Market Size in 2016:||200 Million (USD)|
|Historical Data for:||2013 to 2016||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||40%||2024 Value Projection:||3.5 Billion (USD)|
|Pages:||180||Tables, Charts & Figures:||160|
|Geographies covered (14):||U.S., Canada, UK, Germany, France, Italy, Spain, Australia, China, India, Japan, Brazil, Mexico, MEA|
|Segments covered:||Deployment Model, Component, End-Use and Region|
|Companies covered (20):||Balabit Corp., Bay Dynamics, Bottomline Technologies, Cynet Security Ltd., Dtex Systems, E8 Security Inc., Exabeam Inc., Fortscale Security Ltd., Gurucul Solutions LLC, HP Enterprise, IBM Corporation, MaAfee LLC, Interset Inc., LogRhythm Inc., Rapid, Securonix Inc., Splunk Inc., Sqrrl Data Inc., Varonis System Inc., Vectra Network Inc.|
|Pitfalls & Challenges:||
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Market by Deployment Model
On premise deployment model accounts for majority share in the behavior analytics market owing to low risk of security breaches and cyber-attacks as compared to cloud-based products. As the solution integrate data from various sources, which organizations do not want to import to cloud platforms that contain very confidential and sensitive data. The demand for cloud-based products are estimated to increase in the future on account of cost effectiveness and constant advancement to enhance security of the cloud platforms.
Market by Component
Insider threat detection solutions are estimated to grow substantially till 2024 due to rising incidences of the insider attacks across the globe. Threat of insider attacks among organizations is prevailing from more than a decade.
A survey organized by Hystax Technology, a security solution provider, coving more than 500 security organizations stats that more than 70% of the organizations are exposed to risk of insider attacks. As insider threat detection solutions utilize advanced analytics technique to effectively detect and alleviate impact of insider attacks.
Market by End-use
BFSI application is set to be one of the leading end-user segments in the market impelled by high risk of cybersecurity. The banks and insurance companies are more exposed to risk of cyber-attacks as they hold very confidential data and any incidences of data breach directly leads to financial losses. Furthermore, increasing investment of financial institute towards information security is also estimated to be one of the major factors that is augmenting the demand of these solutions among BFSI sector.
Technological advancement in the security solution such as integration of advanced analytics and machine learning algorithms is also contributing to the market size. In addition, growing adoption across applications such as healthcare, BFSI, and IT & telecom due to increasing incidences of data breaches and rising demand of real time security analytics to detect threats in advance and mitigate their impact will further drive the market demand.
Market by Region
U.S. behavior analytics market dominates the global landscape owing to presence of major players such as Splunk Inc., IBM Corporation. Furthermore, high internet penetration rate and large number of mobile phone and application users in the country are also estimated to contribute significantly towards the market share in the region.
In addition, rising adoption in the healthcare sector in the U.S. due to increasing healthcare IT infrastructure and growing number of data breaches will contribute to the market revenue. According to IBM cyber security index, approximately 60% of the cyber-attacks occurred in U.S. are carried out by insiders, wherein the employee exploits its rights to access privileged and confidential company database or violate internal information security rules and regulations.
Competitive Market Share
Companies operating in the market IBM Corporation, Splunk Inc., HP Enterprises, Dtex Systems, LogRhythm, Rapid7 Balabit Corp, Bay Dynamics, Bottomline Technology, Cynet Security Ltd., E8 Securtiy, Exabeam, Fortscale, Gurucul, McAfee, Interset and so on. The market players adopt various marketing strategies such as mergers and acquisitions, strategic alliance, new product launch, and geographical expansion to get edge over competitors.
The market research report for behavior analytics includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
By Deployment Model
- On-premise deployment
- Cloud based deployment
- Compromised credential detection solutions
- Insider threat detection solutions
- Loss prevention solutions
- Professional services
- Managed services
- IT & Telecommunication
- Government organizations
- Retail & E-commerce
- Energy & Utility
The above information has been provided on a regional basis for the following:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East and Africa
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