Behavior Analytics Market worth over $3.5bn by 2024
Published Date: October 16, 2017 Authors: Ankita Bhutani, Preeti Wadhwani
Behavior Analytics Market size is set to exceed USD 3.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Technology advancement has bolstered the demand for behavior analytics solutions among organizations to detect threats even before they occur and to mitigate their impact. Integration of advanced analytics and machine learning algorithms for analyzing user behavior allows automatic analysis enables organizations to link user and entity activity to support security analyst in threat detection and remediation.
The healthcare sector has emerged as one of the major end-users of the behavior analytics market and is anticipated to register substantial growth during the forecast timeline. The growing demand for these solutions among healthcare organizations is attributed to growing threat of insider attacks and data breaches among healthcare institutes, which poses a financial risk.
Additionally, healthcare institutes are more exposed to risk of insider attacks due to general lack of cybersecurity infrastructure. User identity information can be stolen from hospital records for insurance fraud, the need to alleviate these risks has led to considerable demand for behavior analytics solutions.
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Growing adoption of cloud-based solutions is driving the global behavior analytics industry revenue, a trend that is expected to resonate through 2024. Increasing adoption of cloud platform among organizations and improving security measures for this deployment model is one of the key factors that is encouraging the organizations to shift toward cloud platform. Furthermore, advanced cloud-based behavior analytics solutions offer better handling of sensitive data, thereby augmenting the demand of these products among organizations.
Browse key industry insights spread across 180 pages with 132 market data tables & 28 figures & charts from the report, “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 (U.S., Canada, UK, Germany, France, Italy, Spain, Australia, China, India, Japan, Brazil, Mexico, MEA), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
Some of the major vendors in the market are Splunk Inc., IBM Corporation, Rapid7, LogRhythm, etc. Strategic partnerships are one of the most popular strategy used by vendors to gain market share. For instance, in September 2017, Bay Dynamics announced that they are forming a strategic alliance with VMware Mobile Security Alliances with the sole purpose of enhancing its product capabilities, which assist enterprises to effectively mitigate mobile threats.
Asia Pacific behavior analytics market is estimated to register considerable growth of around 45% till 2024 owing to increasing internet penetration and growing smartphone adoption as well as demand for mobile applications in the region. Furthermore, increasing digitalization and growing investment in information security in the economies such as China, India and Australia are also estimated to drive the revenue growth.