Internet of Behaviors Market: Global Product Categories Analysis and Forecast (2023 -2029)

Global Internet of Behaviors Market size was valued at USD 381 Bn. in 2022 and the total Internet of Behaviors revenue is expected to grow by 23.35 % from 2023 to 2029, reaching nearly USD 1655.39 Bn.
Internet of Behaviors Market Overview:
The Internet of Behaviors (IoB) is nothing but the part of research and development (R&D) that pursues an understanding of how, when, and why humans use technology to make purchasing decisions. IoB consists study of three fields, the Internet of Things(IoT), behavioral science, and edge analytics. Iob market is increasing its demand as the trend of companies utilizing data to develop user behavior models for analytical purposes is increasing. Companies use IoB to gather the information from the users for brand promotion, advertising, and application development. Behavioral data assists companies to increase the quality services and making more conversant decisions. The Internet of Behaviors market is dominated by the BFSI industry.To know about the Research Methodology :- Request Free Sample Report

Drivers

Technological advancements, Targeted Marketing, and Advertising drives the market

The continuous advancement in technology of artificial intelligence and data analytics enables organizations to collect and process large datasets proficiently. Extracting valuable insights from behavioral data is done by AI algorithms which makes it easier to understand the trends.

The rising trend of retail & e-commerce is anticipated to drive the Internet of Behaviors market growth due to the demand for customer-liking models generated by the IoB applications. By understanding the behavior and interest of consumers, IoB allows businesses to deliver targeted marketing campaigns. Applications of IoB contributed to the development of smart cities by collecting and analyzing the data on citizen behavior, energy consumption, and more. As a result, these are the drivers that increase the demand for the Internet of Behaviors Market.

Restraints

Data security risks and privacy concerns can hamper the market

Data collection and data analysis about people’s behavior can increase the issues, especially when there is any involvement of sensitive personal information. A large amount of data is being generated from various sources and the big challenge is to manage and analyze the data accurately. To boost the adoption of IoB, organizations, and companies must prove a commitment to the user to protect data and obtain informed consent for data collection and usage from the user. The Internet of Behavior relies on collecting and processing data, making it easier for cyberattacks and data breaches. To maintain user trust, guaranteeing robust data security actions is important. Using behavioral data marketing or influencing people's behaviors can raise questions about handling and consent.

Internet of Behaviors Market Opportunity

Utilization of IoB in the Financial, Healthcare, and Wellness sectors creates an opportunity 

The Internet of Behavior is used for fraud detection and risk assessment in the financial sector. By analyzing the behavioral data, it helps to identify the rare patterns which effectively minimize the risk. The data collection is done through IoB which provides important information for data-driven decision-making across several industries. This data is can used for businesses to identify trends and make planned decisions. The Internet of Behavior offers opportunities for personalized treatment plans, detecting health problems, and remote patient monitoring in the healthcare sector. Healthcare providers can provide more effective care to the patient by analyzing the patient’s behavior, and health metrics. However, these are the opportunities for new entrants and businesses in the Internet of Behaviors Market.
Internet of Behaviors Market Segment Analysis
Based on the Application,

Digital marketing has dominated the market in the year 2022 with the largest share of around 30% and is expected to dominate the market during the forecast period. With the help of predictive data models, the Internet of Behaviors promotes digital marketers in generating highly personalized and targeted digital ad campaigns. The brand promotion segment is expected to expand at 26% during the forecast period. For promotion, companies are using influencers for promoting the brand by leveraging the Internet of Behavior(IoB) to analyze the reach of influencers, engagement, and other factors. These are the factors that drive the market and brand promotion segment.Based on Industry,

BFSI has dominated the Internet of Behaviors Market in the year 2022 and is expected to dominate the market during the forecast period.  Internet of Behavior is widely used in Banking, Financial Services, and Insurance sector for the generation of statements and to enable automatic notifications.

The IT & Telecom sector is expected to increase at a rapid pace during the forecast period.

The major use of smartphones across the world at a significant pace is the reason for the growth of the segment. To predict user behavior, the IT industry is expected to use the Internet of Behavior(IoB) for advertisements and user retention purposes. Other segments like healthcare, manufacturing, and retail & e-commerce are increasing the demand for the Internet of Behavior Market.
Internet of Behaviors Market Regional Insights:
North America has the highest Internet of Behaviors Market revenue share of 32% in the year 2022 and is expected to dominate during the forecast period. Technological advancements and the high usage of modern technologies drive the demand for IoB in North America. Early adoption of new technology, and well-developed digital infrastructure propelled the growth of IoB solutions.  Asia Pacific region is expected to increase its market share by 26% during the forecast period. Industrial development in the region at a rapid speed is the main reason for regional growth.

Asian countries like China, Japan, South Korea, and India are likely to drive the demand for Internet of Behavior solutions in numerous industries, such as healthcare, retail & e-commerce, manufacturing, and smart cities. Europe region is active in implementing data protection regulations and investing in IoT technologies. These initiatives could raise the adoption of IoB. Major economies like Germany, the United Kingdom, and France were expected to be at the lead of IoB adoption.The objective of the report is to present a comprehensive analysis of the Internet of Behaviors Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, and PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Internet of Behaviors Market dynamics, and structure by analyzing the market segments and projecting the Internet of Behaviors industry size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Internet of Behaviors Market makes the report investor’s guide.
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Global Internet of Behaviors Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 381 Bn.


Forecast Period 2023 to 2029 CAGR:
23.35%
Market Size in 2029:
US $ 1655.39 Bn.


 Segments Covered:
by Organization Size
Large Enterprises
Small and Medium Enterprises


by Application
Advertising Campaign
Digital Marketing
Content Delivery
Brand Promotion


by Industry
BFSI
Media and Entertainment
Tourism & Travel
IT & Telecom
Retail & E-Commerce
Healthcare
Manufacturing
Others



Internet of Behaviors Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Internet of Behaviors Market Key Players
1. NuData Security Inc. (Mastercard Inc.)
2. Aware Inc.
3. Trifacta Inc. (Alteryx, Inc.)
4. Vertica Systems (OpenText Corporation)
5. NICE Ltd.
6. Guardian Analytics
7. Riverbed Technology LLC
8. Qubit Technology (Coveo Solutions Inc.)
9. Cognitive Scale Inc.
10. Capillary Technologies
11. Sweet Analytics Limited
12. Mazu Networks Inc.
13. Traceable

Frequently Asked Questions:

1] What segments are covered in the Global Internet of Behaviors Market report?
Ans. The segments covered in the Internet of Behaviors Market report are based on Enterprise Size, Application, Industry, and Region.

2] Which region is expected to hold the highest share of the Global Internet of Behaviors Market?
Ans. The North American region is expected to hold the highest share of the Internet of Behaviors Market.

3] What is the market size of the Global Internet of Behaviors Market by 2029?
Ans. The market size of the Internet of Behaviors Market by 2029 is expected to reach US$ 1655.39 Bn.

4] What is the forecast period for the Global Internet of Behaviors Market?
Ans. The forecast period for the Internet of Behaviors Market is 2023-2029.

5] What was the market size of the Global Internet of Behaviors Market in 2022?
Ans. The market size of the Internet of Behaviors Market in 2022 was valued at US$ 381 Bn.