Global Internet of Behaviors (IoB) Market Estimated to Garner a CAGR of ~22% during 2022-2031; Growing Adoption of Internet of Things (IoT) Devices and Rising Developments in Machine Learning to Boost Growth - Research Nester

New York, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Internet of Behaviors (IoB) Market' for the forecast period, i.e. 2022 – 2031 which includes the following factors:

• Market growth over the forecast period
• Detailed regional synopsis
• Market segmentation
• Growth drivers
• Challenges
• Key market players and their detailed profiling

Global Internet of Behaviors (IoB) Market Size:

The global internet of behaviors (IoB) market is estimated to grow at a CAGR of ~22% over the forecast period. The market's expansion can be attributed to the fast-expanding usage of internet of things (IoT) devices and the global expansion of machine learning capabilities. It is believed that the Internet of Things (IoT) sector is anticipated to increase more than 17% to 14 billion active connections in 2022. There will eventually be more than 26 billion linked IoT devices by 2025 as supply limitations loosen and demand quickens. In addition to these benefits, behavioral data assists businesses in improving decision-making, service quality, and value chain efficiency. All of these are also anticipated to significantly fuel market growth in the upcoming years. Moreover, the increasing demand and investments from various industries for data management warehouses or data clubs are estimated to boost the market growth over the forecast period. It was noticed that depending on the complexity, originality of the data, and the size of the organization, the cost to create a data warehouse can range from more than USD199 to USD2.1 million.

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Global Internet of Behaviors (IoB) Market: Key Takeaways

• North America region gains the largest portion of the revenue
• Digital Marketing segment to dominate the revenue graph
• Small & medium-sized enterprise size segment remains prominent in the enterprise size segment

Growing Adoption of Technologies and Rising Technological Advancements to Boost Market Growth

In the near future, the increasing usage of technologies including location tracking, facial recognition, and big data in conjunction with behavioral events are estimated to present lucrative opportunities to the industry growth. For instance, on average, more than 85% of consumers keep their smartphones' location tracking services feature turned on. In addition to this, the increasing usage of IoB in various sectors ranging from manufacturing to healthcare is predicted to drive market growth during the forecast period.

Further, the rising number of mobile application launches across the world, backed by increasing technological advancements is anticipated to propel market growth over the forecast period. It was noticed that the number of mobile apps released around the world in June 2022, was around 91,000 and around 134,0000 new android apps were made available in May 2019. Additionally, the increasing usage of IoB by various companies to track customer behavior in order to improve services and engage with their target audience, supported by new technologies including Alexa, OK Google, and Siri to study and analyze data and human behavior is predicted to give a boost to market growth over the ensuing years.

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Global Internet of Behaviors (IoB) Market: Regional Overview

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 and Africa region.

Growing Adoption of New Techniques for Behavior Analysis to Drive Growth in the Asia Pacific Region

The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period as a result of firms placing more and more emphasis on the development of novel behavioral analytics approaches and rising cloud spending in the area. For instance, in the APAC area, China invests the most money in cloud computing infrastructure. In 2020, the nation spent over USD 20 billion on cloud services, up from USD13 billion in 2019. Additionally, it is projected that the introduction of high-speed networking technologies, a rise in international corporation interests in the region and rising demands for IoT and IoB from developing countries including Australia, Indonesia, and India are predicted to speed up market growth.

Growing Adoption of New Technologies and Presence of Key Market Players to Drive Growth in the North America Region

On the other hand, the market in North America region is estimated to acquire the largest market share over the forecast period owing to the fast adoption of new technologies and the strong presence of prominent market players in the region. For instance, Google announced that in addition to the already USD 41 billion investment in R&D in 2020 and 2021 in the U.S,  they have plans to invest approximately USD 10 billion in the U.S. offices and data centers in 2022. Further, the rising manufacturing industries and healthcare sectors, where the need for data management and behavior tracking of clients and employees is growing exponentially, this in turn is estimated to give boost to market growth during the forecast period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:

• North America (U.S., Canada)
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
• Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Global Internet of Behaviors (IoB) Market, Segmentation by Application

• • Advertising Campaign
  • Digital Marketing
  • Content Delivery
  • Brand Promotion
  • Others

Out of these, the digital marketing segment is estimated to hold the largest market share over the forecast period owing to the surge in the usage of digital marketing services for lead generation, brand advertising, sales generation, and for basic searches. It was noticed that the digital marketing sector is dynamic and constantly evolving, a search engine is the first point of contact for more than 90% of all internet conversations, and every second, Google receives more than 75,000 searches. In addition to this, the rising social media application usage is estimated  to increase utilization of tools for behavioral analysis and interpretation in the future.

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Global Internet of Behaviors (IoB) Market, Segmentation by Enterprise Size

• • Large
  • Small & Medium Sized

Among these, the small & medium sized segment is estimated to grab the largest market share over the forecast period as there are more small & medium sized enterprises (SMEs) globally and they are adopting IoT-based technologies at a rising rate. As per the World Bank, SMEs comprise the vast majority of enterprises globally and play a significant role in employment creation, technology implementation and the expansion of the global economy. They account for more than 50% of all jobs globally and 90% of all enterprises. In emerging economies, the GDP contribution from formal SMEs is estimated to reach 40%.

Global Internet of Behaviors (IoB) Market, Segmentation by End Use Industry

• • IT & Telecom
  • BFSI
  • Media & Entertainment
  • Healthcare
  • Retail
  • Manufacturing
  • Others

Few of the well-known market leaders in the global Internet of Behaviors (IoB) market that are profiled by Research Nester are Aware Inc., Guardian Analytics, Traceable Inc, Micro Focus Group, Mazu Networks Inc., Trifacta Inc., Mastercard Technologies Canada ULC, Qubit Digital Limited, Capillary Technologies, CognitiveScale, and others.

Recent Developments in the Global Internet of Behaviors (IoB) Market

• In March 2022, Aware, Inc., a well-known authentication business, recently declared a collaboration with cybersecurity software provider MIRACL. With this agreement, Aware hopes to expand the use of its cloud-based biometric authentication system without ransomware issues.
• In August 2022, Google Cloud and Micro Focus' CyberRes collaborate to enable high-scale secure cloud analytics with data privacy.

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