The Global Internet of Behaviors Market size is expected to reach $1,818 billion by 2030, rising at a market growth of 22.9% CAGR during the forecast period.
IoB is the main part of the development of SMEs. Most economies, especially those in emerging nations, depend heavily on small and medium-sized enterprises (SMEs). Therefore, SMEs segment would capture more than 65% share of the market by 2030. According to the World Economic Forum, formal SMEs account for up to 40% of the GDP in emerging economies. The inclusion of informal SMEs raises these figures significantly. The WEFprojections show that 600 million new employments would be required by 2030 to accommodate the expanding global workforce, making the development of SMEs an important worldwide policy objective.
Seven out of every ten new jobs that are created in emerging countries are held by small and medium-sized businesses. SMEs may improve their operations and procedures by using IoB. Businesses can spot bottlenecks, inefficiencies, and improvement opportunities by tracking and analyzing employee behaviors and activities. IoB, for instance, can assist in simplifying procedures to enhance productivity and cut costs by studying staff workflows, recognizing time-consuming tasks, and so forth. Some of the factors impacting the market are rising use of IoB in enhancing customer experience and delivering personalized offerings, expanding Internet usage throughout the world, and strict regulations for compliance.
With rising consumer expectations for experiences that are customized just for them, personalization has evolved into a priority.People enjoy being made to feel special and heard. IoB enables businesses to better understand consumer behavior, preferences, and trends so that they may adjust services, marketing campaigns, products, or loyalty programs to these customers. By using this strategy, businesses may win and keep client loyalty. Furthermore, it monitors the response to the suggested tunes and modifies the playlist if the userskipsany song. Industry 4.0, or smart manufacturing, is growing in popularity. Machine-to-machine device integration is being enhanced bythe Internet of Things (IoT). As the number of linked devices rises, the Internet of Things (IoT) will grow. The IoT sector will also grow with the aid of data center colocation services. Increased demand for OTT video content, increased internet access, and growth in the overall number of connected devices in households are further reasons driving up internet demand. All of these factors have increased Internet usage, which has raised the demand for IoBand is propelling the market's expansion.
However, large-scale data breaches from websites that rely on user information, including Facebook, Yahoo, and LinkedIn, have made data privacy a significant political issue in a number of countries. Companies using the IoB idea must take a variety of data privacy rules into account in order to remain compliant with the law, including Gramm-Leach-Bliley Act (GLBA), California Consumer Privacy Act (CCPA), National Institute of Standards and Technology (NIST), General Data Protection Regulation (GDPR), and others. The IoB market's growth may be slowed by restrictive laws that raise entry barriers.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aware, Inc., Alteryx, Inc., Vertica Systems (OpenText Corporation), NICE Ltd., NuData Security Inc. (Mastercard, Inc.), Riverbed Technology, Inc. (Thoma Bravo), Coveo Solutions Inc, Cognitive Scale Inc. (Tecnotree Corporation), Capillary Technologies India Limited, and Sweet Analytics Limited.
IoB is the main part of the development of SMEs. Most economies, especially those in emerging nations, depend heavily on small and medium-sized enterprises (SMEs). Therefore, SMEs segment would capture more than 65% share of the market by 2030. According to the World Economic Forum, formal SMEs account for up to 40% of the GDP in emerging economies. The inclusion of informal SMEs raises these figures significantly. The WEFprojections show that 600 million new employments would be required by 2030 to accommodate the expanding global workforce, making the development of SMEs an important worldwide policy objective.
Seven out of every ten new jobs that are created in emerging countries are held by small and medium-sized businesses. SMEs may improve their operations and procedures by using IoB. Businesses can spot bottlenecks, inefficiencies, and improvement opportunities by tracking and analyzing employee behaviors and activities. IoB, for instance, can assist in simplifying procedures to enhance productivity and cut costs by studying staff workflows, recognizing time-consuming tasks, and so forth. Some of the factors impacting the market are rising use of IoB in enhancing customer experience and delivering personalized offerings, expanding Internet usage throughout the world, and strict regulations for compliance.
With rising consumer expectations for experiences that are customized just for them, personalization has evolved into a priority.People enjoy being made to feel special and heard. IoB enables businesses to better understand consumer behavior, preferences, and trends so that they may adjust services, marketing campaigns, products, or loyalty programs to these customers. By using this strategy, businesses may win and keep client loyalty. Furthermore, it monitors the response to the suggested tunes and modifies the playlist if the userskipsany song. Industry 4.0, or smart manufacturing, is growing in popularity. Machine-to-machine device integration is being enhanced bythe Internet of Things (IoT). As the number of linked devices rises, the Internet of Things (IoT) will grow. The IoT sector will also grow with the aid of data center colocation services. Increased demand for OTT video content, increased internet access, and growth in the overall number of connected devices in households are further reasons driving up internet demand. All of these factors have increased Internet usage, which has raised the demand for IoBand is propelling the market's expansion.
However, large-scale data breaches from websites that rely on user information, including Facebook, Yahoo, and LinkedIn, have made data privacy a significant political issue in a number of countries. Companies using the IoB idea must take a variety of data privacy rules into account in order to remain compliant with the law, including Gramm-Leach-Bliley Act (GLBA), California Consumer Privacy Act (CCPA), National Institute of Standards and Technology (NIST), General Data Protection Regulation (GDPR), and others. The IoB market's growth may be slowed by restrictive laws that raise entry barriers.
Industry Outlook
By industry, the market is divided into BFSI, telecom & IT, media & entertainment, retail & e-commerce, healthcare, manufacturing, power, and others. The telecom and IT segment garnered a remarkable growth rate in the market in 2022. The high rate of smartphone adoption around the world can be credited with segment growth. In order to combat fierce competition and draw customers to their services in the upcoming years, more telecom companies are expected to employ IoB. Similarly, the IT sector will likely use IoB to forecast user behavior for marketing and user retention goals.
Enterprise Size Outlook
On the basis of enterprise size, the market is classified into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment recorded a significant revenue share in the market in 2022. The growth of the segment might be attributed to the huge amounts of data that largebusinesses create and that need to be analyzed to make project decisions. Furthermore, as largebusinesses have a variety of data input methods, including user laptop devices, voice assistant data, mobile phones,and more, the use of IoB in large corporations is predicted to increase. The adoption of IoB in major organizations is also projected to be fueled by the increasing use of real-time data updates based on user behavior to provide live functionality.Application Outlook
Based on application, the market is characterized into advertising campaign, digital marketing, content delivery, brand promotion, and others. The digital marketing segment procured a considerable growth rate in the market in 2022. The increased use of IoB in the creation of successful marketing campaigns might be linked to the growth of the segment. Using predictive data models and the Internet of behaviors, digital marketers may create highly customized and targeted ad campaigns. Additionally, the growing popularity of digital platforms is predicted to fuel segment expansion as marketers choose IoB-based campaigns on these platforms for effective outcomes.Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the largest revenue share in the market in 2022. The increased penetration of contemporary technologies and the trend of technological advancement are expected to fuel the need for IoB. Similarly, the North American automotive sector is predicted to expand and spur demand since businesses can track driver information, including engine stress, speed,distance traveled, and more. It is anticipated that automakers will use behavioral data from IoBto build automobiles that cater to consumer desires.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aware, Inc., Alteryx, Inc., Vertica Systems (OpenText Corporation), NICE Ltd., NuData Security Inc. (Mastercard, Inc.), Riverbed Technology, Inc. (Thoma Bravo), Coveo Solutions Inc, Cognitive Scale Inc. (Tecnotree Corporation), Capillary Technologies India Limited, and Sweet Analytics Limited.
Strategies Deployed in the Market
- un-2023: Aware, Inc. introduced Aware IQ, an AI-powered data platform used for understanding human interactions across an organization. Aware IQ features computer vision (CV) and natural language processing (NLP) models used for behaviour identification. Furthermore, the platform leverages several techniques for analysing conversations.
- Jan-2023: Aware, Inc. partnered with World Wide Technology (WWT), an American software solutions provider, to develop solutions for people insights and security. The partnership would allow Aware to develop solutions for better customer experience as well as security solutions for secure business interactions.
- Jan-2022: Alteryx, Inc. acquired Trifacta, a data analytics solutions provider. The acquisition would add Trifacta's cloud-enabled data analytics solutions to Alteryx's offerings and would allow Alteryx to provide better solutions for data analytics to customers.
- Oct-2021: Coveo Solutions Inc. took over Qubit, a personalization technology provider. The acquisition strengthens Coveo’s Ai-powered personalization portfolio.
- Sep-2021: Capillary Technologies acquired Persuade, a customer experience solutions provider. The acquisition enhances its market share in customer engagement and customer loyalty solutions. Furthermore, the acquisition expands Capillary's presence in North America.
- Aug-2020: Capillary Technologies introduced new features for its platform. The new features include login ability through social media, customer-based product showcase, and Inventory Management prioritization facility.
- Jan-2020: Coveo Solutions Inc. released Coveo for Commerce, an AI-powered customer interaction solution. Coveo for Commerce leverages Coveo’s Automatic Relevance Tuning (ART) to predict buyers' behaviour based on their past behaviours. Additionally, the solution features Coveo’s Dynamic Navigation Experience (DNE) for helping customers in their product search.
Scope of the Study
Market Segments Covered in the Report:
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry
- BFSI
- Media & Entertainment
- Retail & e-Commerce
- Telecom & IT
- Power
- Healthcare
- Manufacturing
- Others
By Application
- Advertising Campaign
- Digital Marketing
- Content Delivery
- Brand Promotion
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Aware, Inc.
- Alteryx, Inc.
- Vertica Systems (OpenText Corporation)
- NICE Ltd.
- NuData Security Inc. (Mastercard, Inc.)
- Riverbed Technology, Inc. (Thoma Bravo)
- Coveo Solutions Inc
- Cognitive Scale Inc. (Tecnotree Corporation)
- Capillary Technologies India Limited
- Sweet Analytics Limited
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Internet of Behaviors Market by Enterprise Size
Chapter 6. Global Internet of Behaviors Market by Industry
Chapter 7. Global Internet of Behaviors Market by Application
Chapter 8. Global Internet of Behaviors Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Aware, Inc.
- Alteryx, Inc.
- Vertica Systems (OpenText Corporation)
- NICE Ltd.
- NuData Security Inc. (Mastercard, Inc.)
- Riverbed Technology, Inc. (Thoma Bravo)
- Coveo Solutions Inc
- Cognitive Scale Inc. (Tecnotree Corporation)
- Capillary Technologies India Limited
- Sweet Analytics Limited
Methodology
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