The Behavior Analytics Market is set to grow from its current market value of more than $200 million to over $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 market 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.
Besides these, advanced behavior analytics market systems also offer certain benefits over conventional security enterprise systems, such as end to end protection, automated response and access control.
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 the growing threat of insider attacks and data breaches among healthcare institutes, which poses a financial risk. Besides, healthcare institutes are more exposed to the risk of insider attacks owing to the 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 market solutions.
Growing adoption of cloud-based behavior analytics market solutions is driving the global revenue, a trend that is expected to resonate across the forecast timeline. 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. Asia Pacific is estimated to register considerable growth with around 45% CAGR during the forecast timeline owing to the increasing internet penetration and growing smartphone adoption as well as demand for mobile applications in the region.
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. Some of the major vendors of the behavior analytics market solutions 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 example, 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.
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