An Outlook on the Factors Backing the Rise of the Global Behavioral Analytics Market to 2026
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Besides, the substantially propelling demand for a multi-layered security approach across various financial institutions, the constant advancements in IoT, and the increasing need for modern security systems shall further augment the market growth in the forecast period, further states the research report, "Global Behavioral Analytics Market Analysis, 2021."
Key Questions Answered in the Study
1. What are the current & future trends in the Global Behavioral Analytics Market?
2. How has the industry been evolving in terms of geography & service adoption?
3. How has the competition been shaping across the globe, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Behavioral Analytics Market?
5. What are the customer orientation, purchase behavior, and expectations from Behavioral Analytics service providers across the globe?
Banking, Financial Services, and Insurance (BFSI) Dominated the Market with the Largest Share
Based on the Industrial Vertical, the Global Behavioral Analytics Market segments into:
• Banking, Financial Services, & Insurance (BFSI)
• IT & Telecommunication
• Retail & Ecommerce
• Others (Energy & Utilities, etc.)
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Here, Banking, Financial Services, & Insurance (BFSI) dominated the market with the largest share in the previous years, owing to the continued adoption of advanced analytics solutions to identify fraudulent transactions, handle data risks, and optimize processes.
Since these solutions enable banks & financial institutions to sort their unstructured data and ensure regulatory compliance with better operational efficiency & enhanced customer experience, their demand has been significant across the BFSI sector.
On-Cloud Behavioral Analytics to Observe a Majority Market Share During 2021-26
Based on the Deployment Type, the Global Behavioral Analytics Market bifurcates into:
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Of both, the On-Cloud deployment of behavioral analytics is projected to witness a majority market share in the forecast period. It principally owes to the rising adoption of cloud platforms across multiple SMEs and large-sized organizations.
Moreover, increasing customer engagement through online platforms like shopping, gaming, transactions, etc., further elevates the need for behavioral analytics with cloud deployment. Nowadays, it is more challenging for internal cyber security to detect advanced cyberattacks. Hence, the adoption of cloud-based behavioral analytics solutions is surging rapidly and shall claim the majority market share in the years to come, reveals MarkNtel Advisors in their research report, "Global Behavioral Analytics Market Analysis, 2021."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Behavioral Analytics Market are IBM Corporation, Microsoft Corporation, Splunk Inc., Varonis Systems Inc., Exabeam Inc., Niara Inc., SAP SE, Oracle Corporation, NTT Data Corporation, and Tibco Software Inc.
1. By Component (Solution (Compromised Credential Detection Solutions, Insider Threat Detection Solutions, Loss Prevention Solution, Others), Service (Professional Services, Managed Services)
2. By Industrial Vertical (Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, Manufacturing, Healthcare, Retail & Ecommerce, Others (Energy & Utilities, etc.))
3. By Organization Size (Large Enterprises, Small & Medium-Sized Enterprise)
4. By Deployment Type (On-Premise, On-Cloud)
5. By Region (North America, South America, Europe, Asia-Pacific, Middle East, and Africa)
6. By Countries (US, Canada, Mexico, Brazil, Germany, France, UK, Italy, Spain, Netherlands, South Africa, UAE, Saudi Arabia, China, India, Japan, South Korea, Australia, Others)
7. By Competitors (IBM Corporation, Microsoft Corporation, Splunk Inc., Varonis Systems Inc., Exabeam Inc., Niara Inc., SAP SE, Oracle Corporation, NTT Data Corporation, Tibco Software Inc., Others)
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