Global Internet of Behaviors (IoB) Market Size to Reach USD 3,087.86 Billion in 2032 | Emergen Research
Technological advancements of big data analytics and IoB technology is a major factor driving market revenue growth
Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Internet of Behaviors (IoB) market is anticipated to reach a valuation of approximately USD 3,087.86 Billion by 2032, experiencing a consistent revenue Compound Annual Growth Rate (CAGR) of 23.6 % during the forecast period. This projection is based on the most recent analysis conducted by Emergen Research.
The market's robust growth is primarily attributed to the enforcement of strict regulations governing the utilization of Internet of Behaviors (IoB) technologies across diverse industries. Additionally, the continuous advancements in big data analytics and IoB technology play a pivotal role in bolstering market revenues.
IoB technology revolves around the collection of data, offering crucial insights into consumer behaviors, interests, and preferences. This capability has spurred the adoption of Artificial Intelligence (AI)-driven solutions, which are gaining traction for automating behavioral analysis. These AI-driven solutions effectively identify intricate behavior patterns that would otherwise be challenging to discern through manual means. The IoB sector is currently witnessing the emergence of noteworthy trends, marking a significant evolution in the application and advancement of IoB technology.
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IoB technology plays a pivotal role in extracting valuable insights from extensive datasets, encompassing customer preferences and potential security threats. In addition, wearable devices are gaining momentum as a practical alternative to conventional sensors for gathering behavioral data. These devices offer a user-friendly means of collecting information about user activities, eliminating the need for additional hardware or software installations on the device itself.
Furthermore, there is a notable emphasis on the development of interoperability standards, enabling seamless integration of various platforms utilizing IoB technology across diverse systems and networks. This integration empowers users to access data from multiple sources within a single platform, providing a comprehensive view of their behaviors over time while ensuring strict adherence to privacy and security protocols throughout the entire process.
Nevertheless, it's essential to recognize that the IoB market faces challenges, primarily related to privacy concerns and ethical considerations. The collection and analysis of individual behavior data raise significant privacy issues and ethical dilemmas. IoB's tracking of individual behavioral data can potentially infringe upon individuals' privacy rights and mishandle sensitive data during the collection and analysis phases. Consequently, this could lead to privacy breaches as IoB monitors and analyzes individuals' behavior over extended periods. Striking a balance between the necessity of data collection and the protection of individuals' privacy remains an ongoing challenge.
Additionally, the risk of encountering low-quality data is another factor that could impede market revenue growth. Ensuring the accuracy, reliability, and quality of data is paramount for the effectiveness of IoB applications. Challenges, such as incomplete or inaccurate data and integration issues, have the potential to undermine the reliability and utility of behavioral insights.
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*Scope of Research *
*Report Details* *Outcome*
Market Size in 2022 USD 369.25 Billion
CAGR (2023–2032) 23.6%
Revenue Forecast To 2032 USD 3,087.86 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Data analysis and processing, enterprise size, application method, end use and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled Aware, Inc., ALTERYX, INC., Open Text Corporation, NICE, Mastercard, Riverbed Technology, Thermo Fisher Scientific Inc., CognitiveScale, Capillary Technologies and Sweet Analytics Limited
Customization Scope 10 hours of free customization and expert consultation
*Major Companies and Competitive Landscape *
The global Internet of Behaviors (IoB) market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global Internet of Behaviors (IoB) market report are:
· Aware, Inc.
· ALTERYX, INC.
· Open Text Corporation
· NICE
· Mastercard
· Riverbed Technology
· Thermo Fisher Scientific Inc.
· CognitiveScale
· Capillary Technologies
· Sweet Analytics Limited
*Strategic Development*On 30 January 2023, NICE and Cognizant have unveiled a global strategic partnership aimed at expediting Customer Experience (CX) transformation. This collaboration combines Cognizant's extensive consulting and business transformation expertise with NICE CXone's cutting-edge integrated cloud platform to facilitate the adoption of advanced CX solutions, including digital, analytics, and conversational AI. The partnership is expected to create growth opportunities for both companies within their respective customer bases.*Some Key Highlights From the Report*
· The Artificial Intelligence (AI) and Machine Learning (ML) segment is expected to account for largest revenue share in the global Internet of Behaviors (IoB) market during the forecast period. This is because AI and ML technologies can also be leveraged to anticipate future behavior, empowering businesses to make informed decisions concerning resource allocation and risk management. AI-driven systems have the capability to examine data from IoB, enabling a deeper comprehension of how individuals engage with computers. As a result, computers can respond in a more natural and intuitive manner, enhancing the overall user-friendliness of the interaction.
· The personalized marketing and advertising segment is expected to account for significantly large revenue share in the global Internet of Behaviors (IoB) market over the forecast period. This is because with the help of IoB, marketing agencies and organizations can personalize advertisements based on individual customer interactions with specific products. This allows them to tailor the ads to match each person's interests, maximizing the effectiveness of marketing efforts. IoB presents extensive marketing opportunities as organizations and retailers can identify and target specific individuals or groups that would find their products or services most beneficial. Social media platforms, such as Facebook and Instagram, have already embraced this concept by utilizing IoB to target users based on their behavior towards advertisements, using metrics including click rates. This targeted approach ensures that users only see ads that are relevant to them, while irrelevant content is filtered out. As a result, brands can easily connect with their ideal audience, leading to more successful marketing campaigns.
· The North America market is expected to account for largest revenue share in the global Internet of Behaviors (IoB) market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on 21 September 2020, Amazon introduced Amazon Sidewalk, a neighborhood network powered by the Internet of Behavior, with the aim of improving the performance of devices within homes and extending connectivity beyond the front doors. For instance, users can receive motion alerts from security cameras even when their Wi-Fi is not operational. In addition, if the Wi-Fi signal does not reach smart lights at the driveway's edge, Sidewalk can aid in maintaining their connectivity.
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*For the purpose of this report, Emergen Research has segmented the **global **Internet of Behaviors (IoB) market** based on** data analytics and processing, enterprise size, application, and end-use and region:*
· *Data analytics and processing Outlook (Revenue, USD Billion; 2019–2032)*
· Big Data Analytics
· Artificial Intelligence (AI) and Machine Learning (ML)
· Natural Language Processing (NLP)
· Predictive Analytics
· Pattern Recognition
· *Enterprise Size** Outlook (Revenue, USD Billion; 2019–2032)*
· Large enterprises
· Small & Medium Enterprises (SMEs)
· *Application** Outlook (Revenue, USD Billion; 2019–2032)*
· Personalized Marketing and Advertising
· Healthcare
· Remote Patient Monitoring
· Fitness and activity tracking
· Smart Cities and Urban Planning
· Traffic management
· Public safety
· Workplace Monitoring and Employee Productivity
· Educational Institutions
· Student Behavior Tracking
· Learning Analytics
· Financial Services
· Fraud Detection
· Risk Assessment
· *End-use Outlook (Revenue, USD Billion; 2019–2032)*
· Retail and E-commerce
· Healthcare and Life Sciences
· Transportation and Logistics
· Banking and Financial Services
· Government and Public Sector
· Education
· Manufacturing and Industrial
· Media and Entertainment
· *Regional Outlook (Revenue, USD Billion; 2019–2032)*
· North America
· U.S.
· Canada
· Mexico
· Europe
· Germany
· UK
· France
· Spain
· BENELUX
· Rest of Europe
· Asia Pacific
· China
· India
· Japan
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Rest of LATAM
· Middle East & Africa
· Saudi Arabia
· UAE
· Israel
· Rest of Middle East & Africa
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