Global Internet of Behaviors Market Insights Forecasts to 2032

• The Global Internet of Behaviors Market was valued at USD 362.35 Billion in 2022.
• The Market is growing at a CAGR of 23.5% from 2022 to 2032.
• The Worldwide Internet of Behaviors Market is expected to reach USD 2,990.87 Billion by 2032.
• Asia-Pacific is expected to grow fastest during the forecast period.

The Global Internet of Behaviors Market is expected to reach USD 2,990.87 Billion by 2032, at a CAGR of 23.5% during the forecast period 2022 to 2032.

Market Overview

The internet of behaviors (IoB) is an emerging concept that revolves around the collection and analysis of data from various sources to understand and influence human behavior. It combines technologies such as artificial intelligence, big data analytics, and the internet of things (IoT) to gather information from different digital touchpoints, including social media, wearable devices, and surveillance systems. By leveraging this vast amount of data, IoB aims to enable organizations and governments to gain insights into individual behaviors, preferences, and decision-making patterns. These insights can then be utilized to deliver personalized experiences, improve public services, enhance marketing strategies, and optimize operational efficiency. However, the Internet of Behaviors also raises concerns about privacy, data security, and the ethical implications of monitoring and manipulating individual behavior. As IoB continues to evolve, it will undoubtedly shape the way societies function, impacting various aspects of our lives, both positively and negatively.

Report Coverage

This research report categorizes the market for internet of behaviors market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the internet of behaviors market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the internet of behaviors market.

Driving Factors

The internet of behaviors (IoB) market is driven by the increasing availability of data from various digital touchpoints, such as social media platforms, wearable devices, and IoT sensors, provides a rich source of information for behavior analysis. Additionally, advancements in artificial intelligence and big data analytics technologies enable organizations to process and derive actionable insights from this data at scale. The demand for personalized experiences and targeted marketing strategies also fuels the growth of the IoB market. Moreover, the rising adoption of smart cities and connected devices, coupled with the need for improved public services and operational efficiency, drives the implementation of IoB solutions. However, it is important to address privacy and ethical concerns surrounding data collection and usage to ensure the responsible and ethical implementation of IoB technologies.

Restraining Factors

The internet of behaviors (IoB) market faces several restraints that need to be addressed because privacy concerns arise due to the extensive data collection and analysis involved, raising questions about data security and individual rights. Ethical considerations also come into play, as the manipulation of behavior raises concerns about consent and autonomy. Additionally, the lack of standardized frameworks and regulations for data usage and privacy poses challenges for the widespread adoption of IoB solutions. The potential for data breaches and cyber threats further adds to the apprehension surrounding IoB implementation. Overcoming these restraints requires a careful balance between leveraging data for insights while safeguarding privacy, implementing robust security measures, and establishing clear ethical guidelines and regulatory frameworks.

Market Segmentation

• In 2022, the BFSI segment accounted for around 20.7% market share

On the basis of the end-use industry, the global internet of behaviors market is segmented into BFSI, telecom & IT, media & entertainment, tourism & travel, retail & e-commerce, healthcare, manufacturing, and others. The BFSI (Banking, Financial Services, and Insurance) segment has emerged as the leader, accounting for the largest market share in the Internet of Behaviors (IoB) landscape. This can be attributed to several factors specific to the industry, the BFSI sector heavily relies on customer data to provide personalized financial services, manage risk, and make informed decisions. The IoB enables organizations in this sector to gather and analyze vast amounts of behavioral data from multiple sources, such as transaction histories, online interactions, and social media sentiments. These insights allow BFSI companies to enhance customer experiences, tailor product offerings, and detect fraudulent activities. Moreover, the integration of AI-driven chatbots and virtual assistants enhances customer interactions and enables efficient query resolution. Additionally, the BFSI industry faces stringent regulations regarding customer data privacy and security. IoB solutions offer advanced data protection measures and compliance frameworks, making them highly suitable for the sector. With the growing focus on personalized financial services and the need to remain competitive, the BFSI segment is expected to retain its dominance and continue expanding its market share in the IoB space.

• In 2022, the digital marketing segment dominated with more than 28.3% market share

Based on the application, the global internet of behaviors market is segmented into advertising campaign, digital marketing, content delivery, brand promotion, and others. The digital marketing segment has emerged as a major contributor to the overall market share in the Internet of Behaviors (IoB) landscape. This can be attributed to several key factors, such as  the increasing shift towards digital platforms and online channels for marketing purposes has created a substantial demand for IoB solutions within the digital marketing realm. By harnessing behavioral data from various sources, including social media, web analytics, and online consumer interactions, digital marketers can gain valuable insights into consumer behavior, preferences, and trends. These insights enable them to tailor marketing strategies, deliver personalized campaigns, and optimize customer targeting. Furthermore, the integration of artificial intelligence and data analytics technologies within digital marketing platforms enhances the efficiency and effectiveness of marketing efforts, leading to improved customer engagement and conversion rates. As businesses increasingly recognize the value of data-driven marketing strategies, the digital marketing segment is expected to continue its growth and retain its significant market share in the IoB landscape.

Regional Segment Analysis of the Internet of Behaviors Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America dominated the market with more than 31.4% revenue share in 2022.

Based on region, North America has emerged as a dominant player in the internet of behaviors (IoB) market, accounting for the largest revenue share. Several factors contribute to a technologically advanced infrastructure, including a high penetration of connected devices, extensive internet coverage, and widespread adoption of digital platforms. This enables the collection of vast amounts of behavioral data from various sources. Moreover, North America has a mature ecosystem of technology providers, research institutions, and industry leaders driving innovation in AI, big data analytics, and IoT. Additionally, the region has a strong culture of consumer data-driven marketing and personalization, creating a demand for IoB solutions. Furthermore, regulatory frameworks in North America, such as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), have prompted organizations to invest in compliant IoB technologies. Overall, these factors contribute to North America's significant revenue share in the IoB market.

Recent Developments

• In January 2023, NICE Ltd. and Cognizant have created a strategic alliance to improve customer experience transformation by combining data analytics, artificial intelligence, and other technologies. The cooperation seeks to provide effective solutions that improve client interactions while also driving corporate growth. NICE Ltd. and Cognizant want to utilise their respective skills to offer new and meaningful customer experiences for organisations across many sectors through this collaboration.

• In March 2022, Aware, Inc., a renowned authentication company, has revealed a strategic collaboration with cybersecurity software supplier MIRACL. Through this partnership, Aware aims to expand the adoption of its ransomware-free cloud-based biometric authentication technology. By joining forces with MIRACL, Aware seeks to enhance the security and usability of its authentication solutions, catering to the growing demand for robust and reliable biometric authentication methods in today's digital landscape.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global internet of behaviors market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Companies:

• Aware, Inc.
• Trifacta, Inc.
• Vertica Systems
• NICE Ltd.
• NuData Security Inc.
• Riverbed Technology LLC
• Qubit Technology
• CognitiveScale Inc.
• Capillary Technologies
• Sweet Analytics Limited

Key Target Audience

• Market Players
• Investors
• End-Users
• Government Authorities 
• Consulting and Research Firm
• Venture Capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Global Internet of Behaviors Market based on the below-mentioned segments:

Internet of Behaviors Market, By Application

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

Internet of Behaviors Market, By Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

Internet of Behaviors Market, By End-Use Industry

• BFSI
• Telecom & IT
• Media & Entertainment
• Tourism & Travel
• Retail & E-commerce
• Healthcare
• Manufacturing
• Others

Internet of Behaviors Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa