Global Internet of Behaviors (IoB) Market

Internet of Behaviors (IoB) Market Overview

The global Internet of Behaviors (IoB) market was valued at USD 381.31 billion in 2021 and is projected to hit around USD 1,854.76 billion by 2028, expected to grow at a compound annual growth rate (CAGR) of 24.7% from 2022 to 2028. The Internet of Behavior (IoB) is a concept that combines technology and behavioral research to study and affect people’s attitudes about products and services. It is based on the Internet of Things (IoT). Facial recognition, location tracking, and big data are being combined and matched to behavioral events, expected to drive the global market. Behavioral data is also assisting organizations in making more informed decisions and maximizing the quality of their service and value chain. Additionally, how businesses function and execute their business plans has changed dramatically due to continued digitalization. Digital marketing has primarily supplied organizations with an effective tool for connecting with various industry stakeholders through multiple channels, such as email, instant messaging, and social networking, which is expected to enhance the IoB market globally over the forecasted period.

What is an Internet of Behaviors (IoB) Market?

The Internet of Behavior, or IoB, is a term that refers to the study of behavioral data gathered from the Internet of Things and other sources and then attempting to put it to good use. The Internet of Behaviors provides organizations with cutting-edge tools for promoting products and services and influencing the behavior of users and employees. In other words, it’s a novel technology concept based on data mining of users’ online activities from a behavioral psychology standpoint. The Internet of Business has evolved into a new yet effective instrument for sales and marketing in firms worldwide. Businesses can have a deeper understanding of their customers due to this, allowing them to be more satisfied.

Growth Drivers

Rising IoT market

There are over USD 17.2 billion IoT devices in use today. This, together with significant advances in machine learning capabilities, has cleared the way for a new technology called the Internet of Things (IoT) (Internet of Behavior). By 2025, IoT is expected to have an economic impact of between USD 4 trillion and USD 11 trillion. In addition, the IoB market is predicted to grow at a positive rate due to the advancement of wireless networking technologies, the rise of advanced data analytics, a decrease in the cost of connected devices, and an increase in cloud platform use. The internet of things (IoT) technology enables numerous smart gadgets to communicate and share data. Furthermore, sensors, cellphones, and wearables, among other smart devices, collect vital data, which is then used to improve the customer’s experience. The growing demand for data analysis and analytics integration is expected to push the Internet of Things market, which is predicted to accelerate the global IoB market over the projected period from 2022-to 2028.

Restraints

Data Security Concerns

Data, which is at the core of digital transformation solutions, remains a vital part that most businesses struggle to manage. Security breaches and data losses have escalated due to the inefficiencies of managing exabytes and petabytes of data. Marketing teams require real-time and secure data to provide an outstanding client experience in today’s competitive industry. Additionally, organizations are collecting data from various sources and measuring it online. Such information is utilized for support and communication, and it might be in a variety of formats, which is estimated to boost the global market. Public data, big data, and tiny data obtained from clients are all instances of these data kinds. Organizations will demand more robust security and privacy as IoB grows more pervasive to prevent breaches. Furthermore, the issue of security jeopardizes digitization’s effectiveness. Such pervasive attacks hamper the rapid adoption of digital transformation across data-intensive industrial sectors. However, as the benefits of technology adoption continue to exceed the hazards and overall advancements on the data security front, this picture is projected to alter throughout the forecast period progressively.

Pre Covid-19 Impact on Global Internet of Behaviors (IoB) Market

Before the pandemic, the market’s rise was ascribed to folk’s increasing demand for mobile devices for obtaining information on the go and the continuous transition from desktop PCs to smartphones. The rise of smartphones has prompted consumers to consume more digital media, prompting marketers to place more online ads on social media and other digital platforms to gain greater exposure and visibility.

Covid-19 Impact on Global Internet of Behaviors (IoB) Market

The COVID-19 epidemic, which prompted a paradigm shift in how people utilize different apps, has had a favorable impact on industry growth. As a result, in the aftermath of the pandemic and the ensuing economic collapse, app developers have been examining their advertising setups and enhancing their capabilities to push for more responsibility and transparency with partners. In September 2020, for instance, HubSpot, Inc. of the United States announced the addition of additional updates and functionality to its platforms to assist businesses in dealing with the obstacles brought by the pandemic outbreak.

Post Covid-19 Impact on Global Internet of Behaviors (IoB) Market

As smartphone usage rises and high-speed mobile networks spread out, advertisers are increasingly resorting to mobile advertising. Retailers emphasize location-based advertising services and provide shoppers with personalized updates on items, offers, and discounts, resulting in a rise in the demand for digital marketing, which is expected to boost the market post-covid-19.

By Application

The market is categorized into Advertising Campaigns, Digital Marketing, Content Delivery, Brand Promotion, and Others. The Digital Marketing segment is expected to hold a significant share of the global Internet of Behaviors (IoB) market over the forecast period. Because the internet of behavior (IoB) requires an internet connection, digital marketing services will be among the major beneficiaries of IoB technology. Digital marketing is a field that markets products and services to individuals worldwide using data as its primary commodity. They will be better positioned to contact consumers after the purchase process if they have access to behavioral analysis and interpretation technologies.

By Industry

The market is classified as BFSI, Telecom and IT, Media and Entertainment, Tourism & Travel, Retail and e-Commerce, Healthcare, Manufacturing, and Others. The BFSI segment is estimated to have a significant share of the global Internet of Behaviors (IoB) market over the forecasted period by 2028. In the BFSI industry, IoB is commonly used for statement creation and automatic notification applications. By quickly detecting a customer’s most favored channels and distributing targeted messages across only those channels, brands can maintain an omnichannel presence. Financial institutions and retail banks are prioritizing consumer interaction through location-based advertising. The adoption of IoB in the BFSI business is projected to be fueled by these factors.

By Region Segment Analysis

The market is bifurcated into North America, Europe, Asia-Pacific, South America, and The Middle East & Africa. The adoption of the internet of behaviors in North America is expected to rise rapidly. North America’s early embrace of developing technologies, substantial R&D spending, growing usage of smart connected devices, and start-up culture have contributed to the region’s IoT boom. Furthermore, North America has made significant progress in IoT adoption, particularly in the industrial and automotive industries. Because of the demand for IoT, cloud platforms are seeing rapid acceptance, boosting the internet of behaviors market’s growth over the forecast period.

Competitors Analysis

The Companies Aware Inc., Trifacta, NuData Security, Mazu Networks Inc., Traceable, Guardian Analytics, Vertica Systems, Qubit Digital, Cognitive Scale, Capillary Technologies, and Other Prominent Players on the Internet of Behaviors (IoB) Market. Key Stakeholders

• Market research and consulting firms
• Industry Associations
• Local Governments
• Regulatory bodies
• Internet of Behaviors (IoB) Market providers
• Service Providers

Recent Developments

• In September 2021, Aware, Inc., a leading global provider of biometrics software products, solutions, and services, will demonstrate its digital identification expertise in numerous sessions at the Identity Week London 2021 conference, which will take place in London, England, from September 22 to 23. Identity Week London is an appropriate event for Aware to highlight its strong biometric knowledge and solutions for password-less authentication and identity ownership, emphasizing digital identity and sophisticated authentication technologies.
• In November 2020, Maxar Technologies’ AFIX™ suite of biometric products was acquired by Aware, Inc., a major global provider of biometrics software products, solutions, and services. The Aware ABIS product family has grown with the addition of AFIX, which delivers turnkey face and fingerprint biometric matching and forensic analysis software for small and medium-sized law enforcement and government agencies.

Scope of the Report

Report Attribute	Details
Market size value in 2021	USD 381.31 Billion
The revenue forecast in 2028	USD 1,854.76 Billion
Growth Rate	CAGR of 24.7% from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies Aware Inc., Trifacta, NuData Security, Mazu Networks Inc., Traceable, Guardian Analytics, Vertica Systems, Qubit Digital, Cognitive Scale, Capillary Technologies, and Other Prominent Players on the Internet of Behaviors (IoB) Market.

Market Modelling

By Application

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

By Enterprise Size

• Small & Medium Enterprises (SMEs)
• Large Enterprises

By Industry

• BFSI
• Telecom and IT
• Media and Entertainment
• Tourism & Travel
• Retail and e-Commerce
• Healthcare
• Manufacturing
• Others

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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