Improved cyber security

The research finds that behaviour analytics is a surging functionality that has immense significance in the betterment of cyber security and operational efficiency. It empowers organisations to identify the anomaly, insider threat, and probable fraud by harnessing the power of user and entity behaviour analytics.

Similarly, as business enterprises gradually adopt higher-level technology Al and machine learning behaviour analytics solutions also increase in terms of accuracy and adaptability. This allows the maturing of security postures, reduction of operational risks, and the making of data-driven decisions in pacing up to the threats that are rapidly morphing.

The offering in this sector includes solutions like user and entity behaviour, A/B testing, Feedback and voice of the customer (VOC), Heatmap among other solutions like session replay, and website conversion optimisation. This further can be divided into customer-centric and employee-centric. Applications in this segment involve customer engagement, brand promotion, workforce optimisation, threat detection, and prevention applications, many more of which can be further categorised into applications like personalised recommendations, product development, and compliance management. T

For the purposes of the report, the verticals segment includes BFSI, Retail & Ecommerce, Telecom, IT & ITES, Media & Entertainment, Healthcare, Government & Defense, Travel & Hospitality, and Other verticals, which include Transportation & Logistics and Energy & Utilities. These together provide a composite, deep view into the evolving landscape of behavioural analytics and its likely business implications.

Retail interactions segment shows good business prospects

Customer engagement would have the largest market size during the forecast period, owing to the fact that this segment potentially might register high growth by enhancing and personalising customer interactions. Enterprises are leveraging behaviour analytics to develop rich insights into customer preferences, purchasing habits, and interaction patterns. It therefore allows business organisations to come up with highly targeted marketing strategies, to base most of their offerings on the needs of customers, and to improve the quality of service.

On the other hand, this better satisfies and creates more loyalty among customers, which again turns into more efficient strategies of customer engagement and retention. Coupled with this, the delivery of customised experiences that would be carried out in a way that would give a differentiating edge over their peers, especially with regard to closer ties with customers, has increased demand for behaviour analytics solutions in the customer engagement space.

Service sector is the obvious stronghold due to complexity

The service segment is bound to grow at a higher rate in the forecast period, as more demand arises for support and expertise to deploy and manage behaviour analytics solutions. In contrast to product-based offerings, services are comprehensive in nature, where implementation and customisation, continuous support would be required to use such behaviour analytics tools to their full functionality by organisations. Consequently, the business starts striving to adopt these solutions in their existing system and optimally tunes them for its needs; therefore, increasing demand for professional consulting, training, and technical support. On the whole, behaviour analytics solutions are complex in nature and require special kinds of knowledge and are always in a phase of maintenance in order to fight off threats and problems of businesses.

Asia Pacific expected to maintain high growth 

The factors that may drive the market growth rate higher in this region during the forecast period include the rapid digital transformation in Asia-Pacific and increasing adoption of advanced technologies, including cloud computing, Al, and machine learning, which are part and parcel of behaviour analytics solutions. As companies in the region look toward improving cyber security and gaining better insights into user behaviour, demand is high, surging for tools that can provide behaviour analytics. This coupled with the rise in cyber threats and data breaches has called for organisations. As such, they tend to incur more expenditures for better analytics solutions while securing their assets. Again, according to Marketsnandmarkets, the rising middle-class populations, together with growing technology start-ups and established firms, create the demand for behaviour analytics to achieve operational efficiency and consumer engagement. In this regard, the mix of technological growth, heightened security concerns, and growing digital economy acts as the underpinning for the higher growth rate in the behaviour analytics market of APAC.

Market players

The major vendors covered in the behaviour analytics research include firms such as, Qualtrics, Opentext, Microsoft, Cicso, IBM, Zoho, Oracle, Varonis Systems, Fortinel, Securonix, Teradata, Google, Adobe, SAS Institute, Qlik, Contentsquare, Exabeam, Clevertrap, Dtex Systems, Mouseflow, Gurucul, Netspring, Visier, Teramind, Splashbi, Amplitude, and Prohance, amongst others. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the behavioural analytics market.