Internet of Behavior Market

Global Internet of Behavior Market Size (2024 to 2029)

The global internet of behavior market is predicted to reach USD 560.37 billion in 2024 and USD 1,603.44 billion by 2029, growing at a CAGR of 23.4% during the forecast period.

Current Scenario of the Market

The Internet of Behavior (IoB) is perceived as the next big thing in the technology and communication world. The rapid advances in robotics automation, virtual reality (VR), augmented reality (AR), wearable devices, mobile applications, Internet of Things (IoT), cloud computing, big data analytics, machine learning (ML), artificial intelligence (AI) and extensive platforms for gathering behavioral information from groups or individuals has also led to the further development and application of IoB for diverse purposes. Moreover, the IoB is a quickly rising technology with the potential to transform how we communicate with and perceive the world. According to a recent study, it was projected that more than 50 per cent of the global population will be dependent on the Internet of Behavior projects or initiatives by the end of 2025.

MARKET DRIVERS

The escalating demand for predictive analytics and automation is driving the Internet of Behavior market growth.

IoB can considerably enhance productivity and efficiency gains. For instance, IoB devices can be utilised to automate ordinary jobs like scheduling appointments or data entry, making time available for more complicated operations that need superior thinking skills.

Moreover, the industry is also believed to benefit from its ability to provide improved protection for privacy and security for tracking, managing and modelling of consumer behaviour. Sophisticated data encryption methods are employed in these devices, which secure confidential information and continue to ensure at all times simultaneously still granting access only when needed.

Healthcare is another segment contributing to the expansion of the market. With the assistance of data collected from electronic medical records, wearables and other resources, healthcare practitioners can become familiar with patient’s preferences and hates about medical decisions along with their normal health inclinations.

Its application in Smart cities is believed to propel the market forward. IoB can integrate to improve urban planning or strategies and resource distribution according to live traffic data, civil transportation applications and social dynamics or psychology of crowds or groups.

Additionally, the market is persistently moving forward owing to its practical or routine uses at work and home. For instance, to improve the reach and effectiveness of content, advertisements and social posts visible to its 2 billion consumers, Facebook applies predictive models for this purpose which influence the interest of those people and their enjoyment. Even almost all dating apps also utilise IoB to monitor relationships, give recommendations regarding possible partners, etc.

MARKET RESTRAINTS

The Internet of Behavior is a matter of concern from the data confidentiality and security point of view which is a key obstacle for the market growth. Customers at times have no problem in granting access to their information if it benefits them by providing better recommendations and comfort. However, for certain individuals, the hastiness or aggressiveness of data gathered and kept behind the wall or curtain to find answers of what will be the usage of their data causes psychological discomfort. Such information gathered discreetly without the awareness or permission of the consumers blocks the right to privacy. Organisations using the principle of IoB should consider a huge amount of data privacy and protection laws like NIST, CCPA, GLBA, GDPR, HIPAA and other rules and align with legal codes. They should place it at the top of their priority list to take suitable measures to guard the secrecy of the data.

MARKET OPPORTUNITIES 

AI-powered solutions and products are attracting more attention for automatic behavioural analysis facilitated by this technology. These products can assist in detecting trends in consumer behaviour which is otherwise tough for the world to identify manually. Apart from this, the expansion of the market is also expected in the field of wearable devices which are swiftly gaining traction as a substitute for standard sensors for gathering behavioural information. They provide a more useful way of collecting data on customer's activities without the need to integrate extra hardware or software elements into the system itself.

Besides this, compatibility standards are also being formulated with higher emphasis. This will facilitate the various platforms using IoB technology to incorporate smoothly over several devices and networks. Also, it will allow operators to access information gathered from many sources under one platform, giving extensive visibility of their behaviours throughout the period and at the same time holding confidentiality and security protocols over the procedure.

MARKET CHALLENGES

Ethical issues are challenging the expansion of the Internet of Behavior market. There are moral problems with the application of behavioural information, like influence on consumer decision-making or buying patterns and the possibility for discrimination. Another factor impacting the market expansion is reliance on or overuse of technology. IoB depends considerably on technology and networks, which can result in difficulties in domains with weak infrastructure. On the other hand, the same data gathered can be utilised for greedy or malicious purposes too. For instance, 2023 and lately in 2024 saw waves of anti-government protests which have roiled nations throughout the world. As per a study, fresh protests ignited in eighty-eight nations from North Macedonia and Iraq to the Democratic Republic of the Congo and China. This is the biggest challenge for the market players, some of them having an unimaginable amount of public data, to overcome.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Internet of Behavior Market Analysis By Application 

Digital marketing is the biggest user of the Internet of behaviour to gain more website traffic, lead generation and site reach. The segment’s extensive application in the majority of important industries is fuelling the use of IoB. Moreover, the higher adoption rate of big data analytics, the Internet of Things (IoT) and artificial intelligence by companies in every domain is also contributing to the expansion of the segment’s market size. Moreover, coupled with behavioural science, to gather and analyse information from interlinked physical items and systems, it assists in attaining the objective of acquiring an understanding of consumer behaviour, demands, preferences and interests.

Global Internet of Behavior Market Analysis By Enterprise size

Large enterprises are spearheading this segment with a substantial market share of the Internet of Behavior. Considering the volatile financial markets and the evolving consumer preferences and buying patterns in almost all industries, especially in household electronics, FMCG, healthcare, hospitality and travel sectors, there will be a substantial increase in the use of IoB to gain data and insights. In addition, prominent tech organizations like Amazon, Google and Facebook, are part of other unique start-ups, anticipated to infuse large amounts of money into IoB-associated technologies, recognising its prospective part in designing the way operators collect advantages from information. However, the small & medium segment is quickly gaining prominence.

Global Internet of Behavior Market Analysis By Industry

The BFSI segment held the maximum portion of the Internet of Behaviour market share. This can be attributed to the rising adoption of online and mobile banking, fintech developments, and data-centred analytics for personalising consumer experience and simultaneously lowering the threats. In recent times, the frequency of financial fraud, scams and theft has significantly increased the behaviour analysis of customer transaction patterns to detect the gap or weak spot in the entire process.

REGIONAL ANALYSIS

North America held the biggest market share of the Internet of Behavior. This can be attributed to the existence of old information technology and telecommunication companies in the area. In addition, the intensity of technological breakthroughs and the superior penetration of advanced technologies are expected to propel the need for IoB. Likewise, the expanding automobile sector in this region is predicted to generate demand, as industry players can gather key information like distance travelled, engine stress, speed and more. Automotive organizations are believed to utilise this behavioural insight to make vehicles as per consumer needs.

Asia Pacific is foreseen to drive further at a higher growth rate over the estimation period. The region’s market development can be credited to the swift pace of industrial advancement in China, India, Vietnam, South Korea and Japan. Furthermore, smart city projects in emerging nations like India are predicted to influence governments to employ IoB to make intelligent offerings for the general public. For example, it can help traffic lights installed with sensors to decrease delay times when there is low footfall of wayfarers, based on data gathered and analyzed.

KEY MARKET PLAYERS

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

RECENT HAPPENINGS IN THE MARKET

• In May 2024, at the U.S. Department of Health and Human Services (HHS) the Administration for Children and Families (ACF) press released the latest policy guidance and resources concentrated on behavioral health integration in initial childhood initiatives.

By Application 

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

By Enterprise size

• Small & Medium Enterprises
• Large Enterprises

By Industry

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

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa