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Internet of Behaviors

The Growing Impact of the Internet of Behaviors

The global Internet of Behaviors (IoB) market is poised for exponential growth, with an expected size of USD 1,997.31 billion by 2030, expanding at a remarkable CAGR of 23.6% from 2023 to 2030. A recent study conducted by Grand View Research, Inc. sheds light on the factors propelling this growth, such as the increasing trend of data collection for behavioral analysis and the widespread adoption of connected devices.

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The term “Internet of Behaviors” (IoB) refers to the use of technology and data to monitor and influence human behavior. It involves collecting and analyzing data from various sources, such as social media, online transactions, wearable devices, and other digital platforms, to gain insights into individual behaviors and patterns.

IoB aims to create a more personalized and targeted user experience by leveraging data analytics, artificial intelligence, and automation. It involves tracking and analyzing data related to individuals’ activities, preferences, and habits to understand their behavior better. This information can then be used to deliver customized services, products, or experiences, or to influence behavior in some way.

In this article, we will explore the implications and potential of IoB, its key industry insights, and the significant players driving innovation in this transformative field.

Key Industry Insights & Findings

  • Large enterprises are expected to witness substantial growth, expanding at a CAGR of 26.5% over the forecast period. This growth is driven by the need to analyze the vast amount of data generated within these organizations, enabling informed decision-making.
  • The advertising campaign segment holds the largest market share in 2022, driven by the growing preference for personalized advertisements using the IoB concept. This approach allows companies to tailor their marketing efforts based on behavioral insights, enhancing customer engagement and conversion rates.
  • The BFSI sector leads in IoB adoption, as it deals with sensitive user data and relies on behavioral analysis to generate statements and enable automatic notifications in applications. This industry accounted for the largest market share in 2022.

Internet of Behaviors Market Growth & Trends

The IoB market is experiencing the entry of numerous players leveraging modern technologies like the Internet of Things (IoT), machine learning, and artificial intelligence (AI). These companies aim to develop user data models across various sectors, including IT & telecom, healthcare, and manufacturing, among others. By utilizing AI and IoT, enterprises efficiently collect large volumes of relevant data to build predictive models that drive decision-making.

Woman lying down on bed and using smart phone at night A woman is lying down on a bed and using a smart phone at night. Internet of Behaviors stock pictures, royalty-free photos & images

During the COVID-19 pandemic, IoB played a vital role in ensuring health protocols at workplaces. Enterprises utilized IoB to monitor and enforce compliance measures, maintaining the safety and well-being of employees. This real-world application demonstrates the versatility and significance of IoB in addressing critical challenges.

North America: A Dominant Force in the Market

North America emerged as the dominant market player in 2022, owing to its advanced technology infrastructure and widespread IoT penetration. The region boasted over 2.8 billion IoT connections as of April 2023, reflecting its technological maturity and readiness for IoB implementation. Additionally, the trend of industrial digitization, coupled with the integration of modern technologies like augmented reality and machine learning, propels the adoption of IoB across various sectors.

Key Players Driving IoB Innovation

The IoB market features a dynamic landscape with several prominent players revolutionizing personalization and analytics. Notable companies leading the charge in IoB include:

  1. Aware, Inc.
  2. Trifacta, Inc. (Alteryx, Inc.)
  3. Vertica Systems (OpenText Corporation)
  4. NICE Ltd.
  5. NuData Security Inc. (Mastercard Inc.)
  6. Riverbed Technology LLC
  7. Qubit Technology (Coveo Solutions Inc.)
  8. CognitiveScale Inc.
  9. Capillary Technologies
  10. Sweet Analytics Limited

These companies bring cutting-edge technologies and expertise to enable comprehensive data analysis, behavioral modeling, and personalized experiences.

Embracing the Future of IoB

The Internet of Behaviors holds immense potential to revolutionize how we understand and interact with data. By leveraging connected devices, advanced analytics, and artificial intelligence, IoB enables organizations to gain profound insights into individual behaviors and preferences. However, it is crucial to navigate ethical considerations and privacy concerns surrounding data collection and usage.

 

 

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