Top 6 trends likely to transform North America behavior analytics market outlook over 2017-2024

North America behavior analytics market is set to gain major momentum over the ensuing years on account of growing adoption of cloud-based services and increasing need to curb cyber threats. The SMBs in the region are now laying immense focus on making use of cloud computing capabilities owing to the benefits associated with the technology such as cost-effectiveness, scalability and flexibility. In addition, behavior analytics technologies provide real-time analysis by monitoring the user behavior, vulnerabilities and malicious activities for determining potential threats even before they occur as well as minimizing the impact of attacks which will positively influence their adoption in coming years.

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Speaking of cyber-attacks, organizations these days have reported high vulnerability to insider attacks. As per the credible sources, around 55% of the attacks in the U.S. are carried out by the insiders due to more access privilege and large number of device access to sensitive data. This has therefore urged the organizations to focus on plummeting the insider attacks which is anticipated to fuel the adoption of real-time cyber security monitoring solutions in the region.

Reportedly, North America behavior analytics market size is projected to surpass USD 2 billion by 2024, considering the prominence of below mentioned trends:

Strategic initiatives by major industry players

The key players in the market such as IBM Corporation, McAfee, HPE, Splunk, Rapid7, Bay Dynamics, Veronis, Logrhythm and Securonix are inclined on implementing effective business strategies such as developing innovative solutions, mergers and acquisitions to gain a strong market presence. For instance, in 2020, Securonix inked an OEM agreement with Opora, a renowned provider of next-generation cybersecurity that utilizes pre-attack adversary behavior analytics for protecting organizations from suspected threats. According to the company, this partnership is aimed at providing customers with Securonix Adversary Behavior Analytics, which is an advanced solution that allows organizations to protect mission critical assets by analyzing adversary behavior and providing automated and preemptive actions that help prevent attacks and curb adversary threats.

Rising preference for behavioral analytics solutions

Solutions segment across North America behavior analytics market had accounted for a substantial market share of around 70% in 2016 and is expected to grow significantly over time. This can be credited to increasing preference for customized solutions among several industry verticals. Further, integration of advanced analytics solutions and increased application of intelligent algorithms, such as deep learning and machine learning for detecting malicious activities will complement the segment growth.

Increasing demand for services

Services segment is estimated to observe an appreciable CAGR of 48% through 2024 on account of increasing demand for integration and deployment services across various organizations. Moreover, rising inclination of organizations towards core business competencies is likely to enhance the segment outlook further.

Growing adoption across healthcare sector

Behavior analytics has gained massive momentum across the healthcare segment, which as per the industry experts is expected to register a notable CAGR of 45% through 2024 in the overall market space considering the increasing threat of insider attacks among healthcare institutions. 

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Increasing popularity in BFSI vertical

BFSI segment had recorded a sizeable market share of over 20% in 2016 and is expected to grow exponentially over the upcoming years. The growth can be attributed to increasing risk of cyber and insider attacks across banks, insurance and other financial institutions. As these financial institutes are highly data-intensive and hold large chunks of data pertaining to ATMs and credit card, any incidence of data breach leads to huge financial losses. This has urged the financial institutes to adopt advanced security solutions for addressing the potential risk of such insider attacks. 

Expanding technology industry in the U.S.

The U.S. stands to be one of the most lucrative hubs for the North America behavior analytics market attributing to higher adoption of cloud services among SMBs coupled with increasing digital data. Moreover, the rising trend of Bring Your Own Devices (BYOD) and growing risk of cyber-attacks has favored the industry growth further. Another important factor complementing business growth is the presence of major players, such as IBM, Rapid7 and Splunk, in the region. For the records, in 2016, The U.S. behavior analytics market had secured a substantial revenue share of 75%.

Table of content:

Chapter 1.Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology

Chapter 3.Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

 

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