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Internet of Behaviors (IoB) Market size was over USD 451.97 billion in 2023 and is poised to exceed USD 6.88 trillion by 2036, witnessing over 23.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of internet of behaviors is estimated at USD 536.22 billion. The growth of the market can be attributed to the rapidly growing adoption of internet of things (IoT) devices, and increasing developments in machine learning abilities across the globe. In 2021, there were about 9 billion active IoT devices in the world, which is evaluated to grow up to more than 20 billion by the end of 2030. Along with these, behavioral data helps enterprises make more informed decisions and enhance their service quality and value chain in an optimized way. This is also expected to drive market growth significantly in the forthcoming years. Furthermore, rising usage of technologies, such as location tracking, facial recognition and big data, in combination with behavioral events is projected to offer profitable opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
23.3% |
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Base Year Market Size (2023) |
USD 451.97 billion |
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Forecast Year Market Size (2036) |
USD 6.88 trillion |
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Regional Scope |
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The market is segmented by application into advertising campaign, digital marketing, content delivery, brand promotion, and others, out of which, the digital marketing segment is anticipated to hold the largest share in the global Internet of behaviors (IoB) market. This can be accounted to the boom in the use of digital marketing services for lead generation, brand advertising and sales generation. Apart from these, growing usage of social media applications, coupled with high utilization of tools for behavioral analysis and interpretations are also predicted to boost the growth of the market segment in the future. Additionally, on the basis of enterprise size, the small & medium sized segment is assessed to grab the largest share during the forecast period owing to the increasing number of SMEs around the world, and escalating adoption of IoT based technologies among them.
Our in-depth analysis of the market includes the following segments:
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By Enterprise Size |
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By Application |
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By End Use Industry |
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Regionally, the global internet of behaviors (IoB) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is set to hold largest revenue share by 2036, due to growing emphasis of companies to develop new techniques for behavioral analytics, and increasing spending on cloud in the region. For instance, China allocates the largest amount on cloud infrastructure in the APAC region. The total cloud spending in the country was about USD 20 billion in 2020, up from USD 13 billion in 2019. In addition, introduction of high-speed technologies is also expected to fuel the market growth in the region in the coming years. Moreover, the market in North America is projected to acquire the largest share during the forecast period owing to the early adoption of advanced technologies, and strong footprint of prominent market players in the region.
February 2022- Vertica announced the integration with H3C ONEStor for delivering the benefits of cloud-native analytics to enterprise data centers to help them scale their performance and capacity.
June 2020- NICE Actimize declared that it will acquire Guardian Analytics, with the aim to expand AI cloud solutions for financial risk management across different markets.
Author Credits: Abhishek Verma
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