Internet of Behavior Market Size, Share, Growth, Trends, and Global Industry Analysis: By Application (Advertising Campaign, Digital Campaign, Content Delivery, Brand Promotion, and Others), By Industry (BFSI, Telecom & IT, Media & Entertainment, Tourism & Travel, Retail & E-commerce, Healthcare, Manufacturing, and Others), and Region Forecast 2020-2031

Internet of Behavior Market size was valued at US$ 462.2 billion in 2023 and is expected to reach US$ 2,107.4 billion in 2030 poised to grow at a (CAGR) of 24.2% from 2024 to 2030. The Internet of Behavior (IoB) involves gathering and utilizing data to influence behaviors. This data is sourced from wearable technologies, individual online activities, and household electronic devices, offering insights into user behavior and preferences. IoB draws upon principles from human psychology, such as consumer buying patterns or online brand engagement, and utilizes advanced technology like machine learning to interpret and track these behaviors. The increasing adoption of data-driven user behavior models by companies is projected to fuel the expansion of the Internet of Behaviors (IoB) market. IoB facilitates better decision-making and enhances operational efficiency by leveraging user data. For instance, companies utilize IoB to gather crucial insights about users, which they apply in advertising, brand promotion, and app development, among other applications.

Moreover, the expanding e-commerce sector is expected to boost the IoB market as there is increasing demand for customer preference models developed through IoB applications. For example, Amazon.com uses user behavior models to forecast which products a user might search for next, displaying them in the suggestions area to enhance the likelihood of a purchase. The growing trend of AI usage in tourism & travel, manufacturing, and media & entertainment sectors is anticipated to drive market growth. Furthermore, the increasing number of IoT devices is expected to be a market driver, as they help capture large amounts of data to generate behavioral models. However, the rapid progress in IoB technologies requires specialized expertise in data science, machine learning, cybersecurity, and behavioral analysis. However, there is currently a shortage of professionals with these skills, which are in high demand among organizations aiming to create successful IoB solutions.

Key Developments

• In January 2023: NICE Ltd. and Cognizant have created a strategic alliance to improve customer experience transformation by combining data analytics, artificial intelligence, and other technologies. The cooperation seeks effective solutions that improve client interactions while driving corporate growth. NICE Ltd. and Cognizant want to use their respective skills to offer new and meaningful customer experiences for organizations across many sectors through this collaboration.
• In March 2022: The well-known authentication startup Aware, Inc. has announced a strategic partnership with cybersecurity software provider MIRACL. Aware hopes to increase the uptake of its ransomware-free cloud-based biometric authentication solution through this collaboration. As the need for strong and dependable biometric authentication techniques in today's digital environment grows, Aware is partnering with MIRACL to improve the security and usability of its authentication solutions.