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Internet of Behavior (IoB) Market Trends

Report ID: GMI11057
Published Date: Aug 2024
Report Format: PDF

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Internet of Behavior Market Trends

The growing advancements in data analytics and AI are transforming the market. Techniques including machine learning, deep learning, and natural language processing allow the analysis of complex data sets. These methods uncover hidden patterns and correlations in consumer behavior. AI automates the analysis of large amounts of data, providing real-time insights and predictive analytics. AI algorithms predict future behaviors based on historical data, allowing businesses to tailor their strategies effectively.

AI-driven predictive models can anticipate user needs and preferences, leading to more proactive and personalized engagement. Decision-makers can use these to make more informed choices regarding marketing strategies, product development, and customer engagement.

Companies operating in the market are forming strategic partnerships to develop new analytics solutions to provide information on real consumer behavior. For instance, in March 2024, Orange partnered with Intent HQ, a customer personalization and analytics platform to develop and commercialize the new Market Explorer service, an analytics solution based on Big Data and AI technologies that offer detailed and high-quality information on real consumer behavior in Spain.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of internet of behavior (IoB) reached USD 432.2 billion in 2023 and is set to grow at over 23% CAGR between 2024 to 2032, owing to the proliferation of IoT devices across the globe.

The large enterprises segment held 65% of the market share in 2023 and is expected to cross USD 1.6 trillion by 2032, due to the rise in digital transformation strategies to improve efficiency, enhance customer experience, and data-driven decision-making. ?

North America recorded 38% of the market share in 2023, attributed to the presence of a highly developed technology sector with a strong focus on innovation.

Amazon Web Services (AWS), Google LLC, IBM Corporation, Microsoft Corporation, NICE Ltd., OpenText Corporation, Oracle Corporation, Riverbed Technology LLC, Salesforce, and SAP SE.