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North America Behavior Analytics Market to cross $2bn by 2024

MMS Founder

Article originally posted on Data Science Central. Visit Data Science Central

The North America behavior analytics market is driven by the increasing adoption of the cloud-based services among the SMBs in the region. The SMBs are leveraging on the capabilities of the cloud computing due to the cost-effectiveness, flexibility, and scalability of the technology. Furthermore, the integration of advanced analytics solutions and intelligent algorithms to detect the malicious activities also fosters the market growth. The behavior analytics solutions offer real-time analytics by monitoring the user behavior, malicious activities, and vulnerabilities to identify the potential threats even before they occur and mitigate the impact of attacks.

According to the Graphical Research new growth forecast report titled “North America Behavior Analytics Market analytics based on Deployment Model, Component, End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2017 – 2024”, estimated to exceed USD 2 billion by 2024.

Solutions are leading the component landscape in the North America behavior analytics market with a market share of over 70% in the revenue in 2016. The growth of the market is credited to the growing demand for customized solutions among the industry verticals. The integration of the advanced analytics solutions and the use of intelligent algorithms, such as machine learning and deep learning, to detect malicious activities will also foster the market growth.

Services market is projected to grow at a CAGR of over 48% during the forecast timeline. The market is driven by the growing demand for integration and deployment services among the organizations. Furthermore, the growing need among organizations to focus on core business competencies also augments the demand for the managed services.

Healthcare is anticipated to be the most lucrative sector for the behavior analytics solutions during the forecast period. The healthcare sector is estimated to attain a growth rate of over 45% during the forecast period. The increasing risk of insider attacks among the healthcare institutes is the primary factor propelling the demand.

The key vendors of the behavior analytics solutions are Bay dynamics, Splunk, Inc., Securonic, Inc., Exabeam, Gurucul, Niara, Inc., Sqrrl Data, Inc., Dtex Systems, Rapid7, Veronis, Logrhythm, Vectra Networks, IBM, McAfee, and HPE.

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