The global Internet of Behaviors (IoB) market size is expected to reach USD 3.087.86 Billion in 2032 and register a steady revenue CAGR of 23.6% over the forecast period, according to the latest analysis by Emergen Research.
Stringent regulations on the use of Internet of Behaviors (IoB) in various industries and technological advancements of big data analytics and IoB technology are key factors driving market revenue growth. The use and advancement of IoB technology are undergoing rapid progress, and the industry is witnessing emerging trends. Internet of Behaviors (IoB) refers to gathering data, which offers important information on client behaviors, interests, and preferences. Facilitated by this technology, Artificial Intelligence (AI)-driven solutions are gaining popularity for automating behavioral analysis, which are effective in identifying behavior patterns that might be challenging to detect manually.
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Key Highlights:
- The Artificial Intelligence (AI) and Machine Learning (ML) segment is expected to account for largest revenue share in the global Internet of Behaviors (IoB) market during the forecast period. This is because AI and ML technologies can also be leveraged to anticipate future behavior, empowering businesses to make informed decisions concerning resource allocation and risk management. AI-driven systems have the capability to examine data from IoB, enabling a deeper comprehension of how individuals engage with computers. As a result, computers can respond in a more natural and intuitive manner, enhancing the overall user-friendliness of the interaction.
- The personalized marketing and advertising segment is expected to account for significantly large revenue share in the global Internet of Behaviors (IoB) market over the forecast period. This is because with the help of IoB, marketing agencies and organizations can personalize advertisements based on individual customer interactions with specific products. This allows them to tailor the ads to match each person's interests, maximizing the effectiveness of marketing efforts. IoB presents extensive marketing opportunities as organizations and retailers can identify and target specific individuals or groups that would find their products or services most beneficial. Social media platforms, such as Facebook and Instagram, have already embraced this concept by utilizing IoB to target users based on their behavior towards advertisements, using metrics including click rates.
Some major companies in the global market report include:
Nouryon, Dow, Cortec Corporation, Ashland, Ecolab, Henkel Ibérica, S.A., The Lubrizol Company, BASF SE, DuPont de Nemours, Inc., and Baker Hughes, a GE company LLC.
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