Global IoB Market

IoB Market Size, Share, Growth Analysis, By Enterprise Size(Small & Medium Enterprises (SMEs), Large Enterprises), By Application(Advertising Campaign, Digital Marketing) - Industry Forecast 2024-2031

Report ID: SQMIG45A2169 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

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IoB Market size was valued at USD 299.35 Billion in 2021 and is poised to grow from USD 370 Billion in 2022 to USD 2015.33 Billion by 2030, at a CAGR of 23.6% during the forecast period (2023-2030).

The IoB Market is witnessing intense competition among industry players as the demand for data-driven behavioral insights continues to grow. Numerous companies are vying to establish their presence and gain a competitive edge in this dynamic market. The competitive landscape comprises a mix of established technology giants, innovative startups, and specialized solution providers. Leading technology companies with extensive resources and expertise in data analytics and IoT are at the forefront of the IoB market. These companies leverage their vast user bases and data infrastructure to offer comprehensive IoB solutions to businesses and governments. They invest heavily in research and development to develop cutting-edge technologies and stay ahead of emerging trends. 'Google (US)', 'Facebook (US)', 'Amazon (US)', 'Microsoft (US)', 'Apple (US)', 'IBM (US)', 'Intel (US)', 'Cisco Systems (US)', 'Oracle (US)', 'Salesforce (US)', 'SAP (Germany)', 'Samsung Electronics (South Korea)', 'Sony (Japan)', 'Huawei (China)', 'Tencent (China)', 'Alibaba (China)', 'Baidu (China)', 'Accenture (Ireland)', 'Siemens (Germany)', 'Ericsson (Sweden))'

The increasing number of IoT devices in various sectors, such as healthcare, retail, manufacturing, and smart cities, generates vast amounts of behavioral data. IoB allows organizations to harness this data to understand customer preferences, improve operational efficiency, and drive innovation.

Hyper-Personalization: Personalization has become a crucial aspect of customer experience, and IoB plays a pivotal role in achieving hyper-personalization. With the help of behavioral data, companies can gain a deep understanding of individual preferences, habits, and needs. Armed with this knowledge, businesses can offer highly tailored products, services, and content to each user. For instance, online retailers can provide personalized product recommendations based on browsing and purchasing behavior, while streaming platforms can curate content playlists based on user preferences. Hyper-personalization enhances customer engagement, fosters loyalty, and ultimately drives business growth.

In 2022, North America emerged as the leading revenue contributor with a substantial market share of 31.6%. This can be attributed to the presence of well-established IT & telecom companies in the region, along with the continuous trend of technological advancements and high adoption rates of modern technologies. The region's booming automobile industry also plays a role in driving demand for IoB solutions. Automobile companies are leveraging IoB to collect valuable driver data, including speed, engine stress, distance traveled, and more. This behavioral data enables them to develop vehicles that align with customer preferences and deliver enhanced driving experiences.

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