According to Market Research Future (MRFR), the global identity analytics market had a valuation of USD 245 million in 2017 and is anticipated to reach USD 2 billion with 30% CAGR from 2018 to 2023 (forecast period). The study identifies the strengths, opportunities, challenges, and emerging market risks and provides an extensive analysis of the global business environment with the effects of COVID-19.
Owing to the rapidly evolving IT environment, hackers have discovered new ways to access valuable information and disrupt business operations. Growing dependence on web applications leads to an exponential increase in cyber-attacks, including advanced persistent threats. The use of web applications for transactions and related activities has contributed to an increase in identity theft. With the advent of social networking sites, it has become easier for attackers to collect information from users. Identity access management solutions, such as identity analytics, are being adopted by organizations to combat these advanced threats.
Growing instances of identity-related fraud and data breaches, high growth in networked communication, increased use of smartphones and the internet for routine tasks assisted by adoption of BYOD trend by enterprises, rising cloud adoption, and innovations in connected technology such as IoT are some of the driving factors of the industry. Nevertheless, the lack of sufficient privileged access control is one of the significant issues facing companies. Whereas, lack of expertise and compliance with dynamic regulatory requirements are some of the main factors that may impede market growth in the coming years. Furthermore, the emergence of artificial intelligence-enabled identity analytics solutions and an increase in the big data market’s growth are expected to provide a positive opportunity for market growth.
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The global identity analytics market has been segmented into component, deployment mode, organization size, application, and vertical.
By component, the global identity analytics market has been segmented into hardware, solution, and services. The hardware segment is further divided into security devices and servers. Whereas, the services segment is further divided into professional and managed services
By deployment, the global identity analytics market has been segmented into on-premise, on-cloud, and hybrid.
By organization size, the global identity analytics market has been segmented into SMEs and large enterprises
By application, the global identity analytics market has been classified into account management, fraud detection, threat management, risk scoring and evaluation, data analytics, and others.
By vertical, the global identity analytics market has been classified into BFSI, Government & defense, IT & telecommunication, retail, manufacturing, energy & utilities, transportation, and healthcare, among others.
Region-wise, the global identity analytics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the world.
North America leads the identity analytics market, followed by Europe and the Asia Pacific. North America, particularly the United States, is a technically advanced region due to the presence of key players like Oracle, Verint, and LogRhythm, among others. In addition, increasing cyber-attacks in the region have increased the adoption of identity analytics solutions among verticals such as government, BFSI, and defense. In addition, the government mandate regulations to reduce the rising incidence of cybercrime in the region.
Europe is the second-largest revenue-generating market for identity analytics. Developing digital technology and growing demand for advanced solutions for corporate security and public infrastructure are key factors contributing to the growth of identity analytics market in the region.
Asia Pacific is expected to rise with the fastest growing CAGR in the forecast period. Advancement in digital technology, growth in networked communication, increasing awareness of IoT and cloud, resulting in an increase in the rate of adoption of connected devices, and improving economies of countries such as India, Japan, and Australia are some of the main factors in the growth of the identity analytics market in the region.
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The global identity analytics industry is characterized by many global, regional, and local vendors. MRFR has identified the following key players in the market – Oracle, Verint Systems, LogRhythm, Quantum Secure, NetIQ, Hitachi ID Systems, SailPoint Technologies, Gurucul, Evidian, Brainwave GRC, ID Analytics, Nexis GmbH, IDAX Software, Novetta, Net Owl, Anomalix, Traxion, Propentus, Beta Systems, and ThreatMetrix among others.
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