Global Identity Analytics Market Scenario
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.
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Market Dynamics
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.
Market Segmentation
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.
Regional Analysis
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.
Key Players
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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