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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