Global Executive Search specialists within Physical and Cyber Security Sectors.The latest report on the Identity Analytics Market with global forecast to 2023, projects the market to reach USD 1,093 million by 2023, at a CAGR of 30.3% from 2018 to 2023. This is according to Marketsandmarkets, whose analysts predict that identity analytics is the next evolution of the Identity, Governance, and Administration (IGA) sector.
Identity analytics solutions combine the power of big data and advanced analytics and help to detect identity-based risks across organisation’s IT infrastructures. The identity analytics market is expected to grow from USD 291 million in 2018 to USD 1,093 million by 2023, at a Compound Annual Growth Rate (CAGR) of 30.3% during 2018–2023. The reserachers found that the major factors driving the growth of the identity analytics market are increasing concerns about managing stringent industry regulations and compliances, rising number of identity-based risks across organisations, and increasing demand for mobility solutions.
The fraud detection application segment is expected to grow at the highest CAGR from 2018 to 2023. Fraud detection applications with applied analytics help detect fraudulent activities and the possibilities of fraud incidents happening in the future. Fraud detection is essential in enterprises to avoid incidents of fraud. Fraud authentication helps enterprises maintain the authenticity of transactions/information by blocking unauthorised access to information or identifying false inputs from users. Fraud detection and prevention is critical in several areas such as insurance claims, money laundering, electronic payments, bank account frauds, bank cards and check frauds, employee frauds, identity frauds and thefts, individual frauds, and investment, tax, and inheritance frauds. The market size of the fraud detection application is expected to grow at the highest CAGR during the forecast period.
The identity analytics market is segmented by component into solution and services. The services segment is expected to grow at the highest CAGR from 2018 to 2023. As the market for identity analytics solutions continues to grow, the market for services associated with identity analytics is also expanding. Services offered, whether managed or professional, allow enterprises to safeguard their users and devices from unauthenticated access. The market for identity analytics services is growing due to the increased demand among organisations to offer enhanced customer services and convenience for users.
Within the report, the global market is segmented by region into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, being a technologically advanced region, has the highest number of identity analytics vendors. The region has witnessed prominent implementation of identity analytics solutions across various industry verticals such as BFSI, retail, healthcare, government, and IT and telecom. As a result, the region is expected to be the largest market for identity analytics solutions. Moreover, several industry verticals in the APAC region are investing heavily in the adoption of identity analytics solutions to streamline their internal operations and minimize costs. The integration of advanced analytics with the traditional Identity and Access Management (IAM) solutions is changing the way businesses are conducted across varied industry verticals.
The report encompasses the different strategies such as partnerships and collaborations, mergers and acquisitions, and product developments adopted by the major players to increase their market share. Some of the major technology vendors named by the analysts in the identity analytics market are Oracle, Verint Systems, Logrhythm, Quantum Secure, Net IQ, Hitachi ID Systems, Sailpoint Technologies, Happiest Minds, Gurucul, Centrify, One Identity, Evidian, Brainwave GRC, ID Analytics, Nexis GmbH, Confluxsys, IDAX Software, Okta, Novetta, Prolifics, Netowl, Anomalix, Traxion, and Threatmetrix.