Identity Analytics Market Insight
Identity analytics plays an elementary role in the information and technology industry. The Identity analytics market 2020 depends on this factor significantly, and based on this, it could expect an impactful growth of 30% CAGR during the forecast period (2018-2023), reveals Market Research Future (MRFR) in an extensively studied report. At this pace, the market will be gaining a valuation of USD 1-2 billion within the same timeframe. The market earlier grabbed USD 245 million shares in 2017.
Identity Analytics Market Top Market Players
Market Research Future has recognized some of the key players in the market, who are listed as Verint Systems, Oracle, Quantum Secure, LogRhythm, Hitachi ID Systems, NetIQ, Gurucul, SailPoint Technologies, Brainwave GRC, Evidian, Nexis GmbH, ID Analytics, Novetta, IDAX Software, Anomalix, Net Owl, Propentus, Traxion, ThreatMetrix and Beta Systems.
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Top Impactful Factors
The growth of identity analytics market touching sky limits accredited to some of the important factors such as rising instances of identity related frauds and data breaches, escalating adoption of Smartphones, high growth in networked communication, and internet for routine tasks that are supported by BYOD trend, mounting adoption of cloud, and development in connected technology such as IoT. These are some of the prime driving factors of the market.
In fact, the intensifying need to secure device and user from the unlawful access is invigorating growth of the global identity analytics market during the course of anticipated period. The growing demand for mobility solutions and rising number of identity theft are other essential factors supporting growth of the global identity analytics market in coming years. The study by MRFR has also revealed that the rising demand for mobility solution and growing rate of identity related risks have been influential factors positively boosting growth of the global identity analytics market.
Furthermore, fraud detections applications are also highly being utilized to detect the fraud activity and risks happening are another prospects propelling growth of the global identity analytics market in coming years. Fraud preclusion and detection are incredibly crucial in various fields such as individual fraud, identity fraud, and inheritance fraud. These are some of the trends fueling growth of the global identity analytics market in coming years.
In contrast, some factors such as lack of adequate privileged access control have been considered as one of the major challenges faced by the businesses. Also, lack of expertise and compliance with dynamic regulatory requirements are some prime factors hindering the market growth in coming years.
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Segmentation of Market: Identity Analytics Market
The worldwide Identity Analytics Market in MRFR’s study has been segmented among component, deployment mode, organization size, application, and vertical.
Depending on component segment, the market has included solution, hardware, and services. Among these, hardware segment is also sub-segmented into security devices, and servers. From this, the services segment is also bifurcated into professional and managed services.
Depending on deployment segment, the market has included on-cloud on-premise, and hybrid.
Depending on organization size segment, the market has included SMEs and large enterprises.
Depending on application segment, the market has included fraud detection, account management, risk scoring and evaluation, threat management, data analytics, and others.
Depending on vertical segment, the market has included Government & defence, BFSI, Retail, manufacturing, IT & Telecommunication, transportation, energy & utilities, and healthcare among others.
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Market Research Future (MRFR) has covered key regions of Europe, Asia-Pacific, North America, and Rest of the world.
The region of North America is leading the identity analytics market. North America, especially U.S is a technically advanced region. The incidence of key players such as Verint systems, Oracle, and LogRhythm among others have invested maximum in the market making it more valuable. With this, the rising cyber-attacks in the region have also increased the adoption of identity analytics solutions in verticals such as BFSI, government, and defense.
Europe is the second highest revenue generating market for identity analytics. The developing digital technology and rising demand for advanced solutions for security in the enterprises and public infrastructure are the foremost factors liable for the growth of identity analytics in the region.Asia-Pacific is also proposed to expand with the fastest growing CAGR during the assessment period. The development in digital technology, growth in networked communication, rising awareness about IoT and cloud resulting into increasing adoption rate of connected devices, and improving economics of countries such as Japan, India and Australia are some of the key factors for the growth of identity analytics market in the region.
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