Identity Analytics Market Analysis, Growth, Opportunities, Production and Forecast to 2023

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The global identity analytics market size 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. Major driving factors for the market include rising demand for enterprise mobility solutions, demand for a more comprehensive defense system to reduce risk and enhance security, increase in the IT security budget for advanced identity management solutions among enterprises, and rise in awareness about compliance management.

Top Key Players 

Major identity analytics vendors include Oracle (US), Verint Systems (US), LogRhythm (US), Quantum Secure (US), NetIQ (US), Hitachi ID Systems (Canada), SailPoint Technologies (US), Happiest Minds (India), Gurucul (US), Centrify (US), One Identity (US), Evidian (US), Brainwave GRC (France), ID Analytics (US), Nexis GmbH (Germany), Confluxsys (US), IDAX Software (UK), Okta (US), Novetta (US), Prolifics (US), NetOwl (US), Anomalix (US), Traxion (Netherlands), and ThreatMetrix (US). These players have adopted various growth strategies such as new product launches and partnerships, agreements, and collaborations to enhance their presence in the global identity analytics market. Partnerships and new product launches have been the most widely adopted strategies by major players from 2016 to 2018 and helped them innovate on their offerings and broaden their customer base.

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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 unauthorized 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.

Services segment is expected to grow at the highest CAGR in the identity analytics market 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 organizations to offer enhanced customer services and convenience for users.

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North America is estimated to dominate the identity analytics market in 2018

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.

This research report categorizes the identity analytics market based on component, services, application, deployment mode, organization size, industry vertical, and region.

On the basis of component, the market has been segmented as follows:

  • Solutions
  • Services

On the basis of services, the identity analytics market has been segmented as follows:

  • Professional Services
  • Managed Services

On the basis of application, the market has been segmented as follows:

  • Customer Management
  • Fraud Detection
  • Governance, Risk and Compliance Management
  • Identity and Access Management
  • Account Management
  • Others (Asset Management and Audit Management)

On the basis of deployment mode, the identity analytics market has been segmented as follows:

  • On-premises
  • Cloud

On the basis of organization size, the market has been segmented as follows:

  • Large Enterprises
  • SMEs

On the basis of vertical, the identity analytics market has been segmented as follows:

  • BFSI
  • Government and Defense
  • IT and Telecom
  • Energy and Utilities
  • Manufacturing
  • Retail
  • Healthcare
  • Others (Media & Entertainment, Travel and Transportation, and Education)

On the basis of region, the market has been segmented as follows:

  • North America
  • United States (US)
  • Canada
  • Europe
  • United Kingdom (UK)
  • Germany
  • Rest of Europe
  • Asia Pacific (APAC)
  • China
  • India
  • Australia and New Zealand (ANZ)
  • Rest of APAC
  • Middle East and Africa (MEA)
  • Middle East
  • Africa
  • Latin America
  • Mexico
  • Brazil
  • Rest of Latin America

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