Identity Analytics Market
Identity Analytics Market - By Component, By Organization Size, By Deployment Type, By Industry Vertical & Global Region - Market Size, Share, Trends and Forecast 2020-2025Request Sample Request Discount
The global identity analytics market size was estimated at USD 0.29 billion in 2019 and is expected grow with a CAGR of 29.3% over the forecasted period of 2020 to 2025. The global market is experiencing enormous growth rate primarily driven by several factors such as rising demand to secure devices as well as users from unauthorized access, upsurge in number of identity theft, and growth in demand for mobility solutions.
Identity analytics is a combination of advanced analytics and big data that helps to detect identity-based risks in enterprises' IT infrastructure. This factor is further expected to fuel the identity analytics market's growth across the IT & telecom industry. Furthermore, the upsurge in the adoption of identity & access management (IAM) solutions is anticipated to boost the identity analytics market around the globe. However, the factors such as budget constraints and lack of awareness are projected to hamper the market's growth to some extent.
Identity analytics is the process that applies science and logic to identity as well as access the data to provide insights and improve the identity & access management (IAM) decisions. It offers organizations with the ability to manage & define roles and automate critical identity-based controls.
The global market is observing extensive consolidations, geographical expansions, new product launches, and acquisitions by the key market players. The market players embrace these strategies to enhance their product portfolio, expand the reach, and generate new revenue streams. For instance, in March 2020, SailPoint Technologies, a provider of Identity management and Governance for Unstructured Data access launched identity governance for infrastructure-as-a-service (IaaS) platforms as well as workloads.
North America region is estimated to possess the largest market share global identity analytics. This is attributed to the factors such as the significant presence of key market players, the emergence of several vendors that offer identity analytics solutions, and the early adoption of identity analytics to fuel market growth in the region.
On the other hand, Asia-Pacific region is expected to observe highest growth rate in the forecast period. This region offers lucrative growth opportunities due to the varying trends across the enterprises operations. For instance, the enterprises in this region are progressively focusing on improving their operation efficiency; hence, adoption of identity analytics is growing to manage access to vast information. In addition to this, growing penetration of the cloud analytics and business intelligence in industry verticals such as telecom and IT sector, retail, and healthcare significantly fuel the growth of the market.
On the basis of component, the market is segmented into solution and services. As per the estimation, solution segment observed the biggest portion, regarding income in 2019 and may rule the innovation field, as far as size, by 2025. This is attributed to the rising adoption of identity analytics solutions in processes that include making informed decisions about user access and entitlements. In addition, these solutions leverages machine learning and advanced analytics to reduce identity access related risk. Hence, more number of organizations are adopting identity analytics to ensure continuous compliance.
On the contrary, services segment is projected to observe impressive development and rule the market (regarding development rates) over the conjecture time frame.
Consolidations and acquisitions, to generate new revenue streams and to expand the geographical presence have advanced as a significant piece of the current identity analytics industry. For example, in January 2020, LexisNexis Risk Solutions, a global data & advanced analytics leader acquired ID Analytics, a fraud & credit risk solution provider. ID Analytics uses advanced data, technology, and analytics to provide actionable insights for enterprises.
Industry Vertical Insights
On the basis of industry vertical, the market is divided into Banking, Financial Services, and Insurance (BFSI), government and defense, IT and telecom, energy and utilities, retail, manufacturing, healthcare, and others. The IT and telecom industry vertical is estimated to hold largest share of the global identity analytics market in 2019. This is attributed to the rising demand for identity management solutions in organizations across the IT & telecom industry due to the huge volumes of information produced daily in such organizations.
The BFSI portions may witness highest growth rate during the forecast period. This may be due to increasing adoption of identity analytics in BFSI sector to automate identity compliance processes. For instance, in June 2017, HSBC Holdings Plc, a British multinational investment bank and financial services holding company partnered with Ayasdi Inc., the artificial intelligence (AI) startup to automate its identity compliance processes to become more efficient.
The development of telecom foundation in emerging economies such as China and India is projected to opportunistic for growth of the identity analytics market.
Competitive Market Insights
The key business members of the market are Oracle Corp., Verint Systems, Hitachi ID Systems, LogRhythm, Inc., Quantum Secure, Inc., Sailpoint Technologies, Nexis GmbH, Centrify, Prolifics, Inc., and Brainwave GRC among others. These market players are adopting various strategies such as product launches and strategic collaboration to enhance their product portfolio, expand the reach, and generate new revenue streams. For instance, in June 2020, SailPoint, one of the leaders in identity governance, collaborated with Microsoft to extend Microsoft Azure Active Directory's value. Through this collaboration, SailPoint is projected to add identity governance capabilities, such as access certifications, access requests, role management, separation-of-duty policy, and audit reporting, to Azure Active Directory’s unique access management & identity protection services.
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