MarketsandMarkets forecasts the Identity Analytics Market 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.
Identity analytics is the next evolution of Identity, Governance, and Administration (IGA). Identity analytics solutions combine the power of big data and advanced analytics and help to detect identity-based risks across organization’s IT infrastructures. Traditional identity and access management solutions are not capable of detecting and mitigating identity thefts efficiently. Today, organizations are embracing new technologies to ensure continuous compliance. Identity analytics solutions are gaining traction due to the increasing demand among enterprises to automate critical identity-based access provision, de-provision, and authentication.
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Identity analytics has great potential in various application areas such as customer management, fraud detection, GRC management, identity and access management, and account management. Several organizations are implementing identity analytics solutions to protect users and devices from identity risks. Identity analytics solutions utilize mathematical modeling tools to address the challenges faced by an organization in detecting large amounts of potential security events. Identity analytics solutions can help manage billions of identity and access relationships within an organization and provide actionable insights to mitigate identity risk. With the use of advanced analytics and machine learning technologies, vendors are increasing the power of traditional identity and access management solutions. Vendors are also integrating identity analytics solutions with the organization’s existing identity management solutions. The increasing use of big data, advanced analytics, and machine learning would provide growth opportunities for identity management vendors in the coming years.
The identity analytics market in BFSI industry vertical is expected to grow at the highest CAGR during the forecast period, due to rising need to secure its employees, customers, assets, offices, and business operations. This industry vertical is continuously upgrading its processing and transaction technologies and, therefore, requires end-to-end identity management solutions to optimize operations against both, internal and external threats. Additionally, the industry is continuously introducing new financial products and services for improving business operations. Therefore, it holds the highest growth potential in the identity analytics market.
In terms of geographic coverage, the identity analytics market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period due to the growing adoption of identity analytics solutions across various applications such as account management fraud detection and customer management. Increase in security concerns among organizations, the rise in awareness about compliance management, and increased use of cloud applications are expected to drive the growth of the identity analytics market in the APAC region.
As businesses continue to increase their reachability, the business ecosystem has incorporated a wide variety of business partners, customers, contractors, and vendors. These extended enterprises across all industry verticals face critical challenges of managing identities and governing access to vital business processes as well as information. Furthermore, the trend of mobility is gaining traction and has become a crucial part of the present day business strategy. An increasing number of mobile apps has further accentuated the need to maintain the security of information and enterprises. Customers expect seamless yet secure access to the web, mobile web, and native mobile applications. The identity analytics vendors are enhancing their solution portfolio to help their clients address these challenges and benefit from digital ecosystems. Increased demand for mobility solutions would provide growth opportunities in the global identity analytics market.
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