Global identity analytics market is anticipated to witness a CAGR of 25.46% over the forecast period to reach a value of $2.21 billion by 2027. The base year considered for the market study is 2018, and the forecasted period is between 2019-2027.

Several factors aiding to the market growth are:

• The rise in identity threats & related costs
• Strengthening regulatory compliances
• To ensure adaptive access certification by enterprises
• Adoption by enterprises to improve identity and access management systems

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There have been major security attacks related to identity thefts over the past few years. For instance, the Equifax Data Breach of 2017 exposed the sensitive personal information of 143 million Americans. It remains the largest incident of a data breach of personal information. Similarly, another most notable attack was on Adult FriendFinder. It was hacked, and around 412,214,295 million records were exposed. The information stolen included customer’s e-mail addresses, IP addresses last used to log into the site, and passwords. This sensitive data can be used in cases of identity theft, which increased the need for identity analytics solutions.

In 2018, Banking, Financial Services & Insurance dominated the end-user segment by capturing the largest market share of over 26%. BFSI sector is one of the significant adopters of identity analytics, as it helps them in analyzing and managing the customer databases, portfolio management, and other related works. Moreover, by mining huge reserves of access data, BFSI organizations can meet the needs of securing critical identity and access-related data with new levels of ease and cost-efficiency. Moreover, increase in need to predict and prevent fraud can potentially help in big savings for a bank. For instance, HSBC in the United States has enhanced fraud detection, fraud case handling, and false-positive rates by using analytics to monitor the use of millions of cards.

On the other hand, the healthcare segment is expected to have the fastest CAGR of XX% during the forecast period. The medical data related to the patient or any stakeholder of the organization can be breached and used to steal one’s identity. In order to prevent these situations, the sector needs efficient Identity Access & Management (IAM) solutions. In the United States, two out of three stolen records are healthcare records. Similarly, pharmaceutical companies need IAM solutions in their research and manufacturing sites, which contain vital innovation-related data and a leak of which can be catastrophic. For instance, Astellas migrated 50 TB of data to the cloud to provide marketing analysts and data scientists with online access to pharmaceutical, clinical, and real-world data. This circumstance is expected to drive the demand for identity analytics solutions.

Though the global identity analytics market has numerous growth drivers, market growth is hindered by certain challenges. Key factors restraining the growth of the global identity analytics market are a rise in several distributed applications, cloud-based security concerns, & an increase in the complexity of IT infrastructure. Securing and managing applications and consumer data in the cloud is the major challenge that needs to be overcome by organizations. According to the report published by Cisco, around 76% of the enterprises use some form of cloud security services, out of which 40% have experienced cloud-related security incidents or breaches in the last one year.

The scope of the global identity analytics market comprises market segmentation by Component, Deployment, Organization Size, Analytics Type, End User, and Region.

Market by Components:

• Software
• Services

Market by Deployment Model:

• On-Premise
• Cloud

Market by Organization Size:

• Small & Medium-Sized Enterprises (SMEs)
• Large Enterprises

Market by Analytics Type:

• Descriptive Analytics
• Diagnostic Analytics
• Predictive Analytics
• Prescriptive Analytics

Market by End User:

• BFSI
• Telecom and IT
• Government
• Manufacturing
• Retail
• Healthcare
• Other End Users

Geographically, the global identity analytics market has been segmented into four major regions, which includes:

• North America Identity Analytics Market: the United States & Canada
• Europe Identity Analytics Market: United Kingdom, Germany, France, Spain, Italy & Rest of Europe
• Asia Pacific Identity Analytics Market: China, India, Japan, Australia, Singapore, South Korea & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

Geographically, North America accounted for the largest share in the identity analytics market in terms of revenue of around 41% and a revenue of approximately $XX billion in 2018. The government in the region has increased the implementation of legal regulatory and cyber laws to ensure high data protection. For instance, Identity Management Institute (IMI) in the U.S. is a global organization that identifies governance and risk management and supports various organizations to manage identity risks faced by their employees, customers, and organizations. In addition, the North American Electric Reliability Corporations (NERC) utilizes a centralized IAM system to offer a secure service to the customers. Further, growth in enterprise mobility and extensive adoption of AI and analytics has contributed toward the growth of the North America identity analytics market.

Moreover, Asia-Pacific has witnessed a high growth rate in identity analytics solutions, owing to an increase in adoption of these services by small and medium-sized enterprises and rise in several cyber-attacks. In 2016, it was estimated that approximately 60,040,396 identities were stolen (in Taiwan, China, South Korea, and Japan), depicting the need for the adoption of identity analytics across the different end-user industries. The market for identity analytics services in this region is advancing, owing to the growing demand among organizations to offer improved customer services and convenience for users. In addition, an increase in investment by several industry verticals for deploying IAM systems to prevent from identity-related risks is also the major factor that fuels the market growth in this region.

The analysis of identity analytics market segments includes analytics type, component, deployment, end-users & organization size.  In the case of deployment, the market is classified into on-premise and cloud.  Based on component, it is segmented into software and services. Organization size comprises of both large enterprises and Small & Medium-Sized Enterprises (SMEs). The end-user segment is divided into retail, BFSI, manufacturing, healthcare, telecom & IT, government, and others. By analytics type, it is classified into predictive analytics, diagnostic analytics, prescriptive analytics, and descriptive analytics.

The market has a number of players, and some of the dominant players in the global identity analytics market are:

• Gurucul,
• Evidian,
• Hitachi ID Systems,
• LogRhythm,
• Verint Systems,
• Other Companies.

Company profiles of the key market players are discussed in detail in the report. Collaboration, partnership, acquisition, product launch, are some of the key strategies followed by companies within identity analytics market. For instance, In July 2019, LogRhythm launched a CloudAI London Data Centre (DC) in order to cater the consumers in the Europe, Middle East & Africa region.  In February 2019, Gurucul introduced a newer version of Gurucul Risk Analytics (GRA) platform with pre-built machine learning models. In February 2018, Hitachi ID Systems developed version (11.0) of its Identity and Access Management Suite.

Key findings of identity analytics market are as follows:

• North America leads the global identity analytics market by capturing the largest market share of over 41% in 2018.
• With enterprises increasingly investing in enterprise mobility and accepting the BYOD trend, it is likely to create a demand for the identity analytics market.
• Predictive Analytics dominates the analytics type segment by capturing the most significant market share in 2018.
• Identity analytics solutions provide multiple functionalities, including augmenting identity-related risk awareness and enhancing Identity Access Management (IAM) processes, which are driving the market growth.