The latest report by IMARC Group, titled “Identity Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global identity analytics market size reached US$ 946.3 Million in 2021. Identity analytics solution embeds intelligent identity and access management (IAM) systems and big data technologies that detect identity-related threats across information technology (IT) systems. These tools are used to evaluate risks such as authenticating dormant users and shared high privileged access (HPA), based on identity information insights, thereby eliminating the chances of unusual activities and resolving terminated accounts issues. They can also automate various operations such as certifying access and remediating policy violations. Owing to these benefits, identity analytics finds extensive applications across various small and medium-sized enterprises (SMEs).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Identity Analytics Market Trends and Drivers:
The market is primarily driven by the increasing adoption of identity analytics solutions across various industries such as telecom, retail, hospitality and healthcare. In addition, the global outbreak of coronavirus disease (COVID-19) and the consequent deployment of work-from-home (WFH) and bring your own device (BYOD) models at workplaces has increased the risk of data vulnerability, which is contributing to the market growth. Besides this, the market is further propelled by the increasing adoption of connected technologies, such as artificial intelligence (AI), Internet of Things (IoT), and cloud-based solutions in small- and medium-sized enterprises (SMEs) as these tools provide an additional security layer to eliminate unauthorized access on electronic devices. Moreover, various companies are engaging in mergers and acquisitions (M&As) to expand their existing portfolios. This, coupled with the extensive utilization of identity analytics in the banking, financial services, and insurance (BFSI) sector to minimize interruptions during banking operations and provide seamless user experience, is anticipated to propel the market growth further. Looking forward, IMARC Group expects the market value to reach US$ 2,687.3 Million by 2027, exhibiting a CAGR of 18.20% during the forecast period (2022-2027).
- On the basis of the analytics type, the market has been segmented into descriptive, diagnostic, predictive, and prescriptive analytics.
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the deployment, the market has been classified into on-premises and cloud-based.
- Based on the organization size, the market has been categorized into small and medium, and large enterprises.
- On the basis of the industry vertical, the market has been segregated into BFSI, telecom and IT, government, manufacturing, retail, healthcare, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Anomalix Inc., Brainwave GRC, Confluxsys LLC, Evidian, Forgerock Inc., Gurucul Solutions Pvt Ltd., Hitachi ID Systems Inc, Nexis GmbH, Okta Inc., One Identity LLC (Quest Software Inc.), Oracle Corporation, Securonix Inc. and Verint Systems Inc.
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