Identity analytics solution embeds big data technologies and advanced analytics to detect the identity-related threats across IT systems in an organization. In these solutions, machine learning (ML) functionalities are utilized to enhance the efficiency of identity and access management (IAM). It automates the detection of access risks, shared high privileged access (HPA) accounts, access outliers, and orphan & dormant accounts. It also reduces the attack surface area for identities via replacing roles defined using manual processes & legacy rules, with ML-based intelligent roles.
According to the study, “Global identity analytics Market Size study, by Component (Solution and Services), by Application (Account Management, Customer Management, Fraud Detection, GRC Management Identity and Access Management and others), By Deployment Mode (On-Premises and Cloud), by Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), By Industry Vertical (Banking, Financial Services, and Insurance, Government and Defense, IT and Telecom, Energy and Utilities, Manufacturing, Retail, Healthcare, and Others) and Regional Forecasts 2018-2025” the key companies operating in the global identity analytics market are Happiest Minds, Sailpoint Technologies, Oracle Corp., Hitachi ID Systems, Verint Systems, Prolifics, Logrhythm, Quantum Secure, Gurucul, Centrify.
Based on components, the identity analytics market is segmented into services and software. Based on the deployment model, the market is segmented into cloud deployment and on-premise deployment. Based on organization size, the market is segmented into large enterprises and small & medium enterprises. Based on analytics type, the market is segmented into diagnostic analytics, descriptive analytics, prescriptive analytics, and predictive analytics. Based on application, the market is segmented into account management, fraud detection, customer management, identity & access management, Governance, risk and compliance (GRC) management and others. The identity & access management segment is projected to witness higher growth rate owing to growth in demand for transparent business operations across various organizations during the forecast period. In addition, based on end-use industry, market is segmented into government, retail, manufacturing industries, banking, financial services, and insurance (BFSI), healthcare industry, telecom & IT and others. BFSI segment holds major share in the market due to a rising inability of identity analytics to offer sophisticated data insights & real-time identity access solutions.
The identity analytics market is driven by a rise in need to ensure adaptive access certification by the enterprises, followed by an increase in adoption by enterprises to improve their identity &access management systems, rise in research & development (R&D) technological activities and an increase in awareness about regulation & compliance management. However, the slow adoption of advanced analytics solutions in underdeveloped regions and the rise in the complexity of IT infrastructure may impact the market. Moreover, an increase in demand for mobility solutions & growth in identity theft and rise in adoption of (Artificial Intelligence) AI, machine learning technologies in identity analytics solutions are key opportunities for the market.
Based on geography, the North-American the region holds the largest share in the identity analytics market owing to the rise in the number of the presence of prominent players, an increase in the number of instances associated with the sophistication of identity-related data & fraud breaches, growth in demand from various end-user industries and rise in adoption of identity analytics solutions in the region. The Asian-Pacific and European region is expected to exhibit higher growth rate due to the rise in the availability of well-developed IT infrastructure over the forecast period. In forthcoming years, it is predicted that the future of the market will be bright on account of rise in adoption of bring-your-own-device (BOYD) and enterprise mobility during the forecast period. It is anticipated that the market will be reached at the US $1,826 million by 2025.
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Ankur Gupta, Head Marketing & Communications