The global identity analytics market size is expected 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%
NEW YORK, Jan. 28, 2019 /PRNewswire/ --
Rising demand for mobility solutions and an increase in the IT security budget for advanced identity management solutions among enterprises to drive the overall identity analytics market
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The global identity analytics market size is expected 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 the forecast period. Various factors such as rising demand for mobility solutions, demand for a more comprehensive defense system to reduce risk and enhance security, increase in the IT security budget for advanced identity management solutions among enterprises, and rise in awareness about compliance management are expected to drive the market. However, the increasing complexity of the IT environment and limited availability of technical skillsets for implementing the identity analytics solutions may restrain the identity analytics market growth.
The IT and Telecom industry vertical to grow at the highest CAGR during the forecast period
The IT and telecom industry vertical is expected to grow at the highest CAGR in the identity analytics market during the forecast period.IT and telecom organizations are a key target of cyber criminals.
Hence, these organizations are making huge investments to enhance their security systems.The IT and telecom sector requires identity analytics solutions on a large scale due to the huge volumes of information produced on a daily basis in these organizations.
Rise in the integration of information and communication technology into daily activities of industries, families, government, and consumers, along with increasing growth of cybersecurity has led the telecom and IT sector to focus more on IT activities.Telecom organizations typically store personal data such as name, address, and financial data, which is a compelling target for cyber-criminals or insiders.
The identity analytics solutions can help detect access risk and access outliners that harm the organization's IT environment. These solutions enable IT and telecom companies to integrate advanced analytics tools into their business application for automating the entire identity and access management processes.
The large enterprises segment to hold a larger market size during the forecast period
The large enterprises segment is expected to hold a larger market size in the identity analytics market, by organization size, during the forecast period.Availability of sufficient capital and huge workforce enables these organizations to deploy experts in different areas of identity management solutions and helps them in proper management of data and privacy.
The huge volume of data, along with various business applications and processes of enterprises involve a high level of complexities and distributed environments.Identity analytics solutions help manage the huge amount of data and applications by automating the entire business process including account provisioning, revoke access, authentication and privileged access management.
Another factor that contributes to a higher market share of large enterprises in the identity analytics market is the high investments in R&D activities to develop the best-fit technology to enhance an organization's business efficiency.
North America to account for the largest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR
North America is estimated to hold the largest market size and dominate the global identity analytics market in 2018, as the region is an early adopter of identity analytics solutions.North America is considered the most advanced region in terms of technology adoption and infrastructure.
The presence of key industry players that offer identity analytics solutions is the key factor driving the North American identity analytics market.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period.Several new startups in APAC have entered the identity analytics market and started developing advanced identity analytics solutions.
Funding by investors is helping these small firms innovate their solutions for automating the system identities and access privileges. The integration of big data and machine learning tools to transform identity management applications in the developing countries could boost the identity analytics market growth in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the identity analytics marketplace.
• By Company: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-level – 35%, Director level – 25%, and Others – 40%
• By Region: North America – 45%, APAC – 30%, Europe – 20%, RoW – 5%
Major vendors in the global identity analytics market include Oracle (US), Verint Systems (US), LogRhythm (US), Quantum Secure (US), NetIQ (US), Hitachi ID Systems (Canada), SailPoint Technologies (US), Happiest Minds (India), Gurucul (US), Centrify (US), One Identity (US), Evidian (US), Brainwave GRC (France), ID Analytics (US), Nexis GmbH (Germany), Confluxsys (US), IDAX Software(UK), Okta (US), Novetta (US), Prolifics (US), NetOwl (US), Anomalix (US), Traxion (Netherlands), and ThreatMetrix (US).
Research Coverage
The market study covers the identity analytics market across segments.It aims at estimating the market size and the growth potential of the market across segments, such as component, services, application, deployment mode, organization size, industry vertical, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the identity analytics market with information on the closest approximations of the revenue numbers for the overall identity analytics market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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