Identity Analytics Market Anticipated to Witness Significant Growth By 2025 | Symantec, Oracle, Quantum Secure, Confluxsys, Threatmetrix, Nexis Gmbh, Okta, Hitachi Id Systems, Logrhythm, Idax Software

The Global Identity Analytics Market Report 2019-2025 analyzes the important factors of this market based on present industry situations, market demands, business strategies utilized by the market players and their growth synopsis. This report divides based on the key players, type, application and regions are mentioned below.

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In 2018, more than 1.4 million fraud cases were registered, which cost around USD 1.48 billion. This makes organizations keen to implement identity analytics software. Identity analytics market can establish HPA (High Privileged Access) to certain users to keep sensitive data safe. The main problem large enterprises are facing is to manage a large amount of identity-related data, which needs to be kept safe and its maintenance to be cost-effective. Identity analytics software and tools are attracting SMEs as well as large corporations due to its cost-effective nature and the facility to access from anywhere.

Digitalization in various sectors has opened ways for cybercriminals to attempt more frauds. In the BFSI landscape, such incidences can cause heavy loss. To prevent such activities, banks are using intelligent systems and software to combat such crimes. This software uses machine learning, big data, and predictive analytics to catch identity-related frauds. Identity analytics market is used for the examination of every transaction and identification of unusual transactions. Predictive analytics is used to analyze such unusual transactions. Machine learning and data mining techniques can also detect frauds.

In IT and Telecom, identity management solutions are required at a large scale due to huge volumes of data generated every day and managing such huge amounts of data is a hectic task. With a rise in the competition, operators are required to keep more data about customers such as device, usage, and location. Identity analytics helps to identify potential customers and offers them better services based on their needs, behavior, demographics, and devices.

Asia Pacific’s identity analytics market is enormously growing due to the continuously increasing adoption of technology in the emerging IT sector. The countries including India are becoming the first preference for IT solutions outsourcing in the world as the required workforce is cost-effective in this region. Keeping track of such a big workforce is made easy by identity analytics, creating a suitable situation for the growth of the market in Asia Pacific.

In North America, credit card frauds on new accounts went up to 24%, misusing someone’s information to open a new credit card account was reported more often than any other identity-related crime in 2018. Due to the widespread adoption of technology, the reports on frauds are registered more by youngsters than old people. These reasons together anticipate that North America will hold the largest market share in the identity analytics market. This region has accepted identity analytics tools in many sectors and the presence of many large players in the market makes it more favorable for the growth of this sector.

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The key players in the identity analytics market are Symantec, Oracle, Quantum Secure, Confluxsys, Threatmetrix, Nexis Gmbh, Okta, Hitachi Id Systems, Logrhythm, Idax Software, Centrify, Anomalix, Novetta, Gurucul, Verint Systems, Venafi, One Identity, Brainwave Grc, NetIQ, Sailpoint Technologies, Netowl, and Evidian. The companies are forming tie-ups with other companies to increase data processing capabilities. For instance, in May 2019, HDFC Ergo, a general insurance company, and IBM, a technology solution provider, jointly set up a data lab in India to run identity data-driven analytics on customer data and develop customized solutions and improve business’s profitability.

Identity Analytics Market, By Component Type, 2014-2025 (USD Million)
• Solution
• Service
Market, By Service Type, 2014-2025 (USD Million)
• Professional service
• Managed service
Identity Analytics Market, By Application Type, 2014-2025 (USD Million)
• Account Management
• Customer Management
• Fraud Detection
• GRC Management
• Identity and Access Management
Identity Analytics Market, By Deployment Type, 2014-2025 (USD Million)
• On-premise
• Cloud
Market, By Organization Type, 2014-2025 (USD Million)
• SME
• Large enterprise
Market, By Industry Verticals Type, 2014-2025 (USD Million)
• BFSI
• Government and defense
• IT and telecom
• Energy and utilities
• Manufacturing
• Retail
• Healthcare

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