Press release
Identity analytics Market Insights to Reach $3,619.8 Million | Industry Sees Promising Growth by 2025
Identity analytics Market
Surge in adoption by enterprises to improve identity and access management systems, increase in need to avail access certification, and rise in awareness regarding management of regulations and compliance drive the growth of the market. However, increase in complexities of IT infrastructure and slow rate of adoption of advanced analytics solutions in underdeveloped countries hinder the market growth. On the other hand, adoption of machine learning technologies and artificial intelligence for identity analytics solutions and increase in demand of mobility solutions create new opportunities in the industry.
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Increase in need to democratize the analytics and increase in productivity, rise in adoption by enterprises to improve their identity and access management systems, and growth in data security compliance and the need to ensure adaptive access certification by the enterprises are some of the key factors that are expected to fuel the growth of the global market. However, complex IT infrastructure environment are expected to hamper the growth of the market.
The predictive analytics segment dominated identity analytics market share in 2017, and is projected to maintain its dominance during the forecast period. However, prescriptive analytics segment is anticipated to witness the highest growth rate during the forecast period due to the rise in usage of machine learning and AI technologies in identity and access management solutions.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost. In addition, faster data processing, internal data delivery & handling, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this deployment mode, which in turn are anticipated to boost the identity analytics market growth.
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Based on analytics type, the predictive analytics segment held the major market share, contributing nearly one-third of the total market share in 2017, and is expected to maintain its leadership status by 2025. This is due to its effectiveness in countering frauds and improvement of ongoing provisioning and governance. However, prescriptive analytics would register the highest growth rate with a CAGR of 29.4% from 2018 to 2025, owing to its characteristic to facilitate the organizations with hierarchical models, rule-induction, and decision trees. The research also analyzes descriptive analysis and diagnostic analysis.
Based on component, the software segment contributed to more than two-thirds of the total market share in 2017, owing to rise in data governance and regulation policies for enterprises and the requirement to make informed and data-driven decisions. However, the services segment is expected to grow at the highest CAGR of 33.2% from 2018 to 2025, owing to increase in requirements for training, maintenance, planning, and support services during the usage of identity analytics and the demand for integration, implementation, and upgradation of services.
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North America accounted for nearly two-fifths of the total market share in 2017, and will maintain its dominant position throughout the forecast period. This is due to rapid adoption of AI driven technologies in identity analytics. However, Asia-Pacific would grow at the highest growth rate, registering a CAGR of 30.7% from 2018 to 2025, owing to increase in security compliance requirements in various industry verticals such as BFSI, government, Telecom & IT, and others along with rise in number of data breaches and cyber-attacks that lead to adoption of identity analytics solutions.
Asia-Pacific identity analytics market is expected to grow at a highest CAGR shortly due to increase in technological developments across different industry verticals such as BFSI, Telecom& IT, and others; growth in number of data breaches, cyber-attacks, and insider treats; and adoption of cloud technology in this region.
Some of the key players operating in the identity analytics market include Evidian, Gurucul, Hitachi Id Systems, Happiest Minds, LogRhythm, ID analytics (Symantec), Verint Systems, NetIQ (Microfocus), Microsoft, and Oracle.
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