by The identity analytics market facilitates identity governance and administration capabilities for reducing identity risks and meeting compliance mandates. Identity analytics solutions help organizations analyze user activities and behavior patterns to detect identity anomalies, reduce misuse of privileges, and combat identity fraud and cybercrimes. The solutions offer real-time monitoring of identity attributes, entitlements and access patterns to detect risks arising from compromised or insider accounts.
The Global identity analytics market is estimated to be valued at US$ 5.82 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Identity Analytics Market size are Centrify Corporation, Ekata, Evidian, Gurucul Solutions Pvt Ltd., Happiest Minds, Hitachi ID Systems, Inc., ID Analytics (Symantec), LogRhythm, Inc., MicroStrategy Incorporated, NetIQ (Micro Focus), Okta Inc., Oracle Corporation, Sailpoint Technologies Holdings Inc, Securonix, Inc., and Verint Systems Inc.
The key opportunities in the market include leveraging identity analytics for predictive modeling to proactively identify insider threats, integrating solutions with SIEM and UEBA platforms to strengthen identity-based security monitoring. There is also an opportunity to offer identity analytics capabilities as a part of Identity-as-a-Service (IDaaS) offerings to meet the identity needs of large enterprises and SMBs.
With rapid digital transformation and cloud adoption across industries, the demand for identity analytics solutions is surging globally. Key players are expanding their footprint in high growth regions like North America, Europe, APAC and Latin America by strengthening partner networks and partnerships with managed security service providers.
Market drivers
The increasing adoption of hybrid work culture post COVID-19 pandemic has accelerated the need for robust identity governance. The growing instances of identity theft, zero-day threats and supply chain attacks have also compelled organizations to invest increasingly in identity analytics solutions to strengthen security posture. Analyzing user behaviors and detecting identity anomalies in real-time helps enterprises combat advanced threats, ensure compliance and reduce business risks arising from compromised identities.
PEST Analysis
Political: Identity analytics help government organizations to undertake identity verification and authentication. This ensures improved national security by detecting identity theft and fraud.
Economic: With rising identity thefts and security breaches, organizations are investing heavily in identity analytics solutions to protect confidential customer and employee data. This reduces financial losses due to identity frauds.
Social: Younger population is adopting digital identity at a faster pace. Social media platforms require users to provide identity attributes like name, DOB etc. which are analyzed to customize experience. Analytics help understand user preferences better.
Technological: Advances in AI, ML and cloud computing have made identity analytics more powerful. Solutions can now extract insights from large, diverse datasets in real-time. Analytics capabilities are also being integrated with other tools like CRM for a unified view.
Geographical regions with high market concentration
North America accounts for the largest share of the Identity Analytics Market Regional Analysis in terms of value, followed by Europe and Asia Pacific. In North America, strong regulations and increasing spend on identity management solutions by large enterprises is driving higher adoption.
Fastest growing region
Asia Pacific is expected to witness the highest growth during the forecast period. This can be attributed to growing digitization, deployment of advanced technologies by organizations and rising online frauds in developing economies of the region like China and India. Increased investment in security solutions to protect valuable customer data will fuel identity analytics demand in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
