Global Identity Analytics Market Expected to Reach $3.6 Billion by 2025
According to a recent report published by Allied Market Research, titled,“Identity Analytics Market by Component, Deployment, Organization Size, Analytics Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global identity analytics market was valued at $512 million in 2017, and is projected to reach $3,619.8 million by 2025, growing at a CAGR of 27.8% from 2018 to 2025.
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.
According to Vishwa Gaul, Research Analyst, Asia-Pacific identity analytics market is expected to grow at a highest CAGR in the near future 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.
Key Findings of the Identity Analytics Market:
- By component, the services segment is expected to exhibit significant growth during the forecast period.
- In 2017, the on-premise segment accounted for the highest revenue in the deployment category.
- By organization size, SMEs segment is projected to witness highest growth rate during the forecast period.
- Based on analytics type, the prescriptive analytics segment is anticipated to grow at the fastest growth rate during the forecast period.
- Based on industry verticals, the BFSI segment generated the highest revenue in 2017.
- Based on region, North America led the market in terms of revenue in 2017.
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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