Identity Analytics Market Projected to Reach USD 4.4 Billion at a 29.20% CAGR by 2030 – Report by Market Research Future (MRFR)

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New York, USA, May 02, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Identity Analytics Market: By Vertical, By Application, By Component and Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 29.20% to attain a valuation of around USD 4.4 Billion by the end of 2030.

Growing IAM Projects Drive the Identity Analytics Market

The global identity analytics market is likely to witness significant gains in future years. The growing demand for data security management solutions would drive market growth.

With the growing changes and developments in technology, it has become for the IT sectors to maintain data security from hackers. Identity analytics is witnessing rising demand across the industry verticals. Spurring rise in industries such as BFSI, government & defense, healthcare & life sciences, retail & e-commerce, IT & telecom, and energy & utilities is creating significant identity analytics market demand.

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Over recent years, there has been a remarkable rise in mobile fraud cases worldwide. Also, the growing use of web applications for various purposes is increasing the cases of cyber-attacks and other threats. Besides, increasing needs for simplified ID analytics processes complying with stringent regulations foster market growth.

Today, most financial institutions and eCommerce companies strive to protect their customers against the most sophisticated mobile fraud threats and cyber attacks. This, as a result, increases the demand for innovative methods of verifying the user’s identity and detecting fraud based on how the user holds and uses their mobile device. 

Banking sectors look for efficient identity analytics processes to add product functionality to their mobile banking experience without adversely impacting customer engagement or introducing additional risk. Moreover, potential attacks, including social engineering scams, malware, remote access attacks, device theft, and other types of cyberattacks and fraud schemes, add to the market growth.  

Identity Analytics Market Report Scope:

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Competitive Analysis

The identity analytics system market would witness significant strategic initiatives, such as collaboration, mergers & acquisitions, expansion, and launch & integration of advanced technologies. Leading industry players also make strategic investments to drive research and development activities and foster their expansion plans. 

For instance, recently, on Jan. Feb. 01, 2023, Radiant Logic, a leading identity data fabric company, announced the acquisition of an identity governance and analytics (IGA) leader, Brainwave GRC, to strengthen its position in the IGA market and boost market share in North America, Europe, Middle East, and Africa. Radiant Logic and Brainwave GRC would address a broad set of identity use cases. The companies’ shared vision of an identity data fabric that uses data science to ensure the right information to make the right policy decisions.

Key players involved in the market are LogRhythm ID Analytics, Novetta Beta Systems, Net Owl Propentus, ThreatMetrix, SailPoint Technologies, Verient Systems, BrainwareGRC, and Guruc, among others. 

Segments

The identity analytics market research report is segmented into components, deployment modes, applications, organization size, verticals, and regions. The component segment is sub-segmented into solutions, hardware, and services. The deployment mode segment is sub-segmented into on-premises, cloud, and hybrid. The application segment is sub-segmented into fraud detection, data analytics, evaluation & risk scoring, account management, threat management, and others. 

The organization size segment is sub-segmented into large, medium, and small enterprises. The vertical segment is sub-segmented into telecommunication & IT, defense & government, utilities & energy, healthcare & transport manufacturing & retail, BFSI, and others. By regions, the market is sub-segmented into the Asia-Pacific, Americas, Europe, and rest-of-the-world.

Industry Trends

Government agencies worldwide are rapidly deploying identity analytics to counter rising cases of identity fraud. The recommendation to implement an efficient process to track suspicious communications is growing rapidly. As the public sector continues to operate online, the implementation of identity analytics is growing to keep the data protected. Therefore, the identity analytics market is projected to garner significant traction in future years. 

Covid-19 disruptions surfaced major security challenges with the changes and workspace shift. This, in turn, fostered digital transformation across enterprises, enabling them to provide remote working facilities to their employees. Although convenient and cost-effective, the WFH scenario has its share of flaws, such as cyberattack vulnerability. Since everything is digital, it makes cyber criminals easier to manipulate systems and humans, making them believe in wrong identities.

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The online working environment and WFH culture are here to stay at least for another year or two until the world completely breaks free from the pandemic. Trust, transparency, and reliability of the service would play a major role in reducing security risks collectively. This further presages that ID analytics would become the future of digital security.

Regional Analysis

North America has been consistently leading the global identity analytics market and is estimated to maintain its market position during the assessment period. The growing digitalization and demand for frictionless end-to-end data encryption processes drive market growth. Besides, rising cyberattacks create the need for identity analytics across the industry verticals.

The rising integration of ubiquitous technologies, such as artificial intelligence, Blockchain, data analysis, and natural language processing technology, promotes the need for identity security. Moreover, the strong presence of major solution providers significantly contributes to the region’s identity analytics market share. The US leads the regional market, whereas Canada is projected to register a high growth rate in the coming future.

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Europe holds the second spot globally in terms of the identity analytics market revenue. The market is driven by increasing digitalization and demand for improved consumer experiences. Additionally, the increasing uptake of identity analytics platforms across industries is a significant market trend.

The Asia Pacific region witnesses a spurring rise in the identity analytics market value. The proliferation of digitalized analytics processes, rise in the eCommerce sector, and economic growth increase the identity analytics market size. Furthermore, improved Internet connectivity with high reliability in this region boosts the identity analytics market shares. 

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