Identity Analytics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 4.91 Billion |
| CAGR (2024 - 2029) | 28.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Identity Analytics Market Analysis
The Identity Analytics Market size is estimated at USD 1.40 billion in 2024, and is expected to reach USD 4.91 billion by 2029, growing at a CAGR of 28.51% during the forecast period (2024-2029).
- Identity analytics solutions are key in making informed decisions about user access and permissions. These solutions use advanced analytics and machine learning to mitigate the risk of identity access. Organizations are adopting new technologies, such as advanced analytics and machine learning solutions, to ensure continuous compliance.
- Enterprises worldwide are increasing spending on digitization, including the payment processes, and the push towards digitization can be witnessed in all types of organizations. According to a recent TechRepublic Premium survey, 47% of the respondents planned on spending more on digital transformation in 2021 than in 2020. In addition, in 2020, 58% of the respondents reported digitizing paper, and 45% reported adopting online training modules.
- The market for identity analytics is primarily driven by elements like the adoption of solutions through strict regulations, the requirement for compliance, and the adoption of BYOD trends in businesses. The INFORM (Integrity, Notification, and Fairness in Online Retail Marketplaces) Consumers act, for instance, was introduced in March 2021. Retailers are required by the law to confirm the legitimacy of the top market sellers. Identity verification solutions are deployed in various end-user industries as a result of the government's strict regulations.
- As enterprise IT adopts more cloud systems while maintaining on-premises solutions, controlling who can access which applications become more important. This poses a new challenge for enterprises and their teams regarding identity analytics. Some of the challenges include identity management, compliance visibility, and more.
- During the COVID-19 pandemic, identity analytics solutions will positively impact the market and contribute to its growth significantly during the forecast period. Vendors operating in the market have also witnessed a surge in revenue owing to the pandemic. In February 2021, Ekata announced that its revenue surged with the addition of 300 new customers. The pandemic accelerated the adoption of e-commerce, boosting demand for services, such as identity verification, to safeguard against cyber fraud.
Identity Analytics Market Trends
BFSI Industry is Expected to Grow at a Significant Rate Over the Forecast Period
- The growing trend of online payments for various purposes has driven banks to establish secure channels for third-party charges, thus, driving the demand for identity analytics services. Furthermore, it has been observed that banks encourage online access because the medium is cost-effective and efficient in delivering financial services.
- According to a survey conducted by CRN in February 2022, financial institutions have leveraged machine learning and predictive analytics to predict fraudulent transactions and personal information theft cases, enhance KYC automation, and discover unfamiliar patterns of individual users. In this aspect, identity analytics helps organizations mitigate crime and concerns before they occur.
- Several companies are providing innovative identity and access management solutions to various institutions in the industry. For instance, Wipro provides identity and access management services, which result in zero critical incidents for one of Australia's biggest four banks. Hence, these initiatives by several market players in the industry, coupled with the increasing adoption of cloud technology in the banking industry, are expected to further the adoption of identity analytics solutions.
- Further, in January 2022, RBL Bank, India announced that it has partnered with Google to strengthen its customer experience strategy and expand its value proposition to serve its rapidly growing customer base through the Abacus 2.0 digital platform. Through this collaboration, RBL will ably manage customer data and analytics, enable effective cross-selling, and significantly reduce customer acquisition costs.
- In the financial sector, as security is vital, allied banking firms have been spending a significant share on security. For instance, payment and financial services account for about 75% of cyber-attacks in the United Kingdom According to UK government. Such developments are positively influencing the market. Some initiatives, like the World Bank Group's Identification for Development (ID4D), help developing countries put into effect new systems that increase the number of citizens with official identification with the support of new technologies.
North America is Expected to Hold a Significant Share
- The prior driver for the growth of the North America geographic segment is the significant presence of technology providers and the increasing number of identity-related breaches across major industries. These players present in the region are focusing on the development of innovative solutions to stay in the regional and globally competitive landscape.
- The implementation of data-driven decision-making is also rising in Canadian markets across various sectors. Cloud business management solutions vendor Sage launched its cloud-first Sage Data and Analytics service integration for Sage 300 and Sage 100 in the United States and Canadian markets in March 2021. With its business intelligence toolkit, it can provide users with live sales dashboards and detailed P&L reports with the help of AI and machine learning algorithms.
- Further, in June 2021, Stripe introduced the Stripe Identity, a simple way for internet businesses to securely verify users' identities from over 30 countries. Stripe Identity makes identity verification as effortless for a business as payment acceptance. Stripe Identity is the first self-serve tool of its kind, allowing any online business to begin verifying the identities of their users in just a few minutes, with no code required. Such trends are further expected to boost the growth of the studied market in the North American region.
- Moreover, the software usage among banks in Canada is becoming a trend, with the Royal Bank of Canada being the first to implement digital identity in March 2020. The Royal Bank of Canada serves 17 million customers in Canada, the United States, and 34 other countries. It rolled out a digital identity for account opening, which is available at the bank branches and remotely via mobile and its website.
- Additionally, stringent government regulations, such as the Gramm-Leach-Bliley (GLB) Act, play a crucial role in adopting identity solutions in the United States. The act needs securities firms and financial institutions to implement strict regulations for protecting consumer data privacy by establishing a program that assesses risks to the data and guards against threats.
Identity Analytics Industry Overview
The Identity Analytics market is moderately competitive and consists of many global and regional players. These players account for a considerable market share and focus on expanding their client base globally. These vendors focus more on research and development investment, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge throughout the forecast period.
- August 2022 - Gurucul, a provider of next-generation SIEM, XDR, UEBA, identity, and access analytics, announced expanded poly cloud architecture support, improved multi-cloud deployments, and cross-cloud across all major cloud stacks, including Amazon. In addition to deployment support, these new cross-cloud capabilities provide correlation, advanced linking, and behavior baselines on access and activity across cloud environments.
- February 2022 - LogRhythm introduces its new brand identity. This rebranding represents the company's efforts to help security operations centers close staff gaps, increase knowledge of new attacks and technologies, and confidently navigate the ever-changing threat landscape. The rebranding is the first of many changes to LogRhythm in 2022, including a new visual look, a future cloud-native platform, and new perspectives that reflect the company's vision and evolution.
Identity Analytics Market Leaders
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Oracle Corporation
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Verint Systems Inc.
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Hitachi ID Systems, Inc.
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Centrify Corporation
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Sailpoint Technologies Holdings Inc
*Disclaimer: Major Players sorted in no particular order
Identity Analytics Market News
- June 2022 - Oracle Corporation announced Oracle Access Governance to access reviews to improve overall security value and risk mitigation. This is achieved primarily by the intense focus on usability, driven by advanced analytics. The final result of the analysis is a normative recommendation for the effects of each validation task.
- July 2021 - Securonix, Inc. announced opening an office in Tokyo, Japan and plans to offer local Securonix Cloud pods in the region. The Securonix platform is rapidly gaining momentum among global enterprises, and this investment in the Asia Pacific will enable the company to better support new and existing customers in Japan. The company's next-generation SIEM platform integrates Security Data Lake (SDL) and user and entity behavioral analytics to meet the growing need for analytics-driven detection and automated response.
Identity Analytics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Cases of Identity-Related Frauds Across Major Industries
5.2 Market Challenges
5.2.1 Significantly High Cost of Deploying Identity Analytics Solutions
6. IMPACT OF COVID-19 ON THE IDENTITY ANALYTICS MARKET
7. MARKET SEGMENTATION
7.1 Component Type
7.1.1 Solutions
7.1.2 Services
7.2 Deployment
7.2.1 On-Premise
7.2.2 Cloud
7.3 Enterprise Size
7.3.1 Small & Medium Enterprises
7.3.2 Large Enterprises
7.4 End-users
7.4.1 IT and Telecommunication
7.4.2 BFSI
7.4.3 Government
7.4.4 Retail and Consumer
7.4.5 Healthcare
7.4.6 Other End-users (Manufacturing, Energy and Power)
7.5 Geography
7.5.1 North America
7.5.2 Europe
7.5.3 Asia Pacific
7.5.4 Latin America
7.5.5 Middle East and Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles*
8.1.1 Oracle Corporation
8.1.2 Verint Systems Inc.
8.1.3 Hitachi ID Systems, Inc.
8.1.4 Brainwave GRC
8.1.5 LogRhythm, Inc.
8.1.6 Securonix, Inc.
8.1.7 Gurucul Solutions Pvt Ltd.
8.1.8 Nexis GmbH
8.1.9 Sailpoint Technologies Holdings Inc
8.1.10 Centrify Corporation
8.1.11 Okta Inc.
8.1.12 MicroStrategy Incorporated
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Identity Analytics Industry Segmentation
Identity analytics solutions allow businesses to define and manage roles and automate vital identity-based controls. Once the roles are certified and assigned, the software solutions continue to deliver scalable identity governance. The market scope of identity analytics tracks the adoption of different solutions and services used by several end-use industries across major regions. The study also focuses on the impact of COVID-19 on the identity analytics market ecosystem.
The identity analytics market is segmented into component type (solutions, services), deployment (on-premise, cloud), enterprise size (small & medium enterprises, large enterprises), end-users (IT & telecommunication, BFSI, government, retail & consumer, healthcare), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| Component Type | |
| Solutions | |
| Services |
| Deployment | |
| On-Premise | |
| Cloud |
| Enterprise Size | |
| Small & Medium Enterprises | |
| Large Enterprises |
| End-users | |
| IT and Telecommunication | |
| BFSI | |
| Government | |
| Retail and Consumer | |
| Healthcare | |
| Other End-users (Manufacturing, Energy and Power) |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Identity Analytics Market Research FAQs
How big is the Identity Analytics Market?
The Identity Analytics Market size is expected to reach USD 1.40 billion in 2024 and grow at a CAGR of 28.51% to reach USD 4.91 billion by 2029.
What is the current Identity Analytics Market size?
In 2024, the Identity Analytics Market size is expected to reach USD 1.40 billion.
Who are the key players in Identity Analytics Market?
Oracle Corporation, Verint Systems Inc., Hitachi ID Systems, Inc., Centrify Corporation and Sailpoint Technologies Holdings Inc are the major companies operating in the Identity Analytics Market.
Which is the fastest growing region in Identity Analytics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Identity Analytics Market?
In 2024, the North America accounts for the largest market share in Identity Analytics Market.
What years does this Identity Analytics Market cover, and what was the market size in 2023?
In 2023, the Identity Analytics Market size was estimated at USD 1.09 billion. The report covers the Identity Analytics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Identity Analytics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Identity Analytics Industry Report
Statistics for the 2024 Identity Analytics market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Identity Analytics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
