According to MRFR analysis, it is projected that the Identity Analytics market was valued at USD 245 million in 2017 and is estimated to reach market value of USD 1-2 billion by 2023 growing with 30% CAGR during forecast period 2021-2028. It is estimated that the market value will further reach around USD 2 Million by the end of the forecast period. With the growing changes and developments in technology in the IT sectors, it has also become very difficult to maintain the security of data from hackers. Also, the growing use of web applications for various purposes is increasing the cases of cyber-attacks and other threats.
In order to reduce the risks related to security breaks and hacking, Identity Analytics solutions are necessary. Thus, this will very helpful for business organizations to work efficiently without stressing about security. One of the major drivers of the Identity Analytics Industry is the growing use of smartphones, rising cases of security breaches, and many more. Along with that cloud platforms and other interlinked technologies such as IoT or the Internet of Things are also driving the market.
Also, there are some restraining factors such as lack of knowledge and skilled professionals are speculated to hamper the market growth. Despite these challenges, the North American region will dominate the market during the forecast period. Also, the Asia-Pacific region is projected to experience the fastest growth due to several positive factors.
Due to the COVID- 19 pandemic, business organizations were forced to shift their work to cloud-based services and other digital platforms. But, it has also increased cases of cyber-attacks and security breaches. As a result, the demand for Identity Analytics among various business organizations soared up. These are the important factors that have promoted the Identity Analytics Market even during the tough situation when various economies were fighting the virus.
The increasing cases of cyber-attacks and shift towards the digital platform are one of the major drivers of the Identity Analytics Market. Also, the growing use of smartphones and BYOD (Bring Your Device) are fuelling the market growth. Apart from that, the use of various internet platforms such as IoT and Cloud-based problems are fuelling the Identity Analytics Market Growth.
One of the major restraining factors that are hindering market growth is the lack of knowledge and skills to handle the complexities. Also, with several updates and developments, it is has become easier for hackers to breach the security of various applications. Also, the presence of other available options will hamper the market growth.
The growing Identity Analytics Market Trends will open new opportunities for business organizations. It will help to improve the security levels and enhance customer experience with regular checks for any potential threats. It will help to detect any fraud that can be harmful to the organization beforehand.
One of the major challenges that the market will face is the lack of skilled professionals in this field. Because it is difficult to train individuals to handle the complexities with regular updates in a short period. Also, the absence of privilege access control is a huge challenge for enterprises to thrive.
The growing demand for better security systems and the growing use of smartphones and other digital platforms will contribute to the Identity Analytics Market Profit. As per MRFR analysis, it is estimated that the Identity Analytics Market will grow at a substantial Compound Annual Growth Rate (CAGR) of 30%. It is estimated that the market value will reach up to USD 2 Million during the forecast period 2021-2028.
Value Chain Analysis
The value of Identity Analytics Business will further increase during the forecast period. With the various technological advancements and new solutions, the market will soar up by the end of the forecast period. Also,
The Identity Analytics Market Segments is divided into deployment model, application, component, vertical, and organization. Based upon deployment mode, the Identity Analytics Business is further divided into Hybrid, On-Premise, and On-Cloud
Based upon organization size, the Identity Analytics Industry is segmented into Large Enterprises, Medium Enterprises, and Small Enterprises.
Based upon components, the Identity Analytics Business is classified into solution, services, and hardware. Also, the services segment is again divided into managed services and professional services.
Based upon applications, the Identity Analytics Industry is bifurcated into Fraud Detection, Data Analytics, Evaluation and Risk Scoring, Account Management, Threat Management, and Others.
Based upon vertical, Identity Analytics Industry is divided into Solution, Hardware, Servers, Security Devices, Services, Managed Services, and Professional Services.
Geographically, the Identity Analytics Business is divided into North America, Asia-Pacific, Europe, and the rest of the world. Among all these regions, the North American region will hold the largest Identity Analytics Market Share. Especially countries such as the US, Canada, and Mexico are fuelling the market growth. It is due to the presence of several key players who are providing the best and advanced solutions with the best infrastructure.
Europe is also expected to be the second-largest contribution to Identity Analytics Market Share. With the developing technology and the growing demand for technologically advanced security solutions, the market is expected to thrive during the forecast period.
One of the fastest-growing regions in the Identity Analytics Business in the Asia-Pacific region. The rapid development in various sectors such as technology, infrastructure, and network are vital factors for the potential growth. Also, the growing awareness about the new technologies and use of connected devices are fuelling the market growth.
Various key players in the Identity Analytics Industry use different strategies for expanding their business. They do partnerships, market analysis, acquisitions, product launches, collaborations, mergers, etc. In this way, they increase their revenue and provide the best quality products and services for their customers. Despite several restraining factors, the market will have continuous growth due to several investments and other benefits for the organizations.
Some of the renowned Identity Analytics Market Players are as follows-
The report overview of the Identity Analytics Market Analysis is as follows
Report Score and Segmentation
The score of the Identity Analytics Market Research Report is to give information about the market value and growth potential in the future. It informs about the opportunities, challenges, recent developments, and many more. The information provided in this report is collected from various primary and secondary sources. Also, the report gives certain information on recent developments and key players of the market.
Frequently Asked Questions (FAQ) :
The identity analytics market can thrive at 30% CAGR by 2027.
The identity analytics market can value at USD 2 Bn by 2027.
In 2017, the identity analytics market valued at USD 245 Mn.
Net Owl, Anomalix, and Traxion are some reputed names in the identity analytics market.
The APAC identity analytics market can surge in years to come, reveals MRFR.