Identity Analytics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026
Identity Analytics Market Overview
The global Identity Analytics market size is forecast to reach $28,326.5 million by 2026, growing at a CAGR of 25.3% from 2021 to 2026. The rising rate of identity thefts or identity related frauds across financial firms, the growing need for identifying fraud detection tools across enterprises, along with surge of connected devices such as IoT and so on have been attributing to the market growth. In addition, the growing shift towards online transactions and digital payments while online shopping, demand for efficient customer management across healthcare, BFSI, IT & Telecom, and others will also aid the market growth over time. Increasing shift towards BYOD trends creating governance and security risks for the enterprises will further drive the market forward in the long run.
Report Coverage
The report: “Identity Analytics Market Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the Narrowband IOT Devices industry.
Key Takeaways
- Cloud identity analytics segment is analysed to emerge as the fastest growing segment during 2021-2026, owing to the growing deployment of cloud services, rise in security breach or cybercrimes within cloud environments and so on.
- North America Identity Analytics market held the largest share in 2020, due to factors such as increasing penetration of cloud & IoT applications along with rise in identity related breach incidents across industries.
- Increasing shift towards BYOD trends creating governance and security risks along with growing adoption to boost retail & e-commerce industry is analysed to significantly drive the global Identity Analytics market during the forecast period 2021-2026.
Global Identity Analytics Market Value Share, By Region, 2020 (%)
Identity Analytics Market Segment Analysis - By Deployment Model
Based on deployment model, Cloud Identity Analytics market is analyzed to grow with the highest CAGR of 7.6% during the forecast period 2021-2026. Rising adoption of cloud computing within enterprises, growing deployment of cloud based services, investment towards cloud infrastructure models and growing identity frauds within cloud environments have been attributing to the market growth. The adoption of cloud identity authentication solutions have been gaining wide popularity overtime, owing to its capabilities of offering intuitive user experience on endpoint devices, single sign-in user access, multi-factor authentication and so on. In addition, deployment of cloud based identity analytics solution can help the end users to eliminate additional requirement of IT infrastructures or hardware which adds up the overall operational cost of an organization. This in turn, acts as a vital factor for boosting its market growth due to cost efficiency in comparison to on-premise models. Conduction identity analytics processes such as fraud detection, identity access management, account management, and so on, within cloud environments help in ease of verification of customer identity, improving quality of authentication, accuracy as well as effciency under less time intervals, set to drive the market forward. In October 2020, Rapid7 Inc. announced the availability of its cloud identity and access management governance module for DivvyCloud, in order to help customers identify as well as reduce cloud identity risks. This was meant to enable customers to gain deeper visibility within the cloud resources towards assessing, priortizing as well as remediating improper permission combinations, which can grant overly or unintended permissive access. Such factors are set to boost the market growth towards cloud identity anlytics model in the long run.
Identity Analytics Market Segment Analysis - By End Users
Banking, Financial Services & Insurance (BFSI) sector is analyzed to witness the fastest growth in the global identity analytics market with a CAGR of 10.5% during the forecast period 2021-2026. Growing shift towards digital transformation, rise in cyber crimes including financial frauds, credit card thefts, protected bank account password hacking and others have been attributing towards the market growth of identity analytics within the BFSI vertical. Adoption of identity governance, administration and access management solutions help the financial organizations to ensure seamless customer experience, reducing time delays related to approval or rejection of banking operations, with ease of implementation, high reliability as well as fraud detection benefits. According to a report of the Indian Computer Emergency Response Team, the Indian Government had reported about over 2,90,445 cyber security incidents related to digital banking in 2020, which is 15.1% higher compared to 2019. In addition, the surge in digital payment services for online transactions have been growing significantly over the COVID-19 pandemic, raising the need for safeguarding as well as protecting bank accounts against cyberattacks. According to the Customer Identity Survey from FICO in 2020, banks across U.S and Canada have been struggling to meet consumer expectations related to digital banking, majorly for identity management. In response to this, about 75% of U.S and Canada banks have revealed their plans on investing in an identity management platform by the coming three years. Such factors are set to drive the market growth forward in the coming time.
Identity Analytics Market Segment Analysis - By Geography
North America region had dominated the global identity analytics market with a share of around 35% in 2020 and is also analysed to have a significant growth during 2021-2026. The growing number of identity related breach incidents across various industry verticals along with increasing penetration of cloud and IoT applications attribute to the market growth. In addition, high investments on R&D activities from several market players, rise in financial fraud or sensitive data breach incidents across financial firms, along with increasing support for BYOD policy amidst the pandemic have been also aiding the market growth in the region. In May 2019, First American Financial Corporation reported a data breach incident regarding 885 million users including bank account details, social security numbers, wire transactions as well as other mortgage paperwork. In March 2020, SailPoint Technologies Holdings, announced about the launch of identity governance for IaaS platforms, resources as well as workloads. Since enterprises opting for multi-cloud platform strategy across Azure, Google Cloud, AWS platform for keeping the pace with digital transformation, this development was meant to help in governing platform access through a single identity solution. Such factors are set to fuel the market demand towards identity analytics in the long run.
Identity Analytics Market Drivers
Growing adoption towards identity analytics solution to boost retail & e-commerce industry drives the market forward
Growing adoption towards identity analytics solution to boost retail & e-commerce industry act as one of the major factors driving the market growth. Growing digitalization, rising shift towards online shopping trends along with adoption of digital payments for utilizing benefits in the form of vouchers, coupons, cashbacks and so on have been attributing towards the growth of solutions with identity access management, fraud detection and related capabilities. In addition, the rise in identity thefts or fraud related cybercrimes, along with high need for monitoring customer preferences and collecting customer purchase or interaction data amidst the growing market competition can also aid the need for varied identity analytics solution in the long run. In August 2019, Mastercard announced the launch of a next generation mobile authentication solution, named Identity Check Express, as a part of simplifying online shopping experience for Indian consumers. This development was done to eliminate unessential friction alongside enhancing security of online transactions, since existing online identity verification methods were time consuming. According to Federal Trade Commission, consumers reported about loss of more than $3.3 billion to frauds in 2020, compared to $1.8 billion in 2019, with imposter scams being the highest owing to the rise in online shopping. Such factors are further set to propel the demand for identity analytics within the retail & e-commerce industries in the long run.
Increasing shift towards BYOD trends creating governance and security risks positively impact the market growth of identity analytics
Increasing shift towards BYOD (Bring your own device) trends creating governance and security risks can be considered as a major driver boosting the growth of identity analytics market. Due to shift towards this trend, employees are able to use personal devices such as smartphones, tablets and others for access management, while confirming identity of the user within the organization. This in turn, enables access to work related systems, with access to confidential data of enterprises, which can eventually lead to corporate security concerns. Additionally, BYOD policies can present severe challenges or drawbacks including security breach or malware threats, which drives the need for leveraging user verification or authentication tools. In April 2021, Beyond Identity announced the addition of a security data device, capable of bolstering risk based authentication decisions, enabling security team to check real time risky signals from each user and device. These risk signals will be collected from every device including both managed and unmanaged devices including BYOD during every authentication, based on zero trust or password less authentication approach in order to drive secured access for enterprise cloud applications. Moreover, with the outbreak of COVID-19 pandemic, work from home (WFH) or remote work have been increasingly adopted by companies to ensure work optimization through BYOD support. In August 2021, Amazon announced about the continuation of WFH of its tech as well as corporate workers till January 2022, owing to a surge in COVID cases with contagious delta variant. Such factors are further set to drive its market demand for handling governance and security risks within BYOD devices in the coming time.
Identity Analytics Market Challenges
Complexities related to identity analytics tools requires skilled expertise which hampers the market growth
Complexities related to identity analytics tools require skilled expertise which can be considered as a major factor impeding the market growth of identity analytics. Handling or managing identity analytics or management solutions have associated complexities that involve the need for skilled or trained professionals. Additionally, in order to optimize the workflow operations within the organizations, there is need for training or education for the employees, leading to additional upfront costs for the company, which lowers its adoptability across small or mid-sized enterprises. According to Cyber Seek report, U.S had faced a shortfall of around 314,000 cybersecurity professionals, as of January 2019, which is further projected to reach rise up to 1.8 million unfilled positions by the year 2022. Such factors can hinder market growth in the long run.
Identity Analytics Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Identity Analytics market. Identity Analytics Market top 10 companies include:
- Oracle Corporation
- Securonix Inc.
- LogRhythm Inc.
- Verint Systems Inc.
- Brainwave GRC
- SailPoint Technologies
- Gurucul
- Centrify
- Evidian
- Okta, Inc.
Acquisitions/Technology Launches/Partnerships
- In June 2020, Centrify announced the launch of the Centrify Reliance Partner Program, in order to educate the channel partners while meeting the growing demand for identity centric PAM efficiently.
- In February 2020, Gurucul announced the launch of a cloud-native data science driven platform, names Unified Security & Risk Analytics, meant to unify key cyber defence centre functions, enabling contextual as well as risk-prioritized decisions while automating security controls.
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