Identity Analytics is all about the use of an emerging set of big data and advanced analytics solutions to detect and reduce identity-related risks across an organization’s IT infrastructures and enhance Identity and Access Management (IAM) processes, such as access certification, access request, and role management.
According to a new market research report, the global identity analytics market is expected to grow from USD 291 million in 2018 to USD 1,093 million by 2023, at a Compound Annual Growth Rate (CAGR) of 30.3% during 2018-2023.
The major factors driving the growth of the identity analytics market are increasing concerns about managing stringent industry regulations and compliances, a rising number of identity-based risks across organizations, and increasing demand among enterprises to automate critical identity-based access provision, de-provision, and authentication.
According to the report, the fraud detection application segment is expected to grow at the highest CAGR from 2018 to 2023. Fraud detection applications help detect fraudulent activities and the possibilities of fraud incidents happening in the future. Fraud authentication helps enterprises maintain the authenticity of transactions/information by blocking unauthorized access to information or identifying false inputs from users. Fraud detection and prevention is critical in several areas such as insurance claims, money laundering, electronic payments, bank account frauds, bank cards and check frauds, employee frauds, identity frauds and thefts, individual frauds, and investment, tax, and inheritance frauds.
Solution and services
The identity analytics market is segmented by component into solution and services. The services segment is expected to grow at the highest CAGR from 2018 to 2023. The global market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. North America, being a technologically advanced region, has the highest number of identity analytics vendors. The region has witnessed the prominent implementation of identity analytics solutions across various industry verticals such as BFSI, retail, healthcare, government, and IT and telecom. As a result, the region is expected to be the largest market for identity analytics solutions. Moreover, several industry verticals in the APAC region are investing heavily in the adoption of identity analytics solutions to streamline their internal operations and minimize costs.
The report – “Identity Analytics Market by Component (Solution and Services), Application (Account Management, Customer Management, Fraud Detection, and GRC Management), Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2023” was published by MarketsandMarkets™.