Newark, June 20, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, The global identity analytics market is expected to grow from USD 1,164.56 Million in 2023 to USD 14,485.55 Million by 2033, at a CAGR of 28.67% during the forecast period 2023-2033.
The surge in the cases of identity-related security hazards and growing instances of data breaches in professional organizations are some of the factors driving the identity analytics market. Moreover, the growing acceptance of enterprise mobility trends like wireless communication networks is one of the factors driving the market, as identity-related risks are involved.
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Competitive Strategy
To enhance their market position in the global Identity Analytics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In April 2024: Okta announced its teaming up with Savex Technologies, one of the leading IT distributors in India. This partnership helps the organization sell and support the complete range of Okta identity and access management solutions in the country, including Okta Workforce Identity Cloud and Okta Customer Identity Cloud.
This factor eventually helped the organization gain a share in the Identity Analytics market.
Market Growth & Trends
Identity analytics platforms use advanced algorithms and machine learning methodologies to study behaviour and help mitigate identity-related issues. With fast digital transformation and remote workforce culture, several businesses face problems identifying and verifying user identities. There is a problem in the prevention of fraud and following regulatory compliance. All these factors will eventually drive the identity analytics market. Presently, there is a surge in the prevalence of identity-based access provision and authentication. Also, there is a significant increase in cybercrime and hacking. All these factors are fueling the growth of the market. Moreover, there is growing support from the government by investing in the IT sector, and the growing demand to have secure users from unauthorized accessibility is propelling the growth of the market. Also, the government has imposed strict rules to improve efficiency and decrease infrastructure costs, driving the market. There are growing cases of data breaches and identity-related fraud, the surge in networked communications, and the growing adoption of smartphones and the Internet for daily tasks. The increase in organizations adopting the Bring Your Own Device (BYOD) trend is fueling the market's growth. Moreover, there is a surge in the adoption of the cloud, and growth in connected technology like the IoT is driving the market. The development of the AI-enabled identity analytics platform and the surge in the growth of big data is providing a good opportunity for the market. It has been observed that cybercriminals are using more sophisticated methodologies to exploit vulnerabilities, and hence, there is a need for advanced identity analytics solutions.
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Key Findings
• In 2023, the solutions segment dominated the market with the largest market share of 63.12% and market revenue of USD 735.07 Million.
The component size segment is divided into solutions and services. In 2023, the solutions segment dominated the market with the largest market share of 63.12% and market revenue of USD 735.07 Million. This significant market share is attributed to the solutions' reduction in the risk of identity access as they leverage machine learning and advanced analytics.
• In 2023, the Cloud segment dominated the market with the largest market share of 65.32% and market revenue of USD 760.69 Million.
The deployment mode type segment is divided into cloud and on-premise. In 2023, the Cloud segment dominated the market with the largest market share of 65.32% and market revenue of USD 760.69 Million. This market share is attributed to the surge in the adoption of cloud technology to take care of identity and access processes.
• In 2023, the BFSI segment dominated the market with the largest market share of 33.43% and market revenue of USD 389.31 Million.
The vertical segment is divided into BFSI, government & defense, IT & telecom, retail, healthcare and others. In 2023, the BFSI segment dominated the market with the largest market share of 33.43% and market revenue of USD 389.31 Million. This market share is attributed to the growing adoption of identity analytics solutions in the BFSI sector due to the use of advanced analytics to protect sensitive data, personalize the customer experience, and detect fraud.
Regional Segment Analysis of the Identity Analytics Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Identity Analytics industry, with a market share of 41.06% and a market value of around USD 478.17 Million in 2023. This market share is attributed to the large presence of key tech organizations and infrastructure for the most advanced cybersecurity. There is a large adoption of identity analytics solutions, fueling the region's market growth. Asia Pacific has the highest CAGR in the forecasting period. This trend is broadly attributed to the region's digital technology development. Also, networked communication is growing in the region, especially in countries like Japan, China, Australia and India.
Key players operating in the global Identity Analytics market are:
• Okta Inc.
• Oracle Corporation
• Anomalix Inc.
• One Identity LLC (Quest Software Inc.)
• Hitachi ID Systems Inc
• Brainwave GRC
• Forgerock Inc.
• Gurucul Solutions Pvt Ltd.
• Securonix Inc.
• Confluxsys LLC
• Evidian
• Verint Systems Inc.
• Nexis GmbH
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Identity Analytics market based on below mentioned segments:
Global Identity Analytics Market by Component:
• Solutions
• Services
Global Identity Analytics Market by Deployment Mode:
• Cloud
• On-Premise
Global Identity Analytics Market by Vertical:
• BFSI
• Government & Defence
• IT & Telecom
• Retail
• Healthcare
• Others
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About the report:
The global Identity Analytics market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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