The report offers a detailed analysis of changing market dynamics, top winning strategies, key segments, and competitive landscape. According to the report, the global identity analytics market generated $512 million in 2017, and is expected to reach $3.62 billion by 2025, registering a CAGR of 27.8% from 2018 to 2025.
Surge in adoption by enterprises to improve identity and access management systems, increase in need to avail access certification, and rise in awareness regarding management of regulations and compliance drive the growth of the market. However, increase in complexities of IT infrastructure and slow rate of adoption of advanced analytics solutions in underdeveloped countries hinder the market growth. On the other hand, adoption of machine learning technologies and artificial intelligence for identity analytics solutions and increase in demand of mobility solutions create new opportunities in the industry.
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Based on component, the software segment contributed to more than two-thirds of the total market share in 2017, owing to rise in data governance and regulation policies for enterprises and the requirement to make informed and data-driven decisions. However, the services segment is expected to grow at the highest CAGR of 33.2% from 2018 to 2025, owing to increase in requirements for training, maintenance, planning, and support services during the usage of identity analytics and the demand for integration, implementation, and upgradation of services.
Leading market players analyzed in the research include Evidian, Hitachi Id Systems, Gurucul, LogRhythm, Happiest Minds, Verint Systems, ID analytics (Symantec), Microsoft, NetIQ (Microfocus), and Oracle.
North America accounted for nearly two-fifths of the total market share in 2017, and will maintain its dominant position throughout the forecast period. This is due to rapid adoption of AI driven technologies in identity analytics. However, Asia-Pacific would grow at the highest growth rate, registering a CAGR of 30.7% from 2018 to 2025, owing to increase in security compliance requirements in various industry verticals such as BFSI, government, Telecom & IT, and others along with rise in number of data breaches and cyber-attacks that lead to adoption of identity analytics solutions.
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