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.
Rise in adoption by enterprises to enhance identity and access management systems, rise in need to avail access certification, and increase in awareness regarding management of regulations and compliance drive the growth of the market.
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On the basis of region, North America accounted for largest market share in 2017. The software industry is in a better position due to the adoption of technologies that enabled remote working.
Impact of COVID-19 Pandemic on Identity Analytics Market:
- The software industry is in a better position due to the adoption of technologies that enabled remote working. In addition, the industry has witnessed a rise in demand for certain applications amid COVID 19.
- However, yet certain software sectors have been through several difficulties. The SaaS companies that supply to specific sectors including hospitality, food, and others have seen a drop in revenue generation.
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The global identity analytics market is segmented on the basis of component, deployment, analytics type, analytics type, end user, and region. Based on component, the software segment accounted for more than two-thirds of the total market share in 2017. On the other hand, the services segment is expected to grow at the highest CAGR of 33.2% from 2018 to 2025.
On the basis of region, North America accounted for nearly two-fifths of the total market share in 2017, and will maintain its dominant position throughout the forecast period. On the contrary, Asia-Pacific would grow at the highest growth rate, registering a CAGR of 30.7% from 2018 to 2025.The report also analyzes regions including Europe and LAMEA.
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Based on analytics type, the predictive analytics segment held the major market share, contributing nearly one-third of the total market share in 2017, and is expected to maintain its leadership status by 2025. This is due to its effectiveness in countering frauds and improvement of ongoing provisioning and governance.
However, prescriptive analytics would register the highest growth rate with a CAGR of 29.4% from 2018 to 2025, owing to its characteristic to facilitate the organizations with hierarchical models, rule-induction, and decision trees. The research also analyzes descriptive analysis and diagnostic analysis.
Some of the key players operating in the identity analytics market include Evidian, Gurucul, Hitachi Id Systems, Happiest Minds, LogRhythm, ID analytics (Symantec), Verint Systems, NetIQ (Microfocus), Microsoft, and Oracle.
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