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(IT-NEWSWIRE.COM, April 29, 2020 ) The global Identity Analytics Market size 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. Major driving factors for the market include rising demand for enterprise mobility solutions, demand for a more comprehensive defense system to reduce risk and enhance security, increase in the IT security budget for advanced identity management solutions among enterprises, and rise in awareness about compliance management.
Major Identity Analytics Market vendors include Oracle (US), Verint Systems (US), LogRhythm (US), Quantum Secure (US), NetIQ (US), Hitachi ID Systems (Canada), SailPoint Technologies (US), Happiest Minds (India), Gurucul (US), Centrify (US), One Identity (US), Evidian (US), Brainwave GRC (France), ID Analytics (US), Nexis GmbH (Germany), Confluxsys (US), IDAX Software (UK), Okta (US), Novetta (US), Prolifics (US), NetOwl (US), Anomalix (US), Traxion (Netherlands), and ThreatMetrix (US). These players have adopted various growth strategies such as new product launches and partnerships, agreements, and collaborations to enhance their presence in the global identity analytics market. Partnerships and new product launches have been the most widely adopted strategies by major players from 2016 to 2018 and helped them innovate on their offerings and broaden their customer base.
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The fraud detection application segment is expected to grow at the highest CAGR from 2018 to 2023
Fraud detection applications with applied analytics help detect fraudulent activities and the possibilities of fraud incidents happening in the future. Fraud detection is essential in enterprises to avoid incidents of fraud. 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. The market size of the fraud detection application is expected to grow at the highest CAGR during the forecast period.
Services segment is expected to grow at the highest CAGR in the identity analytics market during the forecast period
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. As the market for identity analytics solutions continues to grow, the market for services associated with identity analytics is also expanding. Services offered, whether managed or professional, allow enterprises to safeguard their users and devices from unauthenticated access. The market for identity analytics services is growing due to the increased demand among organizations to offer enhanced customer services and convenience for users.
Oracle is one of the prominent players in the IT software, hardware, and services-related market, with the identity analytics market being one of them. The company has been widely acclaimed for providing identity analytics solutions to a diverse set of clients spread across various industry verticals. The company offers support services across various industry verticals such as Banking, Financial Services and Insurance (BFSI), government and defense, IT and telecom, and healthcare. These support services are provided by product experts that have the necessary technical knowledge and experience to assist customers with issues related to identity-related risks and cyber-attacks. The company has adopted the strategies of new product launches and product enhancements to grow in the identity analytics market. These strategies have helped the company expand its customer base and market share in the identity analytics market. In 2017, Oracle boosted cloud security with the launch of enhanced identity and configuration services that provided automated identity governance capabilities for cloud environments. The updated set of capabilities helped enterprises detect identity-based threats. Moreover, it launched security monitoring and analytics cloud service by combining Oracle Identity SOC portfolio of services and Oracle management cloud. The newly launched suite empowered Identity SOC and UEBA. With the recent enhancements in its analytics-based identity and access management solutions, Oracle emphasizes on the large enterprises segment of end-users.
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Verint Systems is one of the leading providers of identity analytics solutions. The company has adopted organic and inorganic growth strategies to expand its share in the identity analytics market. For instance, in 2016, Verint Systems acquired Contact Solutions, a provider of real-time, contextual customer care solutions. As a result of this acquisition, Contact Solutions’ strong self-service capabilities were integrated with Verint Systems’ advanced customer analytics to mitigate identity risks and detect frauds. This acquisition strengthened Verint Systems’ product portfolio, enabling decision-makers to anticipate, respond, and make more informed, effective, and timely decisions over a single call. The company has a strong foothold in the Americas and EMEA and has been categorically focusing on expanding its foothold in emerging markets, such as APAC, by making its products available through regional distributors and channel partners. Such strategies are expected to help the company stay ahead of the competition in the identity analytics market and help offer its solutions to businesses across various industry verticals. Verint Systems serves about 10,000 organizations in various industries, primarily in the government, IT and telecom, BFSI, healthcare, manufacturing, education, and retail sectors.
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