by The global Identity Analytics market offers solutions that help detect suspicious behaviors and anomalies to secure digital identities from fraud. Identity Analytics solutions analyze user identities and activities across multiple sources of identity data to detect risks and ensure compliance. The market provides risk-based authentication, user behavior analytics, and identity monitoring capabilities to prevent identity theft, account takeover fraud, and ensure users are who they claim to be.
The Global Identity Analytics Market is estimated to be valued at US$ 5.82 Billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period from 2024 to 2031.
Key takeaways:
Key players operating in the Identity Analytics market size are Centrify Corporation, Ekata, Evidian, Gurucul Solutions Pvt Ltd., Happiest Minds, Hitachi ID Systems, Inc., ID Analytics (Symantec), LogRhythm, Inc., MicroStrategy Incorporated, NetIQ (Micro Focus), Okta Inc., Oracle Corporation, Sailpoint Technologies Holdings Inc, Securonix, Inc., and Verint Systems Inc. Growing digital dependency and increased cyber threats during the pandemic has propelled the demand for Identity Analytics solutions. Organizations across industries are increasingly adopting Identity Analytics to secure access to applications and detect suspicious user behavior or anomalies amid remote work setups. With the rapid digital transformation, companies are expanding globally which has increased the need to monitor identities and activities consistently across multiple locations and cloud environments.
Market key trends:
One of the key trends spurring growth in the Identity Analytics market is the increasing demand for fraud detection automation. As digital transactions continue to rise, so does the need to identify risks and prevent losses from fraud in real-time. Leading vendors are focusing on developing AI and machine learning capabilities within their Identity Analytics offerings to gain automation in anomaly detection, risk assessment, and triggering automated response actions. This enables organizations to analyse vast amounts of identity data, detect patterns that may indicate fraud attempts, and take quick corrective measures to prevent financial and reputational losses. The focus on automation is expected to drive continued growth in the Identity Analytics market over the forecast period from 2024 to 2031.
Porter’s Analysis
Threat of new entrants: Moderate barriers due to established players and high capital requirements.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to fragmented market landscape.
Threat of new substitutes: Low threat as identity analytics is a niche market with specialized requirements.
Competitive rivalry: High due to presence of top players focusing on product innovation and acquisitions.
Geographical Regions
North America region accounted for the major share in terms of value in 2024 due to strict data privacy regulations and rising digital identity threats. Identity Analytics Market Regional Analysis as Europe is another lucrative region owing to presence of leading vendors and awareness about identity management. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period supported by rapid digital transformation and increasing adoption of cloud technologies across industries in countries like China, India. Latin America and Middle East & Africa provide immense growth opportunities for vendors to tap new customers and expand regional presence.
Geographical Regions
The identity analytics market in North America region is expected to surpass a value of US$ 2.2 Bn by 2031. Growing BYOD trends, remote working practices and need for seamless customer experiences are driving increased identity analytics deployment across industries in the US and Canada. Furthermore, stringent data privacy laws such as GDPR and CCPA have boosted the need for identity proofing and access management solutions. Asia Pacific region is poised to witness the fastest growth during the forecast period with a CAGR exceeding 30%. Rapid digitalization, growing cyber threats and mushrooming startup culture are some factors fueling identity analytics demand from countries like India, China, Japan and South Korea. Identity analytics providers should focus on localizing offerings and establishing strong partnerships with regional systems integrators to tap into vast growth opportunities within Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
