Identity Analytics Market is Estimated to Witness High Growth Owing to Rising Instances of Identity Thefts

Identity Analytics Market is Estimated to Witness High Growth Owing to Rising Instances of Identity Thefts

The identity analytics market offers solutions to detect identity and access-related security threats. It protects sensitive data and usernames from unauthorized access by monitoring user behaviors and network activities. Identity analytics solutions analyze identity-related events and activities to detect anomalies and risks of identity thefts in real-time. This helps enterprises strengthen access controls, monitor privileged users, and respond quickly to security breaches.

The Global identity analytics Market is estimated to be valued at US$ 1.13 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the identity analytics market 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. Identity analytics solutions provide enterprises improved visibility into user activities and behaviors, helping them detect abnormal access patterns faster. The growing need to comply with stringent identity management regulations is encouraging more organizations to adopt identity analytics globally. Major technology companies are focusing on partnerships and mergers & acquisitions to expand their identity analytics offerings globally.

Market drivers: Rising identity thefts across enterprises due to phishing attacks and credential stuffing is a key factor driving the adoption of identity analytics. Identity Analytics Market size is driven by its ability to help organizations analyze heterogeneous identity datasets, detect anomalies in authentication patterns, and respond quickly to mitigate the impact of data breaches.Identity analytics improves security posture and ensures compliance with regulations.

PEST Analysis

Political: Identity and access management solutions help organizations meet various regulatory compliances like GDPR, CCPA, etc. and securely manage identities to reduce risks of data breaches.

Economic: Growing digital transformation spending by enterprises on security solutions and increasing identity thefts and cyberattacks are driving demand for identity analytics solutions.

Social: Rising mobility and dispersed workforce is enabling remote working. Organizations need identity analytics to effectively manage access to resources from any location while ensuring privacy and security.

Technological: Identity analytics uses machine learning and artificial intelligence to gain valuable insights from identities, behaviors and activities within an organization. It correlates identity data with other sources to detect anomalies and risks in real-time. Advanced analytics helps strengthen access management and reduces security risks.

In terms of value,Identity Analytics Market Regions Analysis indicates that North America holds the largest share in the identity analytics market due to stringent regulations and rising adoption of digital technologies among enterprises in the region. Asia Pacific is the fastest growing market due to growing mobility, cloud adoption, and focus on data security among organizations in countries like India and China.

Europe is another major geographical region concentrated in the identity analytics market. Stringent data protection laws like GDPR have increased adoption of identity management solutions in countries like Germany, UK and France. Organizations aim to achieve compliance and strengthen access governance through identity analytics.