Identity Analytics Market

Identity Analytics Market Outlook (2022-2032)

The global identity analytics market reached a value of US$ 980.3 Mn at the end of 2021 and is estimated to increase to US$ 5.82 Bn by 2032, expanding at a high-value CAGR of 17.7% over the next ten years.

Identity analytics currently represents around 30% share of the global identity and access management market.

Identity analytics allows enterprises to oversee the behavior of their employees, identify who has what permissions and access rights, and identify the devices that they are using. All of this is done using machine learning and artificial intelligence algorithms, which help enterprises with their identity access and management activities.

The advantages of identity analytics are that users are provided an overview of the scope of the solution, and suggested course of action, and can easily specify changes that need to be made regarding permissions in the organization. Companies can also identify employees that have violated certain policies.

Demand Analysis of Identity Analytics (2017-2021) Vs. Market Outlook (2022-2032)

The global identity analytics market expanded rapidly at 15.6% CAGR from 2017 to 2021.

Primary reasons for the expected high demand growth for identity analytics over the forecast period include growing cybersecurity threats and activities that can damage enterprises in any industry, and the need to manage access permissions in a manner that is user-friendly and efficient, especially for enterprises that are witnessing growth in employee numbers and business operations;

Currently, rapid growth is being witnessed in the IT & telecom industry globally, which means that this industry can potentially be a great market for identity analytics solutions.

Solutions and services deployed over the cloud allow identity analytics solutions to be more accessible to small and medium enterprises as well, which will further boost market growth over the decade.

Persistence Market Research predicts that the demand for identity analytics will increase rapidly at a CAGR of 17.7% between 2022 and 2032.

Why are Identity Analytics Solutions Primarily Used for Identity Access Management?

Identity access and management are a set of processes, technologies, and activities carried out by companies to manage the permissions and access that employees have to their information.

Identity analytics is simply the solution that is implemented to improve the functioning of an identity access and management solution. This is done by providing wider insights to users about risky users and applications being used by companies that could pose a threat, as well as recommending the correct course of action.

Which Regional Market is Most Promising for Identity Analytics Providers?

The South Asia and Pacific market for identity analytics is estimated to expand at a CAGR of 22.8% during the forecast period of 2022-2032.

The South Asian and Pacific region is currently witnessing rapid growth in industrialization and several other sectors such as manufacturing, IT & telecom, and certain BFSI companies.

Over the past few years, various small enterprises have become large enterprises in the region, and these large enterprises are the primary customers of identity analytics solutions.

Country-wise Insights

Why is the U.S. Leading the Adoption of Identity Analytics?

The U.S. is home to several large multinational enterprises that are spread across various industrial domains. Being an economically powerful region with a large population and at the center of various geo-political conflicts, this region is highly prone to cyber attackers.

For these reasons, the United States is a leading market for identity analytics.

What are the Prospects for Identity Analytics in Japan?

The Japanese government has decided to reopen its borders for travel and tourism in the third quarter of 2022, allowing the travel and tourism industry and the hospitality industry to grow for identity analytics solutions over the forecast period.

The country also has a large number of people that partake in e-Commerce shopping, which creates a high requirement for customer management solutions and services that could be addressed by identity analytics.

Over the 2022 to 2032 forecast period, the Japanese market for identity analytics is estimated to expand at a CAGR of 21.4%.

How are Identity Analytics Providers Faring in Germany?

The market for identity analytics in Germany is estimated to progress at a CAGR of 19.5% during the forecast period.

However, the current situation for the German market is dicey. The Russia-Ukraine conflict, which began in the first quarter of 2022, has raised energy prices for industrial and personal use. This has negatively impacted companies in the country and many of them intend to halt their production for a period of time, while some even intend to leave the country.

Nevertheless, Germany is still the largest European economy and has a large BFSI industry, and both factors can cause the country to be a target for cyberattacks. Provided Germany can find ways to handle the present crisis at hand, it can be a good marketplace for identity analytics.

Category-wise Insights

Which Factors Can Help Identity Analytics Service Providers Grow?

Once an identity analytics solution is set to be dispatched to the client, there are various other factors that need to be taken into account for the successful implementation of the solution. This means that as the market for identity analytics solutions grows, so will the demand for identity analytics services.

Integration of the solution, along with the involvement of third parties the client is interacting with, training of the employees and users, and most importantly, providing updates, are all important aspects in this market.

DevOps is a progressing field of software development that involves continuous development and continuous integration of developments in solution upgrades, and this methodology is something that is being implemented by software developers and is in high demand as well.

The identity analytics services segment is estimated to expand at a CAGR of 18.6% between 2022 and 2032.

Why are Customer Management Applications Estimated to Show Promising Growth?

There have been various developments in the ways of performing businesses because of the use of social media and the Internet, the primary example being consumers creating accounts on vendors’ platforms. Due to the inception of the cloud, several companies have begun providing their platforms and solutions to customers and clients on a subscription basis.

Applications and smartphones have increased the interaction that customers have with a company's resources, such as cab services, dating apps, or digital payment platforms, where consumers use these platforms and either create accounts or register for services based on the membership type they opt for.

Keeping track of these activities becomes important for companies to ensure that customers are receiving the services that they have paid for and not something more or less. Customer identity access management and identity analytics can help companies perform these tasks efficiently, and for the same reason, demand for customer management applications is estimated to surge at a CAGR of 22.8% for the forecast period.

Why are Large Enterprises Leading End Users of Identity Analytics?

The market share of large enterprises in 2021 was 60.6% for identity analytics.

Large enterprises tend to have their business operations spread across various geographic areas and have a large number of employees. Due to this, overseeing access rights and risky behavior by employees becomes a challenge. The threats that can be posed to large enterprises due to carelessness by employees and the errors that they make tend to be exponentially higher.

Identity analytics can provide large enterprises with an overview of the activities that occur within the organization in a user-friendly manner, despite a large number of devices and employees that need to be supervised.

Competitive Landscape

Identity analytics vendors are working on machine learning and artificial intelligence algorithms and solutions to improve their offerings, and are also implementing cloud technology to further diversify their solutions.

• In August 2022, Thoma Bravo, a U.S.-based private equity company, acquired SailPoint, an identity security and analytics vendor, for US$ 6.9 billion. The organization was a publicly listed company on the New York stock exchange before the acquisition. Thoma Bravo made this acquisition because it believed that the demand for enterprise identity security could grow rapidly in the future and it will be well-positioned in the market to capitalize on this growing opportunity.
• In April 2022, Ilantus products announced a pay-per-use mode of identity access and management products, compact identity, which would allow users to cut expenditure on unnecessary solutions and services. This would allow Ilantus to market its products better to small and medium enterprises.

Identity Analytics Industry Report Scope

Identity Analytics Industry Survey by Category

By Solution:

• Identity Analytics Software
  • Cloud-based
  • On-premise
• Services
  • Professional Services
    • Consulting
    • Support & Maintenance
    • Training and Education
  • Managed Services

By Application:

• Customer Management
• Fraud Detection
• Governance, Risk, and Compliance Management
• Identity and Access Management
• Account Management
• Others

By Organization Size:

• Large Enterprises
• SMEs

By Industry:

• IT & Telecom
• BFSI
• Logistics & Transportation
• Hospitality
• Healthcare
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

To know more about delivery timeline for this report Contact Sales