Identity Analytics Market Country Level Analysis, Current Industry Size and Future Prospective with Key Company Profiles 2019-2025

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Identity Analytics market share research by
applications and regions for 2019-2025 Global
Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Identity Analytics Market

• Asia Pacifics identity analytics market is
  enormously growing due to the continuously
  increasing adoption of technology in the emerging
  IT sector. The countries including India are
  becoming the first preference for IT solutions
  outsourcing in the world as the required
  workforce is cost-effective in this region.
  Keeping track of such a big workforce is made
  easy by identity analytics, creating a suitable
  situation for the growth of the market in Asia
  Pacific.
• Identity Analytics Market size will expect
  lucrative gains during the forecast period
  impelled by rising demand from enterprises to
  automate identity-related risks and issues such
  as access, provision or restriction. These
  solutions are significantly used in fraud
  detection, account management, identity access
  management, and others. The increasing
  occurrences of data leak or identity frauds cause
  a heavy loss in revenue to many firms, forcing
  them to adopt identity analytics software and
  tools. Identity analytics combines the
  capabilities of advanced analytics and big data
  for the detection of identity-based risks in
  organizations. This will enhance the security of
  the companys confidential data and help to
  manage its access.

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• Conventionally, SOD (Segregation of Duties) used
  to be done manually, which used to cost more
  however, SMEs and large corporations are
  currently trying to make business processes more
  cost-effective. This problem is resolved due to
  the introduction of AI (Artificial Intelligence)
  and ML (Machine Learning) into identity analytics
  aiding businesses to do SOD and monitor them
  digitally. Identity analytics examines the
  existing roles and designations from the system
  and identifies inter and intra SOD risks. After
  this risk identification, the access is disabled
  and notified to the authorities.
• In 2018, more than 1.4 million fraud cases were
  registered, which cost around USD 1.48 billion.
  This makes organizations keen to implement
  identity analytics software. Business can
  establish HPA (High Privileged Access) to certain
  users to keep sensitive data safe. The main
  problem large enterprises are facing is to manage
  a large amount of identity-related data, which
  needs to be kept safe and its maintenance to be
  cost-effective. Identity analytics software and
  tools are attracting SMEs as well as large
  corporations due to its cost-effective nature and
  the facility to access from anywhere.

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• Digitalization in various sectors has opened ways
  for cybercriminals to attempt more frauds. In the
  BFSI landscape, such incidences can cause heavy
  loss. To prevent such activities, banks are using
  intelligent systems and software to combat such
  crimes. This software uses machine learning, big
  data, and predictive analytics to catch
  identity-related frauds. Identity analytics is
  used for the examination of every transaction and
  identification of unusual transactions.
  Predictive analytics is used to analyze such
  unusual transactions. Machine learning and data
  mining techniques can also detect frauds.
• In IT and Telecom, identity management solutions
  are required at a large scale due to huge volumes
  of data generated every day and managing such
  huge amounts of data is a hectic task. With a
  rise in the competition, operators are required
  to keep more data about customers such as device,
  usage, and location. Identity analytics helps to
  identify potential customers and offers them
  better services based on their needs, behavior,
  demographics, and devices. Customer retention is
  a big challenge in the telecom sector and
  identity analytics helps to identify the value
  loss of customers at an early stage, allowing
  operators to identify the factors that determine
  customers decisions and help to retain customers
  for a long period of time.

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• In North America, credit card frauds on new
  accounts went up to 24, misusing someones
  information to open a new credit card account was
  reported more often than any other
  identity-related crime in 2018. Due to the
  widespread adoption of technology, the reports on
  frauds are registered more by youngsters than old
  people. These reasons together anticipate that
  North America will hold the largest market share
  in the identity analytics market. This region has
  accepted identity analytics tools in many sectors
  and the presence of many large players in the
  market makes it more favorable for the growth of
  this sector.
• The key players in the identity analytics market
  are Symantec, Oracle, Quantum Secure, Confluxsys,
  Threatmetrix, Nexis Gmbh, Okta, Hitachi Id
  Systems, Logrhythm, Idax Software, Centrify,
  Anomalix, Novetta, Gurucul, Verint Systems,
  Venafi, One Identity, Brainwave Grc, NetIQ,
  Sailpoint Technologies, Netowl, and Evidian. The
  companies are forming tie-ups with other
  companies to increase data processing
  capabilities. For instance, in May 2019, HDFC
  Ergo, a general insurance company, and IBM, a
  technology solution provider, jointly set up a
  data lab in India to run identity data-driven
  analytics on customer data and develop customized
  solutions and improve businesss profitability.

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Methodology

• Market
  research reports Key analytical components

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