Identity Analytics Market Report Analysis By Key Players, Share, Revenue, Growth Rate With Forecast Overview To 2025

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Japan, Japan, Tue, 02 Feb 2021 00:30:54 / Comserve Inc. / — The report analyzes the international markets including development trends, competitive landscape analysis, investment plan, business strategy, opportunity, and key regions development status.

The identity analytics market is projected to grow at 15.3% CAGR during the forecast period of 2020-2025. The increasing demand for mobility solutions and the growing rate of identity-related risks across major industries are some of the factors accentuating the growth of the identity analytics market. Moreover, fraud detection solutions are used to detect the fraudulent activity, and significant risks of fraud cases happen are other prospects fuelling the growth of the market in the coming years. However, the high cost of deploying identity analytics solutions is expected to impede the future growth of the market.

– As stated by the Federal Trade Commission’s (FTC) “Consumer Sentinel Network Data Book,” the most common types of fraud complaints last year (i.e., 2019) were debt collection, identity theft, and imposter scams. The credit card fraud was most prevalent in identity theft instances, while more than 167,000 people reported the opening of a fraudulent credit card account with their information.
– Cybercriminals are diversifying their targets according to the internet security threat-related report by Symantec published in 2019. These criminals are using stealthier methods to commit identity theft and fraud. Various cybercrime groups like Gallmaker, Necurs, and Mealybug are using off-the-shelf tools, and OS features such as PowerShell to attack targets.
– In the present scenario, enterprises’ most significant challenges are the siloed view of identities and access to those identities. This is a result of different departments or SBUs within the organization deploying various types of identity, governance, and infrastructure platforms.
– With the help of an AI-driven analytics solution, enterprises can collect and analyze identity-related data from multiple identities, governance, and infrastructure solutions presently they have. AI-driven solutions increase enterprise-wide visibility to all identities and the access of those identities to the entire organization. This modern approach provides security and risk professionals with contextual insights into low, medium, and high-risk user access at scale. For example, ForgeRock’s “Autonomous Identity” is an emerging approach to identity analytics, which uses machine learning to make an entitlement landscape fully visible, suitable for insights.

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– Identity theft cases are on the rise during the COVID-19 pandemic across the world. According to a statement of Chinese officials, the scammers siphoned off more than USD 110,000 in a new COVID-19 related ruse, in which the callers impersonate the MOH, Singapore staff.
– However, some theft recovery companies are offering identity theft coverages at the pandemic time to recover the loss that happened due to fraudulent attempts. For instance, in April 2020, IDentityUSA offers various theft coverage plans for individuals and families and starts as low as USD 15.99 a month, which offers up to USD 1,000,000 in recovery coverage.

Key Market Trends

BFSI Industry is Expected to Grow at a Significant Rate Over the Forecast Period

– Identity theft was one of the significant methods of fraud that affected enterprises globally, according to the Communications Fraud Control Association (CFCA) “Fraud Loss Survey.” In the BFSI sector, identity theft might involve customer or employee accounts being fabricated by cybercriminals.
– Identity fraud in payments and other retail banking functions can even become a starting point for other illegal activities, like money laundering. The banking and financial services industry contributed 62% of exposed data in 2019. However, it accounted for only 6.5% of data breaches, as stated in a Bitglass report.
– Machine learning and predictive analytics can be deployed to secure and safeguard bank accounts against repeated cyber-attacks. For example, Danske Bank has implemented an AI-driven platform to tackle identity-related frauds. The platform analyzes data and scores online transactions in real-time to give actionable insights for every fraudulent activity.
– Previously, HSBC bank has partnered with Silicon Valley-based AI startup Ayasdi to automate some of its identity compliance processes in a bid to become more efficient. HSBC has implemented the company’s AI technology to automate its anti-money-laundering investigations.

North America Geographic Segment is Expected to Hold a Significant Share Throughout the Forecast Period

– The primary driver for the growth of the North America geographic segment is the significant presence of technology providers and the increasing number of identity-related breaches across major industries. These players present in the region are focusing on the development of innovative solutions to stay in the regional and globally Competitive Landscape

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The identity analytics market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base across the globe. These vendors are focusing more on the research and development investment, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge throughout the forecast period.

– In June 2020, Centrify, a provider of Identity-Centric PAM solutions, unveiled the “Centrify Reliance Partner Program” to educate the Centrify channel partners to meet the demand for Identity-Centric PAM efficiently. The channel partner program offers a wide range of incentives and enhancements for reseller partners to improve customer satisfaction through training and enablement.
– In January 2020, LexisNexis Risk Solutions announced that it had acquired ID Analytics, which is a provider of credit and fraud risk solutions for businesses. ID Analytics’s technology offers risk insights through the combination of patented analytics, proprietary data, and near real-time cross-industry customer identity behavior.

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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry

5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Cases of Identity-Related Frauds Across Major Industries
5.2 Market Challenges
5.2.1 Significantly High Cost of Deploying Identity Analytics Solutions

6 IMPACT OF COVID-19 ON THE IDENTITY ANALYTICS MARKET

7 MARKET SEGMENTATION
7.1 Component Type
7.1.1 Solutions**
7.1.1.1 Privileged Access Intelligence
7.1.1.2 Risk Based Access Certifications
7.1.1.3 Risky Account Discovery & Cleanup
7.1.1.4 SoD Intelligence
7.1.1.5 Other Solutions
7.1.2 Services**
7.1.2.1 Professional Services
7.1.2.2 Managed Services
7.2 Deployment
7.2.1 On-Premise
7.2.2 Cloud
7.3 Enterprise Size
7.3.1 Small & Medium Enterprises
7.3.2 Large Enterprises
7.4 End-use Industry
7.4.1 IT & Telecommunication
7.4.2 BFSI
7.4.3 Government
7.4.4 Retail & Consumer
7.4.5 Healthcare
7.4.6 Other End-use Industries (Manufacturing, Energy & Power)
7.5 Geography
7.5.1 North America
7.5.2 Europe
7.5.3 Asia Pacific
7.5.4 Latin America
7.5.5 Middle East and Africa

8 COMPETITIVE LANDSCAPE
8.1 Key Vendor Profiles*
8.1.1 Oracle Corporation
8.1.2 Verint Systems Inc.
8.1.3 Hitachi ID Systems, Inc.
8.1.4 Brainwave GRC
8.1.5 LogRhythm, Inc.
8.1.6 Securonix, Inc.
8.1.7 Gurucul Solutions Pvt Ltd.
8.1.8 Nexis GmbH
8.1.9 Sailpoint Technologies Holdings Inc
8.1.10 Centrify Corporation

9 INVESTMENT ANALYSIS

10 FUTURE OF THE MARKET

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