Global Identity Analytics Market 2021 (Includes Business Impact of COVID-19)

  • TBI262752
  • September 16, 2021
  • Global
  • 149 pages
  • Market.US
                                          

Report updated on 11th September, 2021: Global Identity Analytics Market 2021 (Includes Business Impact of COVID-19)

Global Identity Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global identity analytics market report has been segmented on the basis of component, application, industry vertical, and region. Request Covid - 19 Impact The global Identity Analytics market size was valued at USD$674.49 million in 2020 and is projected to reach USD $8437.13 million by 2030, and is anticipated to expand at a CAGR of 29.06% over the forecast period from 2020 to 2030.

Global Identity Analytics Market: Overview

Identity analytics systems are used to monitor, manage, and resolve identity-based risks and threats across organizations network. Identity analytics conducts in-depth analysis within a contextualized environment. The output coupled with human resources and pre-defined data reconciled together to offer audited data insights and solutions over risk use cases.

Global Identity Analytics Market: Dynamics

Rising concerns and increasing number of instances associated with sophistication of identity related data and fraud breaches results in high revenue loss for large organizations dealing. This is a factor is expected to increase the adoption of identity analytics solutions across various organizations across the globe which in turn is expected to fuel growth of the potential market over the forecast period. Increasing adoption of enterprise mobility and bring-your-own-device (BOYD) trends is resulting in high adoption of identity analytics. As identity analytics provides personal-centric compliance monitoring to business users, auditors, IT managers, and compliance officers over devices connected in the network. Aforementioned factor is expected to boost growth of the target market. Increasing R&D technological activities coupled with introduction of machine learning (Ml) or artificial intelligence(AI)-powered identity analytics solutions to reduce the risk of access control-related deficiencies and security violations are factors expected to create significant revenue growth opportunities for players operating in the global market. However, lack of awareness and high cost associated with implementation of identity analytics are major factor that would hamper growth of the global market to a certain extent.

Global Identity Analytics Market: Segment Analysis

Among the component segments, the solution segment currently dominates the global market owing to rising number of data breaches and violations concerns in various organizations across the globe. The identity and access management segment in the application segments currently dominates, in terms of revenue share, the global market. This segment growth is attributed owing to growing demand for transparent business operations across various organizations globally. Among the industry vertical segments, the banking, financial services, and insurance (BFSI) segment is expected to account for high revenue growth due to ability of identity analytics to provide sophisticated data insights and real-time identity access solutions.

Global Identity Analytics Market: Region Analysis

The market in North America currently dominates, in terms of revenue share, the global market owing to availability of well-developed IT infrastructure, high number of presence of prominent players operating in this region. Whereas, market in Asia Pacific is expected to register significant revenue growth in the global market during the forecast period, followed by market in the Europe region.

Global Identity Analytics Market Segmentation:

Segmentation by Component:
  • Solution
  • Services
Segmentation by Application:
  • Account Management
  • Customer Management
  • Fraud Detection
  • GRC Management
  • Identity and Access Management
  • Others (PAM, etc.)
Segmentation by Industry Vertical:
  • Manufacturing
  • Government and Defense
  • IT and Telecommunications
  • Banking, Financial Services, and Insurance (BFSI)
  • Others (Food & Beverage, Energy & Utilities, Media & Entertainment, etc.)

Key Market Players included in the report:

  • Anomalix (US)
  • Brainwave GRC (France)
  • Centrify (US)
  • Confluxsys (US)
  • Evidian (US)
  • Gurucul (US)
  • Happiest Minds (India)
  • Hitachi ID Systems (Canada)
  • ID Analytics (US)
  • IDAX Software(UK)
  • LogRhythm (US)
  • NetOwl (US)
  • Nexis GmbH (Germany)
  • Novetta (US)
  • Okta (US)
  • One Identity (US)
  • Oracle (US)
  • Prolifics (US)
  • Quantum Secure (US)
  • SailPoint Technologies (US)
  • ThreatMetrix (US)
  • Traxion (Netherlands)
  • Verint Systems (US)

Below are the key development related to Identity Analytics Market in 2020 and 2021.

June 2021: Capital One Ventures invests in Socure digital identity analytics. Socure has boosted Capital One’s digital identity trust to increase card approval rates and slash false positives for its U.S. card team, leading the financial institution’s venture arm Capital One Ventures to make a strategic investment in the company. Socure recently became the latest unicorn biometrics with a $100 million funding round that included several other large financial institutions. The latest investment is expected to support Socure’s plans for continued expansion of its identity verification and biometrics across all consumer-facing verticals, including financial services, online gaming, healthcare, telco, e-commerce and on-demand services. Source June 2021: Ping Identity Acquires Bot Detection Startup SecuredTouch We decided we wanted to lean in [to behavioral analytics] a little harder. Our philosophies align, our technologies align, and the deal came together fairly quickly,’ says Ping Identity COO Kris Nagel. Ping Identity has bought bot detection and mitigation startup SecuredTouch to provide identity, risk, and fraud teams with early visibility into potential malicious activity. The Denver-based identity security vendor said Tel Aviv, Israel-based SecuredTouch takes advantage of behavioral biometrics, artificial intelligence, machine learning, and deep learning to detect bots and protect against account takeover. Customers will be able to deploy SecuredTouch as a standalone offering or as part of the broader Ping One Cloud Platform, according to the company. The acquisition will allow Ping to provide more intelligence and capabilities around customer identity, which accounts for more than half of the company’s revenue globally. Source May 2021: Acuant acquires identity verification provider Hello Soda Hello Soda’s dark web solution scans over 600 million records for signs of data theft. Acuant has acquired Hello Soda, a global identity verification provider, know your customer (KYC), and anti-money laundering (AML) solutions. According to Acuant, the acquisition will fortify its position in the digital identity market and strengthen its Trusted Identity Platform. The Acuant-Hello Soda merger will also bring together powerful technologies in data science modeling and advanced analytics to enhance trust in digital identities. Source March 2021: Neustar Launches Unified Identity™ Transforming the Future of Customer Data Management Announces the first customer data solution to connect, validate, and enrich customer data from all offline and online sources, improving customer relationship management (CRM), marketing, and analytics outcomes for brands. -Neustar Inc., a global information services and technology company and leader in identity resolution, announced the launch of Neustar Unified Identity™, the only end-to-end identity management solution that enables resolution of offline to online identifiers by responsibly connecting people, location, and device data. The new solution powered by Neustar’s unrivaled identity graph platform, OneID™, transforms data management to enable better data-driven decision making and outcomes for brands by supporting data onboarding, linking, enrichment, and validation. Source November 2020: Experian’s Precise ID® Solution Is Helping Prevent and Detect Improper and Fraudulent Unemployment Insurance Payments Experian announces exclusive partnership to help states mitigate fraud amid COVID-19 pandemic. Experian’s Precise ID® Solution Is Helping Prevent and Detect Improper and Fraudulent Unemployment Insurance Payments. Experian announces exclusive partnership to help states mitigate fraud amid COVID-19 pandemic. n the wake of unprecedented unemployment fraud since the start of COVID-19, Experian®, the world’s leading global information services company, announced it was selected as the exclusive partner for identity and fraud verification for the Unemployment Insurance (UI) Integrity Center’s centralized Identity Verification (IDV) capability. This is available to state agencies at no cost through UI Integrity Center, operated by the National Association of State Workforce Agencies (NASWA) in partnership with and funded by the U.S. Department of Labor. With the Federal Bureau of Investigation (FBI) reporting a spike in fraudulent unemployment insurance claims complaints related to the ongoing COVID-19 pandemic,1 it’s more important than ever that state agencies use innovative solutions to verify identities that are applying for unemployment insurance to protect consumers. Improper unemployment insurance payments issued under the CARES Act could be wasted largely because of fraud. The IDV capability leverages Experian’s Precise ID® to provide a centralized identity verification and proofing solution. Precise ID combines identity analytics with advanced fraud risk models to distinguish various types of fraud, which can help state agencies maximize time and resources. When state agencies submit claims, the IDV solution will return ID theft scoring and associated cause codes, enabling them to assess whether a claim may be fraudulent. Source January 2020: LexisNexis Risk Solutions To Buy ID Analytics From NortonLifeLock LexisNexis Risk Solutions plans to spend $375 million to buy ID Analytics, which is used by 450 companies to make risk-based decisions that improve customer experience, enhance revenue, reduce fraud and drive cost savings. LexisNexis Risk Solutions has agreed to purchase ID Analytics from NortonLifeLock for $375 million to enhance its credit and fraud risk assessment capabilities for enterprises. The Atlanta-based risk management business said its proposed acquisition of San Diego-based ID Analytics will help with the delivery of risk insight through a combination of proprietary data, patented analytics, and near-real-time cross-industry consumer identity behavior. Source  

Table of Contents
Chapter 1. Methodology and Scope                  1.1. Research Methodology                  1.2. Research Scope & Assumptions                  1.3. List of Data SourcesChapter 2. Executive SummaryChapter 3. Global Identity Analytics Market Outlook                  3.1. Market Segmentation                  3.2. Market Size and Growth Prospects, 2016 - 2027                  3.3. Value Chain Analysis                  3.4. Market Dynamics                      3.4.1. Market driver analysis                      3.4.2. Market restraint analysis        
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