DUBLIN--(BUSINESS WIRE)--The "Identity Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The identity analytics market is projected to grow at 15.3% CAGR during the forecast period of 2021-2026
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.
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.
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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
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
126.96.36.199 Privileged Access Intelligence
188.8.131.52 Risk Based Access Certifications
184.108.40.206 Risky Account Discovery & Cleanup
220.127.116.11 SoD Intelligence
18.104.22.168 Other Solutions
22.214.171.124 Professional Services
126.96.36.199 Managed Services
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
7.4.4 Retail & Consumer
7.4.6 Other End-use Industries (Manufacturing, Energy & Power)
8 COMPETITIVE LANDSCAPE
8.1 Company 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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