World News: 09:55 GMT Friday 11th January 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global identity analytics market size is expected to grow from USD 291 million in 2018 to USD 1,093 million by 2023, at a Compound Annual Growth Rate (CAGR) of 30.3% during the forecast period.
Various factors such as rising demand for mobility solutions, demand for a more comprehensive defense system to reduce risk and enhance security, increase in the IT security budget for advanced identity management solutions among enterprises, and rise in awareness about compliance management are expected to drive the market. However, the increasing complexity of the IT environment and limited availability of technical skillsets for implementing the identity analytics solutions may restrain the identity analytics market growth.The IT and telecom industry vertical is expected to grow at the highest CAGR in the identity analytics market during the forecast period. IT and telecom organizations are a key target of cybercriminals. Hence, these organizations are making huge investments to enhance their security systems. The IT and telecom sector requires identity analytics solutions on a large scale due to the huge volumes of information produced on a daily basis in these organizations.
Rise in the integration of information and communication technology into daily activities of industries, families, government, and consumers, along with increasing growth of cybersecurity has led the telecom and IT sector to focus more on IT activities. Telecom organizations typically store personal data such as name, address, and financial data, which is a compelling target for cyber-criminals or insiders.
The identity analytics solutions can help detect access risk and access outliners that harm the organization's IT environment. These solutions enable IT and telecom companies to integrate advanced analytics tools into their business application for automating the entire identity and access management processes.The large enterprises segment is expected to hold a larger market size in the identity analytics market, by organization size, during the forecast period. Availability of sufficient capital and huge workforce enables these organizations to deploy experts in different areas of identity management solutions and helps them in proper management of data and privacy.
The huge volume of data, along with various business applications and processes of enterprises involve a high level of complexities and distributed environments. Identity analytics solutions help manage the huge amount of data and applications by automating the entire business process including account provisioning, revoke access, authentication and privileged access management.
Another factor that contributes to a higher market share of large enterprises in the identity analytics market is the high investments in R&D activities to develop the best-fit technology to enhance an organization's business efficiency.North America is estimated to hold the largest market size and dominate the global identity analytics market in 2018, as the region is an early adopter of identity analytics solutions. North America is considered the most advanced region in terms of technology adoption and infrastructure. The presence of key industry players that offer identity analytics solutions is the key factor driving the North American identity analytics market.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period. Several new startups in APAC have entered the identity analytics market and started developing advanced identity analytics solutions. Funding by investors is helping these small firms innovate their solutions for automating the system identities and access privileges. The integration of big data and machine learning tools to transform identity management applications in the developing countries could boost the identity analytics market growth in the APAC region.
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Globe Newswire: 09:55 GMT Friday 11th January 2019
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