Market Size of Identity Analytics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 4.91 Billion |
| CAGR (2024 - 2029) | 28.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Identity Analytics Market Analysis
The Identity Analytics Market size is estimated at USD 1.40 billion in 2024, and is expected to reach USD 4.91 billion by 2029, growing at a CAGR of 28.51% during the forecast period (2024-2029).
- Identity analytics solutions are key in making informed decisions about user access and permissions. These solutions use advanced analytics and machine learning to mitigate the risk of identity access. Organizations are adopting new technologies, such as advanced analytics and machine learning solutions, to ensure continuous compliance.
- Enterprises worldwide are increasing spending on digitization, including the payment processes, and the push towards digitization can be witnessed in all types of organizations. According to a recent TechRepublic Premium survey, 47% of the respondents planned on spending more on digital transformation in 2021 than in 2020. In addition, in 2020, 58% of the respondents reported digitizing paper, and 45% reported adopting online training modules.
- The market for identity analytics is primarily driven by elements like the adoption of solutions through strict regulations, the requirement for compliance, and the adoption of BYOD trends in businesses. The INFORM (Integrity, Notification, and Fairness in Online Retail Marketplaces) Consumers act, for instance, was introduced in March 2021. Retailers are required by the law to confirm the legitimacy of the top market sellers. Identity verification solutions are deployed in various end-user industries as a result of the government's strict regulations.
- As enterprise IT adopts more cloud systems while maintaining on-premises solutions, controlling who can access which applications become more important. This poses a new challenge for enterprises and their teams regarding identity analytics. Some of the challenges include identity management, compliance visibility, and more.
- During the COVID-19 pandemic, identity analytics solutions will positively impact the market and contribute to its growth significantly during the forecast period. Vendors operating in the market have also witnessed a surge in revenue owing to the pandemic. In February 2021, Ekata announced that its revenue surged with the addition of 300 new customers. The pandemic accelerated the adoption of e-commerce, boosting demand for services, such as identity verification, to safeguard against cyber fraud.
