Identity analytics market size is expected to showcase significant growth over the forecast timeframe

Global Market Insights added a report on global Identity analytics market that provide in-depth information about market overview, top vendors, Key market highlights, product types, market drivers, challenges, trends, industry landscape, size and forecast, five forces analysis, Key leading countries/Region.

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Asia Pacific’s identity analytics market is enormously growing due to the continuously increasing adoption of technology in the emerging IT sector. The countries including India are becoming the first preference for IT solutions outsourcing in the world as the required workforce is cost-effective in this region. Keeping track of such a big workforce is made easy by identity analytics, creating a suitable situation for the growth of the market in Asia Pacific.

Identity Analytics Market size will expect lucrative gains during the forecast period impelled by rising demand from enterprises to automate identity-related risks and issues such as access, provision or restriction. These solutions are significantly used in fraud detection, account management, identity & access management, and others.

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The increasing occurrences of data leak or identity frauds cause a heavy loss in revenue to many firms, forcing them to adopt identity analytics software and tools. Identity analytics combines the capabilities of advanced analytics and big data for the detection of identity-based risks in organizations. This will enhance the security of the company’s confidential data and help to manage its access.

In North America, credit card frauds on new accounts went up to 24%, misusing someone’s information to open a new credit card account was reported more often than any other identity-related crime in 2018. Due to the widespread adoption of technology, the reports on frauds are registered more by youngsters than old people. These reasons together anticipate that North America will hold the largest market share in the identity analytics market. This region has accepted identity analytics tools in many sectors and the presence of many large players in the market makes it more favorable for the growth of this sector.

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The key players in the identity analytics market are Symantec, Oracle, Quantum Secure, Confluxsys, Threatmetrix, Nexis Gmbh, Okta, Hitachi Id Systems, Logrhythm, Idax Software, Centrify, Anomalix, Novetta, Gurucul, Verint Systems, Venafi, One Identity, Brainwave Grc, NetIQ, Sailpoint Technologies, Netowl, and Evidian. The companies are forming tie-ups with other companies to increase data processing capabilities. For instance, in May 2019, HDFC Ergo, a general insurance company, and IBM, a technology solution provider, jointly set up a data lab in India to run identity data-driven analytics on customer data and develop customized solutions and improve business’s profitability.