ID: MRFR/ICT/4301-HCR | 100 Pages | Author: Aarti Dhapte | June 2023
Anomaly Detection Market Size was valued at USD 5.3 billion in 2022. The anomaly detection market industry is projected to grow from USD 6.1 Billion in 2023 to USD 15.0 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.10% during the forecast period (2023 - 2030). Internal risks and cyber fraud are on the rise, and anomaly detection systems are gaining ground in the BFSI sector are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR Anomaly detection tools are gaining acceptance in the BFSI industry, which is driving the anomaly detection market growth. In the BFSI industry, anomaly detection-based fraud prevention and detection solutions are more common than prescriptive and Identity analytics. Such applications necessitate the use of a conventional machine-learning model that has been trained to check the incoming data, which is continually changing. This type of anomaly detection technology has been trained to have a baseline value of normalcy for loan applications, financial transactions, and account information.
Because it informs human monitors to any deviations from typical patterns, anomaly detection software is becoming increasingly popular in the BFSI sector. In the BFSI industry, anomaly detection systems are utilized to communicate with many different financial institutions or activities. As a result, this industry is rapidly embracing IT solutions to reduce reliance on human labor and boost processing efficiency. CSI's fraud anomaly detection software for banks, for example, warns banks to suspicious actions via automatic notifications, allowing them to be attentive and constantly monitor compliance. These reasons will drive the growth of the anomaly detection market over the forecast period. Thus, drive anomaly detection industry revenue
The Anomaly Detection Market segmentation, based on component includes solution and services. Solution segment boosted market share in 2021 and is anticipated to expand at a rate of % over the forecast period. Network monitoring solutions equipped with powerful Al solutions called Network Behavior Anomaly Detection have been developed in response to an increase in unknown malware compromising internal systems, destructive DDoS attacks, and other threats eluding traditional security.
The Anomaly Detection Market segmentation, based on solution, the market is divided into two categories: user behavior anomaly detection and network behavior anomaly detection. Due to advancements in networking technology and increasing threats from spammers, attackers, and criminal enterprises, the network behavior anomaly detection solution segment accounted for the highest revenue share of the Global Anomaly Detection Solution Market in 2020 and is expected to dominate the market over the forecast period.
Figure1: Anomaly Detection Market, by Solution, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Anomaly Detection Market data, based on solution, includes network, traffic analysis, network intelligence and security and risk mitigation and management. Network traffic analysis has a sizable market share. Network traffic analysis is the process of intercepting and analysing messages in order to deduce information from communication patterns. It can be accomplished even when the messages are encrypted. It commands a substantial market share.
The Anomaly Detection Market data, based on network behavior anomaly detection, includes Identity and access management (IAM), threat intelligence and management, data loss prevention (DLP) and security information and event management (SIEM). Security information and event management (SIEM) contributed significantly to the market.
Professional services and managed services are included in the global anomaly detection industry based on service. Managed service is a set of processes and practises for providing support, monitoring, and maintenance services for IT infrastructure. It entails providing customers with improved capabilities by utilising knowledge in a variety of areas, such as cloud computing, network engineering, security engineering, and professional services.
The Anomaly Detection Market segmentation, The market is divided into three categories based on technology: Big Data Analytics, Data Mining and Business Intelligence, and Machine Learning and Artificial Intelligence. Over the forecast period, the big data analytics sector is predicted to have the most revenue share of the Global Anomaly Detection Solution Market.
The global anomaly detection industry, based on deployment type, includes cloud, on-premises and hybrid. The cloud section will be considerable during the forecast period. Cloud-based solutions provide rapid deployment, increased flexibility and scalability, real-time data visibility, and customisation opportunities. All of these features are available with flexible pricing choices such as monthly subscriptions and a pay-as-you-go model from service providers. As a result, cloud-based software deployment is more cost-effective and economical when compared to on-premises implementation.
The global anomaly detection industry, based on vertical, the market is divided into IT and Telecom, Manufacturing, Retail, Banking, Financial Services, and Insurance (BFSI), and Others. Throughout the forecast period, the Banking, Financial Services, and Insurance (BFSI) segment is predicted to have the most revenue share of the Global Anomaly Detection Solution Market.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America is expected to have the largest market share and lead the anomaly detection market during the forecast period. The region is witnessing trends such as Bring Your Own Device (BYOD), increased use of smart linked devices, and the Industrial Internet of Things (IIoE). North America has historically been the most affected region in the world in terms of threats, invasions, and security breaches, and as a result, it has the most security suppliers.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: ANOMALY DETECTION MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s anomaly detection market accounts for the second-largest market share because it actively and sophisticatedly adopts new technology. Further, the German anomaly detection market held the largest market share, and the UK anomaly detection market was the fastest-growing market in the European region
The Asia-Pacific Anomaly Detection Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to an increase in anomalies as a result of connected devices and the internet of things has raised the possibility of a system intrusion. Moreover, China’s anomaly detection market held the largest market share, and the Indian anomaly detection market was the fastest-growing market in the Asia-Pacific region.
Leading market players are making significant R&D investments in order to diversify their product offerings, which will drive the anomaly detection industry's expansion. Market participants are also engaging in a range of strategic initiatives to broaden their worldwide reach. Significant market developments include new product launches, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. The anomaly detection industry must provide affordable products if it is to grow and thrive in a market that is becoming more competitive and challenging.
Producing locally to reduce operational costs is a fundamental business strategy utilized by manufacturers in the global anomaly detection industry to serve clients and expand the market sector. The anomaly detection industry has provided some of the most significant benefits to medicine in recent years. Major players in the anomaly detection market, including International Business Machines Corporation (U.S.), SAS Institute, Inc. (U.S.), Cisco Systems, Inc and others, helps to control the degree of competition in the market.
The Google Cloud Platform (GCP) is a collection of cloud computing services that Google offers. It employs the same internal infrastructure as Google does for its consumer products including Google Search, Gmail, Drive, and YouTube., It offers a number of modular cloud services, such as computing, data storage, data analytics, and machine learning, in addition to a set of management tools. An account number or credit card are needed for registration. In February 2022, a highly effective and scalable technology allowing companies and developers to swiftly collect insights from streamed time series was launched by Google Cloud. The Timeseries Insights API can handle datasets with billions of events and is completely integrated with Google Cloud Storage and Google Cloud PubSub.
A search engine (also called OpenSearch) and a data visualization dashboard for that search engine are both parts of the OpenSearch software family. The program was created in 2021 as a fork of Kibana and Elasticsearch under the direction of Amazon Web Services. In January 2022, To find trends, patterns, and seasonality in historical data, Amazon OpenSearch Service introduced machine learning-based anomaly detection. Customers can gain insightful knowledge from previous data and take appropriate action to enhance the overall effectiveness of their applications thanks to anomaly detection for historical data.
In February 2022, a highly effective and scalable technology allowing companies and developers to swiftly collect insights from streamed time series was launched by Google Cloud. The Timeseries Insights API can handle datasets with billions of events and is completely integrated with Google Cloud Storage and Google Cloud PubSub.
In November 2021, A US-based software company called Progress Software Corporation purchased Kemp Technologies for an unknown sum. The addition of Application Experience management to Progress's portfolio of industry-leading technologies in DevOps, Application Development, Data Connectivity, and Digital Experience would increase its capabilities. Kemp Technologies is a US-based corporation that provides anomaly detection services.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Report Attribute/Metric | Details |
Market Size2022 | USD 5.3 billion |
Market Size 2023 | USD 6.1 billion |
Market Size 2030 | USD 15.0 billion |
Compound Annual Growth Rate (CAGR) | 16.10% (2023-2030) |
Base Year | 2022 |
Market Forecast Period | 2023-2030 |
Historical Data | 2019- 2021 |
Market Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Solution, Network Behavior Anomaly Detection, User Behavior Anomaly Detection, Service, Technology, Deployment Type, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | International Business Machines Corporation (U.S.), SAS Institute, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Dell Technologies, Inc. (U.S.). |
Key Market Opportunities | · The likelihood of traffic congestion causing odd network patterns increases with network size. |
Key Market Dynamics | · The investments made by various key players in this region are the main factor influencing the growth of this market in Europe. |
The Anomaly Detection Market size was valued at USD 5.3 Billion in 2022.
The global market is projected to grow at a CAGR of 16.10% during the forecast period, 2023-2030.
North America had the largest share in the global market
The key players in the market are International Business Machines Corporation (U.S.), SAS Institute, Inc. (U.S.), Cisco Systems, Inc. (U.S).
The solution anomaly detection category dominated the market in 2022.
The cloud section had the largest share in the global market.
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