Anomaly Detection Solution Global Market Report 2024

The anomaly detection solution market size has grown rapidly in recent years. It will grow from $6.85 billion in 2023 to $8.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth observed in the historic period can be attributed to several factors. These include a heightened focus on customer data protection, an increasing demand for anomaly detection within the energy sector, the growing complexity of IT infrastructure, and a rising demand for anomaly detection solutions within both the energy and retail sectors.

The anomaly detection solution market size is expected to see rapid growth in the next few years. It will grow to $15.31 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The anticipated growth in the forecast period can be traced back to several key factors. These include the increasing adoption of Internet of Things (IoT) devices, the rising prevalence of cybersecurity threats, the growing adoption of cloud computing, an uptick in fraud incidents, and a rise in insider threats. Moreover, major trends expected in the forecast period comprise the expansion of digital banking services, the acceleration of digital transformation initiatives, the integration of anomaly detection into Security Information and Event Management (SIEM) systems, advancements in deep learning algorithms, and the adoption of DevOps practices.

The surge in adoption of IoT devices is poised to drive the growth of the anomaly detection solution market in the foreseeable future. IoT devices, characterized by their integration of sensors, software, and connectivity capabilities, facilitate data exchange with other devices and systems over the Internet. Within this ecosystem, anomaly detection solutions play a pivotal role by employing various techniques to identify aberrant events or patterns that deviate from expected system behavior, thereby ensuring the successful deployment and operation of IoT applications. For instance, Akamai Technologies Inc., a US-based internet company, projects a notable increase in IoT connections, from 15.1 billion in 2021 to an estimated 23.3 billion by 2025. Consequently, the escalating adoption of IoT devices serves as a catalyst for the growth of the anomaly detection solution market.

Leading players in the anomaly detection solution market are directing their efforts towards pioneering AI advancements, notably AI-driven cloud anomaly detection solutions, to effectively tackle the complexities associated with identifying threats in cloud environments. These solutions harness artificial intelligence to discern and prioritize anomalous activities within an organization's cloud infrastructure, leveraging AI algorithms to continuously learn and adapt to the customer's environment. By surfacing suspicious behavior while minimizing false positives, these AI-driven solutions enable organizations to proactively address security threats. For instance, in November 2023, Rapid7 Inc., a US-based software company, unveiled its AI-driven cloud anomaly detection solution. Powered by AI-driven, agentless detection capabilities, this innovation swiftly identifies and prioritizes anomalous activity within cloud environments. Moreover, its adaptive learning capabilities ensure ongoing refinement, significantly reducing false positives and empowering security teams to swiftly investigate and respond to active threats with precision.

In September 2023, WatchGuard Technologies, a network security company based in the United States, successfully acquired CyGlass Inc. for an undisclosed sum. This strategic move is geared towards fortifying WatchGuard's standing in the cybersecurity market. The acquisition enables WatchGuard to deliver cutting-edge solutions, utilizing AI-based detection, thereby enhancing security measures for a wider customer base and fostering revenue growth opportunities for partners. CyGlass Inc., a US-based company, specializes in the development of anomaly detection solutions and network-centric threat detection and response solutions.

Major companies operating in the anomaly detection solution market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services, Intel Corporation, International Business Machines Corporation., Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Hewlett Packard Enterprise, Vmware, NetApp Inc., Palo Alto Networks Inc., Fortinet Inc., SAS Institute Inc., F5 Networks Inc., Splunk Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, CrowdStrike Holdings Inc., Proofpoint Inc., FireEye Inc., SolarWinds Corporation, Rapid7 Inc., Darktrace Limited.

North America was the largest region in the anomaly detection solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the anomaly detection solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the anomaly detection solution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An anomaly detection solution is a system or method crafted to pinpoint patterns or instances in data that significantly deviate from the norm or expected behavior. Renowned for its versatility in identifying abnormal patterns or events in data, this solution finds utility across diverse industries and applications.

The primary types of anomaly detection solutions encompass statistical anomaly detection, machine learning anomaly detection, and hybrid anomaly detection. Statistical anomaly detection entails identifying anomalies or outliers in data through statistical techniques, incorporating various technologies such as big data analytics, data mining, business intelligence, as well as machine learning and artificial intelligence. It finds application in a spectrum of domains including network security, fraud detection, risk management, intrusion detection, and equipment health monitoring. Industries utilizing these solutions span banking, financial services, and insurance (BFSI), retail and e-commerce, healthcare, information technology and telecom, manufacturing, energy and utilities, government and defense, among others.

The anomaly detection solution market research report is one of a series of new reports that provides anomaly detection solution market statistics, including anomaly detection solution industry global market size, regional shares, competitors with an anomaly detection solution market share, detailed anomaly detection solution market segments, market trends and opportunities, and any further data you may need to thrive in the anomaly detection solution industry. This anomaly detection solution market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The anomaly detection solutions market consist of revenues earned by entities by providing services such as real-time anomaly detection, historical data analysis, custom model development, visualization and reporting, anomaly investigation support, and consulting and training services. The market value includes the value of related goods sold by the service provider or included within the service offering. The anomaly detection solutions market also includes of sales of health monitoring tools, predictive maintenance systems, anomaly detection APIs and SDKs, and anomaly detection appliances. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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