Anomaly Detection Global Market Report 2024

Anomaly detection, also known as outlier detection, involves identifying unexpected occurrences, observations, or objects that significantly deviate from the norm. Anomalies can manifest as standard deviations, outliers, noise, novelty, or exceptions within data.

The main components of anomaly detection include services and solutions. Anomaly detection solutions encompass a range of activities related to the development and sales of tools designed to identify and address anomalies within an organization. These solutions are software commonly utilized by firms managing large databases to ensure the smooth functioning of business operations. Anomaly detection can be deployed on cloud, on-premises, and hybrid models, leveraging technologies such as big data analytics, data mining, business intelligence, machine learning, and artificial intelligence. Various applications of anomaly detection include intrusion detection, fraud detection, defect detection, and system health monitoring. This technology finds applications across multiple industry verticals, including banking, financial services, and insurance (BFSI), retail, manufacturing, IT and telecom, government, aerospace, defense, healthcare, and others.

The anomaly detections market research report is one of a series of new reports that provides Anomaly detections market statistics, including anomaly detections industry global market size, regional shares, competitors with an anomaly detections market share, detailed Anomaly detections market segments, market trends and opportunities, and any further data you may need to thrive in the anomaly detections industry. This anomaly detection 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 market size has grown rapidly in recent years. It will grow from $4.94 billion in 2023 to $5.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The observed growth in the historical period can be attributed to several factors, including a focus on customer experience and service optimization, regulatory compliance needs, monitoring of industrial and manufacturing processes, healthcare and medical diagnostics applications, efforts in financial fraud prevention, and the utilization of IoT (Internet of Things) and sensor data across various industries.

The anomaly detection market size is expected to see rapid growth in the next few years. It will grow to $10.07 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The anticipated growth in the forecast period can be attributed to various factors, including a continued emphasis on customer experience enhancement, compliance with regulatory requirements, optimization of industrial and manufacturing processes, coping with rapidly growing data complexity, addressing evolving cybersecurity threats, and advancements in artificial intelligence (AI) and machine learning. Key trends expected in the forecast period include the adoption of advanced AI and machine learning techniques, real-time anomaly detection capabilities, the incorporation of explainable AI in anomaly detection, the utilization of unsupervised and semi-supervised learning methods, and the exploration of interdisciplinary applications for anomaly detection.

The anticipated proliferation of connected devices is poised to drive the expansion of the anomaly detection market in the foreseeable future. These connected devices, encompassing smart physical devices interconnected via the internet, facilitate data sharing and information exchange within organizations. Anomaly detection serves as a pivotal tool for monitoring devices linked to a network, safeguarding data traffic within households or organizations. According to DataProt, an article published in 2021 reported over 10 billion active connected devices worldwide, with projections estimating a surge to over 25 billion connected devices by 2030. This escalating number of connected devices serves as a catalyst propelling the growth of the anomaly detection market.

The upsurge in cyberattacks is also anticipated to fuel the growth of the anomaly detection market. Conventional security measures often prove inadequate in identifying and mitigating these evolving cyber threats. Anomaly detection systems offer real-time monitoring and alerts for detecting unusual activities, enabling early threat identification and response. Its functionalities aid in preventing data breaches, minimizing false positives, securing IoT and connected devices, ensuring compliance with regulations, and detecting insider threats. For instance, as reported by the Australian Cyber Security Centre in February 2023, cybercrime reports in 2022 amounted to 76,000, marking an increase of almost 13% from the previous financial year. This surge in cyberattacks serves as a driving force behind the growth of the anomaly detection market.

A prevalent trend shaping the anomaly detection market is technological advancement. Major companies operating in this sector prioritize the development of cutting-edge products to fortify their market positions. For instance, in February 2020, Cisco Systems, a US-based technology conglomerate, unveiled Cisco Cyber Vision, integrating advanced machine learning capabilities for IoT control management. Leveraging the Cisco IOx network operating system, it amalgamates information technology (IT) and operational technology solutions to deliver robust cyber threat protection within existing IT security frameworks and industrial operations. This innovation serves to optimize billing processes and bolster data security by offering anomaly detection and intelligent billing options in connectivity management platforms, catering to clients leveraging advanced wireless technologies like 5G, Wi-Fi 6, and sophisticated IoT industrial devices, ultimately enhancing customer satisfaction.

Prominent players within the anomaly detection market are actively pursuing the development of innovative anomaly detection engines, exemplified by the KaizenInsights Anomaly Detection Engine, to establish a competitive edge. This sophisticated solution aims to swiftly identify data outliers within operational datasets, anticipating issues such as fraud, customer attrition, revenue loss, and other financially impactful challenges. For instance, in June 2022, Kaizen Analytix LLC, a US-based technology solutions firm, introduced the Anomaly Detection Engine, revolutionizing the identification of concealed insights within a company's data. This automated solution streamlines the process of sifting through diverse data sources, systematically scanning all segments of an organization's data to pinpoint and quantify anomalies. Its capabilities facilitate immediate issue identification, preserving value within the dataset. With applicability across various industries, the product effectively detects anomalies associated with procurement, margins, customer behavior, transit times, equipment downtime, and more.

In November 2021, Progress Software Corporation, a US-based software enterprise, executed the acquisition of Kemp Technologies for an undisclosed sum. This strategic acquisition enables Progress to augment its offerings by integrating Application Experience management into its existing suite of industry-leading products encompassing DevOps, Application Development, Data Connectivity, and Digital Experience solutions. Kemp Technologies, a US-based company specializing in anomaly detection services, represents a pivotal addition that further fortifies Progress's product portfolio.

Major companies operating in the in the anomaly detection market report are SAS Institute Inc., Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Company, Symantec Corporation, Trend Micro Incorporated, Splunk Inc., Wipro Limited, Securonix Inc., Gurucul Solutions LLC, Guardian Analytics Inc., Happiest Minds Technologies Pvt Ltd, International Business Machines Corporation, Verint Systems Inc., Anodot Ltd., Microsoft Corporation, Flowmon Networks a. s., LogRhythm Inc, Rapid7 Inc., Trustwave Holdings Inc., Varonis Systems Inc, WSO2 Inc., Datadog Inc., Darktrace Limited, Sumo Logic Inc., ExtraHop Networks Inc., McAfee Corp., Exabeam Inc., Vectra AI Inc., Fortinet Inc., Plixer International Inc., SolarWinds Worldwide LLC, Fair Isaac Corporation, RapidMiner Inc., TIBCO Software Inc., Veriato Inc., LogicMonitor Inc., Cybereason Inc., Uptycs Inc., Awake Security Inc., ThreatConnect Inc., New Relic Inc.

North America was the largest region in the anomaly detection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the anomaly detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the anomaly detection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The anomaly detection market includes revenues earned by entities by providing detection techniques assisting the chaotic engineering monitoring effort by spotting outliers and alerting the appropriate parties to take action. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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