PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304627
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304627
Anomaly detection market size was valued at USD 5,008.4 Million in 2022, expanding at a CAGR of 16.7% from 2023 to 2030.
Anomaly detection or outlier detection is defined as the identification of events, items, and observations that are different and suspicious from regular norms. In addition, unlabeled data or anomaly detection is used by data scientists. Moreover, exceptions, noise, novelties, outliers, and standard deviations are all anomalies in the data. To detect anomalies there are three types of methods used such as supervised, semi-supervised, and unsupervised. Further, businesses can get information about user experience, performance, and product quality with the help of anomaly detection.
In the BFSI industry autonomy detection tools are gaining acceptance which is projected to drive the anomaly detection market growth. Additionally, anomaly detection-based detection solutions and fraud prevention are more common than prescriptive and identity analysis, in the BFSI industry. However, the rise in open-source alternatives may hamper the demand for commercial solutions which in turn restrict the anomaly detection market growth. Moreover, the rising number of connected devices in the field of financial and banking sectors, healthcare, IT and telecom, defense, manufacturing, and the government is expected to boost the anomaly detection market. Furthermore, data plays an essential role in the decision-making process for various business organizations, but the generated is vast and there could be the risk of losing or misinterpreting valuable information. As a result, organizations use anomaly detection techniques to detect anomalies and irregularities in data.
The global anomaly detection market is segmented on the basis of component, deployment, technology, end use, and region.
The market is divided into two categories based on Components: services and solutions. The solution segment is likely to hold the largest revenue share. The rising requirement to detect insider organizations threats involves malicious actions and unauthorized activities by internal employees and users.
The market is divided into two categories based on Deployment: cloud, hybrid, and on-premise. The cloud sector is likely to maintain its dominance in the market. The rising number of applications driving on the cloud makes it important for organizations to adopt anomaly detection for the environment of cloud computing.
The market is divided into three categories based on Technology: machine learning & artificial intelligence, big data analytics, and business intelligence & data mining. The machine learning & artificial intelligence segment is expected to dominate the market. In anomaly detection, machine learning & artificial intelligence enables organizations to detect anomalies in complex fields including financial transactions, network traffic, and healthcare data.
The market is divided into six categories based on End use: BFSI, retail, IT & telecom, healthcare, manufacturing, government & defense, and others. The IT & telecom segment is likely to possess the market share owing to the increasing need to analyze and understand the pattern of user behavior within the IT & telecom sector. Moreover, detecting fraudulent financial transactions, unauthorized access attempts, and theft also increases the growth of the market in the IT & telecom segment.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The rise in the development of technologies such as machine learning, big data analytics, and artificial intelligence has boosted the demand for anomaly detection. Additionally, companies use such technologies by optimizing the business for risk reduction and anomaly detection of data loss. Moreover, key players follow an extended operating history, significant competitive strengths, and a large customer base. Further, vendors emphasize enhancing after-sales service providers to ensure periodic maintenance of installed products, in the inorganic growth strategies. For instance, in September 2022, Falkonry announced an automated anomaly detection application called Falkonry Insight. This operates on high-speed sensor time series data.
For instance, in September 2022, MindBridge, a leader in anomaly detection software and cloud-first AI financial risk discovery, today announced its latest global release. Additionally, it is a new API, greater AI transparency through custom risk segmentation, and service for advanced risk analytics and the expansion of platform localization.
This proposed research study on anomaly detection market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The report provides the client the latest up-to-date and trending insights about the anomaly detection market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for anomaly detection market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the anomaly detection market.
Impact of COVID-19 on anomaly detection market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on anomaly detection market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the anomaly detection market we have also included competitive landscape and key innovator analysis for the anomaly detection market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the anomaly detection market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global anomaly detection market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: