Growing Threats and Cyber-Attacks to Trigger the Growth of Anomaly Detection Market in the Coming Years

Anomaly detection enables enterprises to detect and identify unusual patterns or events in data, which do not fit an expected pattern or behavior of a dataset. This unusual pattern of the stream of data act as possible threats that may impact the business services and security infrastructure, thus allowing for rectifications before any damage is done. It mainly finds usage in verticals like BFSI, retail, manufacturing, defense and government, healthcare, and IT and telecom, among others. Among these, BFSI leads in terms of market share, owing to the large volumes of data transfer and transactions taking place every minute, which increases the risk of data theft or cyber-attacks in enterprises. Therefore, the global market for anomaly detection is expected to witness a boost due to the growing demand.

Market overview

The global anomaly detection market is projected to grow from USD 2.08 Billion in 2017 to USD 4.45 Billion by 2022, growing at a CAGR of 16.4% during the forecast period from 2017 to 2022.

Based on solution, the network behavior anomaly detection solution segment is predicted to be the largest market over the forecast period as well as witness the highest growth. This growth is mainly due to the growing threats from attackers and spammers and growing use in application for detection of malware and conventional firewalls.

Among verticals, the BFSI vertical is expected to account for the highest market share in the coming years, owing to rapid adoption of IT solutions and services in order to tackle the cyber threats and attacks and also reduce the manual dependency for increasing processing efficiency.

Which region is expected to be the leading market and why?

Among regions, North America is expected to be the largest market for anomaly detection over the forecast period. This growth can be primarily attributed to the growing trends, such as Bring Your Own Device (BYOD), Internet of Things (IoT), and Industrial Internet of Everything (IIoE), thereby also giving rise to more security threats and cyber-attacks. Moreover, the presence of major sustainable and well-established economies actively investing in R&D is further contributing to the growth of this market. Furthermore, the increase in budgets and grants has led to a number of big players to invest in this region, thus leading the global market towards good growth ahead. However, the market in Asia-Pacific is expected to grow at the highest CAGR over the forecast period, owing to rapidly developing IT infrastructure and the high adoption rate of new and advanced technologies, such as big data and analytics, augmented reality, Internet of Things (IoT), cloud, and cyber security, among others, are boosting the growth of the global anomaly detection market.

What are the factors influencing the growth of this market?

The global market for anomaly detection is experiencing high growth mainly due to the following factors:

  • Growing data and emergence of HPDA
  • Increasing adoption of anomaly detection solutions in software testing
  • Rising internal threats among enterprises
  • Increasing cyber-attacks and fraudulent activities
  • Growing need for security intelligence for intrusion and fraud detection

In addition, detection of anomalies in streaming data and growing adoption of black box trading by market traders is expected to further create an array of growth opportunities for this market.

However, growing competition from open-source alternatives that are hampering the demand for commercial solutions and lack of skilled professionals are the key factors likely to act as deterrents for the growth of this market. Moreover, detection of asymmetric faults is a major challenge to be tackled by the leading companies under this market.

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Key players and strategies adopted for sustenance

The major companies involved in the global market for anomaly detection include International Business Machines Corporation (US), SAS Institute, Inc. (US), Cisco Systems, Inc. (US), Dell Technologies, Inc. (US), Hewlett Packard Enterprise Company (US), Symantec Corporation (US), Trend Micro, Inc. (Japan), Splunk, Inc. (US), Wipro Limited (India), Securonix, Inc. (US), Gurucul (US), Happiest Minds (India), and Guardian Analytics (US). These companies offer reliable anomaly detection solutions to various commercial clients across many locations. Moreover, these players have been implementing strategies such as developments, new product launches, and acquisitions in order to strengthen their hold on the market.

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