Anomaly Detection Market Witness the Growth of $4.45 Billion by 2022

According to a research report "Anomaly Detection Market by Solution (Network and User Behavior Anomaly Detection), Technology (Big Data Analytics, Data Mining and Business Intelligence, Machine Learning and Artificial Intelligence), Deployment, Service, Vertical - Global Forecast to 2022", The global anomaly detection market size is expected to grow from USD 2.08 Billion in 2017 to USD 4.45 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.4%.

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The need for security intelligence around intrusion and fraud detection, cyber espionage, and internal threats has triggered the adoption of anomaly detection solutions among enterprises. In addition, network diagnosis and data cleanup required for High-Performance Data Analytics (HPDA) and software testing, are other factors contributing to the uptake of anomaly detection solutions globally.

The network behavior anomaly detection segment is expected to be the fastest growing solution in the anomaly detectionmarket during the forecast period

Network behavior anomaly is a sudden and short-lived deviation from the normal operation of the network. Some anomalies on the network are deliberately caused by intruders with malicious intents, such as a Distributed Denial of Service (DDoS) attack in an Internet Protocol (IP) network, while others may be purely accidental, such as intrusion in a busy network traffic. Most methods of Network Anomaly Detection (NAD) are based on network traffic models, as quick detection is required to initiate a timely response. The Network Behavior Anomaly Detection (NBAD) solution is used in conventional firewalls and applications for the detection of malware.

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The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market share in the anomaly detection market during the forecast period

The BFSI vertical has always a had huge customer base, which leads to diverse flow of information. It also leads to security threats, fraudulent activities, and network failures. The BFSI sector faces 2 types of attacks, i.e., attacks against its customers and attacks against its own IT infrastructure devices to automatically control and manage basic home functions over the internet from any location. The BFSI vertical is adopting IT solutions and services at rapid a pace, so that it can reduce its manual dependency to increase its processing efficiency. Moreover, in this sector, large volumes of transactions happen every minute, and identification of suspicious and abnormal transaction can provide the necessary competitive edge to organizations.

North America is expected to have the largest market share in the anomaly detection market during the forecast period

North America is expected to hold the largest market share and dominate the anomaly detection market during the forecast period. The region has a presence of the major sustainable and well-established economies, who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new technologies. The region comprises countries, such as the US and Canada, which are witnessing a phenomenal adoption of anomaly detection solutions. The growing trends, such as Bring Your Own Device (BYOD), Internet of Things (IoT), and Industrial Internet of Everything (IIoE), have resulted in a tremendous growth of technology adoption in this region; they have also triggered a rise in next-generation threats, and added more complexities and concerns in the IT infrastructure. North America has always topped the list of the most affected regions in the world by threats, intrusions, and security breaches, and as a result, it has the largest number of security vendors.

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The major vendors in the anomaly detection market include Wipro Limited (India), Cisco Systems, Inc. (US), International Business Machines Corporation (US), Hewlett Packard Enterprise Company (US), Dell Technologies, Inc. (US), SAS Institue, Inc. (US), Symantec Corporation (US), Anodot (Israel), Happiest Minds (India), and Guardian Analytics (US).

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