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Anomaly Detection Market 2024: Global Industry Insights, Trends, and Future Projections
Anomaly Detection Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to customer experience and service optimization, regulatory compliance, industrial and manufacturing process monitoring, healthcare and medical diagnostics, financial fraud prevention, iot and sensor data..
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 growth in the forecast period can be attributed to customer experience enhancement, compliance and regulatory requirements, industrial and manufacturing process optimization, rapidly growing data complexity, cybersecurity threat evolution, advancements in ai and machine learning. Major trends in the forecast period include advanced ai and machine learning techniques, real-time anomaly detection, explainable ai in anomaly detection, unsupervised and semi-supervised learning, interdisciplinary applications..
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Market Drivers and Trends:
The increasing number of connected devices is expected to propel the growth of the anomaly detection market going forward. Connected devices are physical smart devices that can be connected via the internet with each other to share data and information within an organization. Anomaly detection is commonly used on connected devices for monitoring the devices connected to a network and to protect data traffic in an organization or household. For instance, according to an article published by DataProt, a US-based website dedicated to providing information about cybersecurity products, in 2021, there were more than 10 billion active connected devices in the world which are expected to surpass 25 billion connected devices by 2030. Therefore, the growing number of connected devices is driving the anomaly detection market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Anomaly Detection Market 2024 Key Insights:
• 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%.
• Surge In Connected Devices Fueling Anomaly Detection Market Growth
• Technological Advancements Transforming The Anomaly Detection Market
• North America was the largest region in the anomaly detection market in 2023
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