Dublin, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The "Anomaly Detection Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The anomaly detection market is expected to register a CAGR of 15.3% and surpass USD 5 billion, by the end of the forecast period (2021 - 2026). The decision making of all businesses depends on data. However, the data generated is too massive, which could often cause the valuable information to be lost or misunderstood. Anomaly detection solutions help bridge this gap by using various techniques that enable the user to spot the deviation from regular behavior.
The increasing number of connected devices in the field of banking and financial sector, healthcare, manufacturing, IT and telecom, defense, and the government is expected to drive the anomaly detection market over the forecast period. These sectors handle important data on a regular basis, making them prone to getting exposed to serious frauds, thefts, and hacking, which allows criminals to gain control over the firm's infrastructure.
For instance, in March 2019, Microsoft broadened its availability of anomaly detector with the launch of Microsoft Azure anomaly detector, which easily embeds anomaly detection capabilities into user's apps so they can quickly identify unusual, rare, or irregular data patterns that may signal problems.
The advent of AI technologies, coupled with machine learning, is enabling the companies to better understand the factors responsible for the sudden change in behavior. For instance, in April 2019, Verint strengthened its digital CX capabilities with AI-powered anomaly detection, which enabled the company to understand the key parameters and causes for a change in NPS (Net Promoter Score), customer satisfaction, and other drivers.
Key Market Trends
BFSI is Expected to Hold a Significant Part of the Market Share
Banking operations include many periodic and aperiodic activities and transactions performed by employees, customers, and external agencies. The nature of such activities is quite complex and requires constant monitoring to make sure that neither the bank nor its end customers are adversely affected by various malicious and random activities. This poses a great potential opportunity for the companies offering solutions and services to prevent such anomalies.
For instance, CSI's fraud anomaly detection software for banks updates the institution about suspicious activity by generating automated alerts, allowing them to maintain diligence and compliance.
The various guidelines or regulations issued by the regulatory bodies and agencies are expected to drive the market during the forecast period. For instance, as a financial, it is required by the Federal Financial Institutions Examination Council (FFIEC) to have a process in place that helps in the monitoring of potential anomalous behavior within online banking.
North America Holds the Largest Share in the Market
The Federal Trade Commission states that identity thefts related to payment and the banking sector are prominent in the United States, which may boost the adoption of anomaly detection solutions and services.
North America is a pioneer in the bring-your-own-device (BYOD) culture, which has resulted in its wide-scale adoption. This shift has made the organizations to look for solutions and services that enable them to ensure the safety of sensitive business information, which, in turn, could boost the anomaly detection market in the region.
The companies in the region are focused on providing their customers with a significant breadth of offerings in the anomaly detection field and provide enhanced features and functionalities.
One such company is Cisco Systems Inc., an American multinational technology conglomerate headquartered in San Jose, California. Some of the products offered by the company are NetFlow, which allows the user to identify anomalies by producing detailed accounts of traffic flows and provides a high-level of diagnostics to classify and identify network anomalies.
The competition in the anomaly detection market is governed by the presence of some key players, such as Cisco Systems Inc., WSO2 Inc., Microsoft Corporation, etc. Overall, the competitive rivalry within the industry is relatively high. The companies, through strategic partnerships and mergers and acquisitions, are able to maintain their foothold in the market, with the view of providing better solutions and products to their customers.
April 2019 - Guardian Analytics Inc., a market leader in real-time behavioral analytics and machine learning solutions for banking payment fraud detection and enterprise B2B portal fraud, announced Real-time Wire Fraud Detection Webinar Series.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Cyber Crimes
4.2.2 Increasing Adoption of Anomaly Detection Solutions in Software Testing
4.3 Market Restraints
4.3.1 Open Source Alternatives Pose as a Threat
4.4 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.2 By End-user Industry
5.2.4 IT and Telecommunications
5.2.5 Other End-user Industry
5.3 By Deployment
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Verint Systems Inc.
6.1.2 Broadcom Inc. (Symantec Corporation)
6.1.3 WSO2 Inc.
6.1.4 Microsoft Corporation
6.1.5 Cisco Systems Inc.
6.1.6 IBM Corporation
6.1.7 Wipro Limited
6.1.8 Trend Micro Incorporated
6.1.9 SAS Institute Inc.
6.1.10 Happiest Minds Technologies Pvt Ltd
6.1.11 Guardian Analytics Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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