In today’s highly competitive market scenario, digital companies such as ad tech, fintech, media, and many more are continuously focusing on developing the next big advancement to streamline their business processes. Trending technologies such as machine learning (ML), Big Data, business intelligence and data mining, and artificial intelligence play a significant role in the anomaly detection tools market.
In recent times, most companies direct anomaly detection systems to reduce the room for human errors and enhance the monitoring of daily or weekly reports. For instance, in March 2020, Fujitsu and Inria developed a technology that automatically creates artificial intelligence (AI) models capable of detecting anomalies in time series data taken from Internet of things (IoT) devices along with other sources.
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Impact of COVID-19 Pandemic Outbreak on Anomaly Detection Tools Market
Machine learning is not disconnected from circumstances such as pandemic outbreak, as it is directly influenced and connected to the real world. So businesses that have machine learning tools in production to gain intelligence for customer behavior, sales forecasting, and stock optimization, gets affected by the COVID-19 pandemics.
Anomaly Detection Tools Market: Driver and Restraint
Anomaly Detection Tools Gains Prominence in Banking, Financial Services, and Insurance Landscape
Anomaly detection-based fraud prevention and detection solutions are largely common compared with prescriptive and predictive analytics. Such applications need the usual machine-learning model, which is trained on constantly flowing incoming data.
This model in anomaly detection tools is trained to have a baseline sense of normalcy for loan applications, banking transactions, and information for opening a new account. Anomaly detection tools are gaining traction as it notifies human monitors for any deviations from the normal pattern.
Additionally, with the help of machine learning technology, anomaly detection systems are also being used by the BFSI sector for interactions with various other banking entities or operations. Hence, this sector is adopting IT solutions at a swift pace in order to reduce manual dependency to enhance processing efficiency.
High Cost in Installation to Hider the Market Growth
In today’s world, there is an enormous rise in the availability of time-series data streaming. Growing real-time data sources largely drives tools demand. However, high cost of anomaly detection tools along with the availability of open-source alternatives is largely hindering the growth of the anomaly detection tools market. Need for a skilled laborer is increasing the cost of the companies, thereby, negatively affecting the market growth.
Anomaly Detection Tools Market: Competition Landscape
Examples of some of the market participants in the global anomaly detection tools market identified across the value chain include
- IBM Corporation
- SAS Institute Inc.
- Splunk Inc.
- HPE
- Dell Technologies
- Cisco Systems Inc.
- Wipro Limited
- Trend Micro Inc
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Anomaly Detection Tools Market: Regional Outlook
North America will dominate the global anomaly detection tools market. Well-established along with the presence of major sustainable economies investing constantly in R&D activities are contributing to the growth of the market. Consequently, APAC is witnessing the dynamic and advanced adoption of new technologies in recent times.
Due to the rapid increase in the adoption of new technologies coupled with development in IT infrastructure such as IoT, augmented reality, and remote asset management is catapulting the anomaly detection tools market growth.
The report covers exhaustive analysis on
- Anomaly Detection Tools Market Segments
- Anomaly Detection Tools Market Dynamics
- Anomaly Detection Tools Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Market
- Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia and Pacific (India, Malaysia, Indonesia, Singapore, Australia & New Zealand, Rest of South Asia and Pacific)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
Anomaly Detection Tools Market Segmentation
The anomaly detection tools market can be segmented on the basis of component, deployment, technology, vertical and region.
Component:
- Solution
- Network behavior anomaly detection
- User behavior anomaly detection
- Services
- Professional services
- Managed services
By Deployment:
- Automotive
- Chemical
- Agriculture
- Oil and Gas
- Research and Development
- Others
By Technology:
- Big data analytics
- Data mining and business intelligence
- Machine learning and artificial intelligence
By Vertical:
- BFSI
- Manufacturing
- Retail
- Healthcare
- Government
- IT & Telecom
- Others
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