Deception Technology Market Overview:
The Deception Technology Market Trends is projected to grow from USD 1.68 Billion in 2022 to USD 4.62 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.51% during the forecast period (2022 - 2030). Deception Technology is a set of approaches taken by companies of all sizes against cyber threats. It can deceive attackers by setting up various traps around a system’s infrastructure for protecting its assets. The penetration of the internet and growth in connected ecosystems has led to a spate of attacks from online criminals have created the need for a hefty security arsenal of devices and teams to stave them off. The global deception technology market report compiled by Market Research Future (MRFR) contains an overview of the industry, various software upgrades and tools, and estimations for the period of 2022 to 2030(forecast period). The impact of the COVID-19 pandemic on the industry has been explored at depth in the report.
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Key Companies in the market include,
- TrapX Security
- Rapid7 Inc
- Attivo Networks
- Allure Security Technology
The alarming rate of online threats and cyber attacks is likely to drive market demand. Efforts by large companies for upgrading their defenses amid the growing adoption of connected ecosystems and internet of things (IoT). Impersonation of prominent persons and rise of social engineering techniques for deceiving organizations are expected to bode well for the global deception technology market. Incorporation of automated solutions across enterprises in the coming years can facilitate growth.
Mitigation of economic risks and raising the defense levels against online attackers is expected to lead to a plethora of product offerings by security expert companies. Innovation in cloud security, dependence on cloud mail services, and data loss prevention policies by corporations can favor the market significantly. Recently, RevBits attained a patent for their proprietary software which provides zero-knowledge encryption of data during transit or rest.
The virtualization of work environments and operational technology (OT) and identification of advanced persistent threats (APTs) for protecting sensitive information are other major growth engines of the market. Development of holistic solutions amid the growing trend of bring-your-own-devices (BYOD) and remote work can work in favor of the market.
But lack of awareness and piracy of security tools can hamper market growth.
By component, it is divided into solution and service.
By deception stack, it is segmented into network security, application security, data Security, and endpoint security.
By deployment type, it is divided into cloud and on premise.
By end-user, it is segmented into transportation, manufacturing, BFSI, retail, telecom, healthcare, government, and others.
The regional analysis of deception technology market is being studied for region such as Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is touted to dominate the global deception technology industry during the forecast period followed by Europe owing to the major developments in the field of deception technology in the U.S. and Canada. The large number of software vendors in the U.S. and Canada are Likely to facilitate the heavy demand as enterprises embrace automation and digitization of processes.
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APAC is likely to showcase a positive growth rate during the forecast period owing to major companies having branches in India, South Korea, and China. Strategic partnerships for development of cybersecurity technologies for endpoint nodes and emails can drive the regional deception technology market till 2022. Funding by venture capital firms is likely to bode well for the market.
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