The deception technology industry is expected to reach a valuation of US$ 2 billion by 2023. It is anticipated to reach US$ 6.7 billion by 2033, growing at a 12.6% CAGR from 2023 to 2033. The market may have a US$ 4.7 billion absolute monetary potential within that same time frame.
Security measures have to change since cyber threats are always evolving. Antivirus and firewall software is no longer sufficient to fend against today’s sophisticated threats.
Deception technology provides a proactive security system by setting up a network of trickery traps and decoys that identify and redirect invaders. This novel technique would provide an extra security layer for enterprises. As a result, it would be a desirable approach to counter new cyber threats.
The ability of an organization to identify and react is improved by deception technology. Organizations can divert attackers away from vital assets by using realistic decoys. Additionally, they can learn crucial information about their strategies, methods, and objectives.
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Complying with Data Protection and Security Laws using Deception Technology
Early detection enables quick response and correction, reducing the potential harm cyberattack brings. The ability to proactively identify risks and take appropriate action is a key factor driving demand for deception technologies.
Organizations might also be in danger from insider threats. Hence, it is essential to put precautions to lessen this risk. Deception technology can be important in combating insider threats by constructing decoys and traps that are only visible to insiders.
The strategy enables businesses to spot dishonest insiders or compromised accounts and take the necessary countermeasures. Deception technology will offer enterprises improved security and peace of mind by giving them a proactive way to identify and stop internal threats.
Demand for deception technologies would also be significantly influenced by compliance and regulatory needs. Strict data protection and security laws apply to several sectors, including healthcare, finance, and government.
Deception technology offers an advanced security solution that goes beyond fundamental compliance measures, assisting enterprises in meeting these criteria. Organizations might be sure to adhere to legal requirements and avoid penalties by exhibiting proactive security measures.
Corporations might also find deception technology to be a cost-effective security measure. Without making substantial investments in extra hardware, businesses can increase security by strategically installing decoys and traps. This makes the cost of developing deception technologies a viable investment.
Due to the sensitivity or importance of their intellectual property, certain sectors, such as defense, critical infrastructure, and high-tech manufacturing, have specific security requirements. Deception technology provides specialized answers to handle these particular challenges. Hence, it might offer specialized decoys and traps corresponding to threats and attack vectors unique to a given sector.
Key Takeaways from Deception Technology Market Scope :
- China’s deception technology industry is projected to witness a CAGR of 5% from 2023 to 2033.
- The United States’ deception technology industry witnessed a CAGR of 1% in the historical period.
- The United Kingdom’s deception technology industry is anticipated to surpass a valuation of US$ 264 million by 2033.
- By offering, the solution segment showcased a CAGR of 0% in the historical period.
- By deception stack, the network security segment is predicted to witness a 2% CAGR from 2023 to 2033.
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Competitive Landscape :
The deception technology market’s competitive environment is dynamic and ever-changing. There are a variety of established businesses, new start-ups, and providers of specialized solutions in the market.
Several well-known businesses have emerged as market leaders in the field of deception technology. These businesses have a significant market presence, a sizable customer base, and a broad portfolio of deception technologies.
They frequently have a history of effective deployments and collaborations with other cybersecurity firms. To remain ahead of new threats and continuously enhance their products, market leaders often make significant investments in research & development.
The deception technology sector is heavily reliant on collaboration and strategic alliances. To increase their reach, businesses frequently form agreements with other cybersecurity vendors, managed security service providers, or system integrators.
They also want to increase the number of clients they serve and provide all-inclusive services. Through the harnessing of synergies and the pooling of capabilities, partnerships can increase market competitiveness.
Recent Development in Deception Technology Industry
- The Cybersecurity & Infrastructure Security Agency (CISA), a Department of Homeland Security division, announced in April 2022 that its FedRamp Ready ShadowPlex platform had been included. Acalvio Technologies is a pioneer in the field of cyber deception. The business would be able to use and acquire cutting-edge deception technology with the addition of this platform. Additionally, the platform would aid them in thwarting sophisticated foes.
Top 5 Key Players in Deception Technology Market:
- Attivo Networks
- Rapid7
- Illusive Networks
- Guardicore
- LogRhythm
Get More Insights into the Deception Technology Market :
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global deception technology industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the global market potential, growth, and scope, the deception technology industry is segmented based on offering (solution, service), deception stack (network security, endpoint security, application security), enterprise size (large enterprises, small & medium-sized enterprises), industry vertical (BFSI, government & defense, retail & e-commerce, healthcare, IT & telecom, energy & utilities, manufacturing, education, others), and regions.
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Deception Technology Market Segmentation Outlook by Categorization :
By Offering:
- Solution
- Service
By Deception Stack:
- Network Security
- Endpoint Security
- Application Security
By Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry Vertical:
- BFSI
- Government and Defense
- Retail and E-commerce
- Healthcare
- IT and Telecom
- Energy and Utilities
- Manufacturing
- Education
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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