The market for deception technology is expected to surge to US$ 2 billion in value by 2023. It is anticipated to increase to US$ 6.7 billion by 2033, representing a CAGR of 12.6% from 2023 to 2033. During the same time frame, the market might offer a US$ 4.7 billion absolute dollar potential.
Security tactics have had to change due to the constantly evolving nature of cyber threats. Antivirus software and firewalls, which were once sufficient for protection, are no longer effective against modern, sophisticated threats.
By setting up a network of deceptive traps and decoys that detect and divert intruders, deception technology provides a proactive security mechanism. This novel strategy is expected to add an extra degree of protection for enterprises. As a result, it would be a desirable approach to counter new cyber threats.
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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.
Early detection enables quick response and correction, reducing the potential harm brought on by cyberattacks. Ability to proactively identify risks and take appropriate action is a key factor driving demand for deception technologies.
Organizations might also be at danger from insider threats. Hence, it is essential to put precautions in place to lessen this risk. By constructing decoys and traps that are only visible to insiders, deception technology can be important in combating insider threats.
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 a number of 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 they are adhering to legal requirements and avoiding 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 that correspond with threats and attack vectors that are unique to a given sector.
Key Takeaways from Deception Technology Market Study:
- China 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 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 2% CAGR from 2023 to 2033.
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“Across several sectors, compliance rules have tightened, necessitating strong security measures. These needs are met by deception technology, which offers proactive security measures and improves threat detection capabilities. It is further expected to open door to new opportunities in the market.” – Says a lead analyst at Future Market Insights (FMI).
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.
For instance,
- The Cybersecurity & Infrastructure Security Agency (CISA), a division of the Department of Homeland Security, 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.
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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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