Global Deception Technology Market : Snapshot
The global deception technology market was evaluated at US$ 1335.5 million in the base year of the study i.e. 2020. The latest studies indicate that the global deception technology market will grow at an exponential growth rate of 13.3 % over the forecast period of 2021 to 2026.
The studies also project that the global deception technology market will reach the final evaluation of US$ 2814.16 million by the end of the year 2026.
The growth in the global deception technology market is driven by the rising need to effectively detect and prevent various forms of targeted digital attacks.
The solutions in the global deception technology market are designed to prevent enterprise IT systems from risk of cyber threats and cyberattacks. The increasing instances of cyberattacks as well as the resultant need to efficiently and preventively secure the systems is driving the adoption of novel solutions from the global deception technology market.
Furthermore, various organizations and corporations around the globe are demanding efficient products from the global deception technology market to detect as well as mitigate advanced threats that have somehow breached the system or network.
Integration of latest technologies, such as machine learning as well as artificial intelligence in the core of the solutions is deriving novel and innovative products in the global deception technology market.
The demand from the government agencies for enhanced protection of secure networks is propelling the demand dynamics in the global deception technology market.
Furthermore, the increase in the advanced persistent threats or APT or attacks in government and defence networks is also expected to foster the adoption of the advanced and high end solutions in the global deception technology market.
Furthermore, the rising investments from government as well as other regulatory bodies to advance the cybercrime detection and cyberattack protection is anticipated to fuel the demand within the global deception technology market in coming years.
Computing systems and servers are largely affected by numerous security issues such as viruses, malware, cyber-attacks, worm infections, trojan attacks, and others.
To tackle these issues, there are several technological shields available that can not only stop such activities, but also protect the systems from any future attacks. One such method is called deception technology, which mainly deals with malware infections.
The name derived for this technology comes from its ability to deceive malware programs against their own operation, thereby foiling their actions.
The deception network mainly works in the form of a decoy agent, which is installed in the form of a safety-net inside a network, in anticipation of a cyber-attack. Activities of intruders and potential hackers are clearly recorded, if such individuals manage to leap into the system network.
In this way, system managers and administrators can be alerted in an instant about a possible security breach, owing to the entry of malware programs. This warning is sent through the same network pathway being attacked, thus being able to properly reach the recipients.
A substantial utilization of deception technologies has given rise to the deception technology market from a global perspective. Owing to rising concerns about network security breaches, the deception technology market is substantially growing, and is expected to gain a lot of revenue in next few years. Deception technology can help save mammoth sums of money from banks, financial institutions, and other companies, as well as classified and sensitive information, thereby being highly beneficial to various organizations.
Global Deception Technology Market: Overview
In the past couple of years, the market has seen the emergence of many new technologies to tackle security issues more effectively. One such technology rapidly gaining prominence is called deception technology. It defeats malware by deceiving them in their own operation and thereby safeguards an organization against malware.
To elaborate a bit further, a deception network is one that acts as decoy that is installed to be compromised in the event of a cyber-attack. It helps track the activities of the intruder inside a network and hence enables network administrators and analysts bring about incident response analysis. It sends a warning to the original network and hence prevents it from being manipulated.
Global Deception Technology Market: Key Trends
The main trigger for growth in the global market for deception technology is the alarming rise in instances of cyber-attacks such as malwares, zero day attacks, Distributed Denial of Service (DDoS), and Advanced Persistent Threats (APTs), among others. In response, organizations and governments across the world have substantially upped their expenditure on security measures such as deceptive technology to protect their networks and data centers against cyber-attacks.
Other factors driving the global deception technology market are stringent government regulations, swift uptake of cloud-based technologies, and presence of digital and online data. On the contrary, issues hobbling the market’s growth are improper knowledge of security measures, rise of pirated network security tools, and lack of cyber expertise to deal with the complex software.
Global Deception Technology Market: Market Potential
Deception technology, still in its nascent stages, holds out a lot of potential for growth in the upcoming years. As a defense technology against hackers, it holds merit and larger organizations are already considering leveraging them to uncover threat in advance. Advanced deceptive technology solutions can save entities across the world almost trillions of dollars lost in cyber-attacks.
Sensing an opportunity in the market, cyber deception technology pioneer Illusive Networks mopped up funding from Microsoft Ventures recently for swift global expansion, investment in sales and marketing, and bolstering of engineering and support teams.
Going forward, the end use segments that are expected to generate significant demand for deception technology are the government, banking, financial services and insurance, and aerospace and defense.
Global Deception Technology Market: Regional Outlook
From a geographical standpoint, North America is a key region in the global market for deception technology. The region will likely advance at a good clip in the years to come powered primarily by the developed nations of the U.S. and Canada that are home to numerous well-entrenched and new vendors catering to both domestic as well as international clients. North America is followed by Europe in terms of market share.
Asia Pacific is another crucial market. The rising investments in network security by a large number of IT, telecom, and banking companies based particularly in the countries of China, India, and Japan are predicted boost the market in the region. Another factor slated to push the demand for deception technology in the region is the increasing investments in smart cities which leverage Internet of Things (IoT) and cloud technologies, among others.
Global Deception Technology Market: Competitive Analysis
In order to gauge the competition in the global deception technology market, the report profiles companies such as Rapid7, Inc., LogRhythm, Inc., Attivo Networks, Illusive Networks, GuardiCore, Allure Security Technology, TopSpin Security, and Smokescreen Technologies. Other stakeholders in the market are solutions providers, IT service providers, value-added resellers, enterprise users, consulting firms, and security and access management technology providers.
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