Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The Global Deception Technology Market size was valued at USD 1.34 billion in 2020. The market is expected to grow from USD 1.51 billion in 2021 to USD 3.88 billion in 2028, exhibiting a CAGR of 14.4% during the forecast period. The rising adoption of the technology from small and medium-sized businesses and strong demand for safe and secure technologies is expected to bolster market growth. Fortune Business Insights™ presents this information in its report titled “Deception Technology Market, 2021-2028.”
Deception technology creates decoys of the realistic-but-fake assets that include applications, cookies, files, credentials, cookies, servers, domains, and databases in the network by using real assets. Rising demand for safe and secure technologies that protect companies from cyberattacks is expected to propel industry growth. Rising awareness regarding the technologies’ benefits is expected to boost its demand from small and medium-sized businesses. These factors may propel market development during the forecast period.
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Companies Profiled in the Deception Technology Market Research Report:
- Attivo Networks, Inc. (California, U.S.)
- Rapid7, Inc. (Massachusetts, U.S.
- Illusive Networks, Inc. (New York, U.S.)
- Guardicore (Tel Aviv, Israel)
- LogRhythm, Inc. (Boulder, U.S.)
- Allure Security Technology, Inc. (New York, U.S.)
- PacketViper (Pennsylvania, U.S.)
- CyberTrap Software GmbH (Vienna, Austria)
- Fidelis Cybersecurity (Maryland, U.S.)
- Trapx Security (Massachusetts, U.S.)
COVID-19 Pandemic
Rising Adoption of Online Shopping to Foster Market Development
This market is expected to be positively impacted during the COVID-19 pandemic because of its adoption in online shopping. The rise in the pandemic led to the adoption of work-from-home culture and online shopping. Further, rapid digitization and the adoption of online services by several organizations may propel the demand for security services. Moreover, rising cybercrime is expected to fuel the adoption of the product. For example, as per the study provided by PurpleSec, cybercrime rose to 600 % during the pandemic. These factors may propel the market progress during the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 14.4% |
| 2028 Value Projection | 3.88 billion |
| Base Year | 2020 |
| Market Size in 2020 | 1.51 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | Component, Deception Stack, Deployment Mode, Organization Size, Vertical, and Geography |
| Growth Drivers | Rising Demand for the Product from the Government Sector to Foster Growth |
| Adoption of Zero-trust Architecture Security Services to Fuel Market Growth | |
| Rising Adoption of Online Shopping to Foster Market Development | |
| Pitfalls & Challenges | Availability of Weak Network Security may Hinder Market Growth |
Segments
Component, Deception Stack, Deployment Mode, Organization Size, Vertical, and Region are studied for the Market
By component, the market is segmented into services and solutions. As per deception stack, it is classified into network security, endpoint security, data security, and application security. On the basis of deployment mode, it is categorized into cloud-based and on-premise. By organization size, it is divided into large enterprises and small and medium enterprises (SMEs). Based on vertical, it is classified into retail, manufacturing, telecom and IT, healthcare, government, energy & utilities, Banking, Financial Services, and Insurance (BFSI), and others. Regionally, it is studied across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Demand for the Product from the Government Sector to Foster Growth
Increasing cybersecurity threats towards the government from the military and local and state government organizations facilitate the product deployment. The rising demand for deceptive platforms that safeguard governments from cyber threats is expected to foster the product’s demand. The adoption of the product in the government sector safeguards crucial information and ensures citizen safety. Moreover, rising awareness regarding the product’s benefits led to its adoption from the National Institute of Standards and Technology in SP 800-53, SP 800-160, and the 800-172 draft. In addition, rising investment from government agencies to prevent cybercrime is expected to drive the deception technology market growth.
However, the extensive adoption of the honeypot concept in the IT sector may hinder industry growth.
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Regional Insights
Rapid Adoption and Development of Emerging Technologies to Foster Growth in North America
North America is expected to dominate the deception technology market share due to rapid product adoption and emerging technologies. The market in North America stood at USD 553.0 million in 2020 and is expected to gain a significant portion of the global market share. Furthermore, major players, such as Fidelis Cybersecurity, Illusive Networks, Inc., Rapid7, Inc., and Attivo Networks, Inc., are expected to boost market development.
In Asia Pacific, the rising adoption of Bring Your Own Device (BYOD) technologies, Internet of Things (IoT) devices, large continent population, and rapid urbanization is expected to surge the adoption of deception technology. These factors are likely to drive market development.
In Europe, rising investment from the manufacturing and government industries is expected to boost the product adoption. This factor is expected to bolster industry progress.
Competitive Landscape
Major Players Launch Novel Services to Enhance Sales and Brand Image
Prominent companies operating in the market to develop novel solutions that enhance sales and boost brand image. For example, Allure Security Technology launched its novel website response capability and phishing detection solution in November 2019. It is developed using Allure’s Software-as-a-Service (SaaS) alerts security system for real-time phishing attack detection. This strategy may enable the company to boost its brand image. Furthermore, the adoption of mergers, partnerships, expansion, and other strategies may help companies improve their market position.
Industry Development
- July 2021- Attivo Networks, Inc. is engaged in a partnership with the Department of Defense (DoD) to provide ThreatDefend platform. It supports warfighters’ adversary management and uses modern deception and machine learning technology.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Deception Technology Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
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