Deception Technology Market Overview:
To prevent the damage done by a hacker once he/she has entered into the network, the security techniques and tools designed are known as deception technology. With the growing use of advanced technology in all the business sectors the chances for cyber attacks and cyber thefts are becoming very common. To prevent cyber thefts deception technology is invented for the quickest solution available.
The deception technology market is expected to grow at a high CAGR of 13.3% and is expected to reach a market value of USD 3,514.16 million by the end of the forecasted period from 2021-2030.
COVID 19 Analysis:
The consequences of the global pandemic of COVID 19 have been faced by all businesses. It has adversely affected the normal working of all the business organizations and pushed the economies into forced recession. Now due to this global pandemic and lockdown situation, the new normal is working from home with a virtual meeting. Owing to the use of the internet in every sphere there are more chances for cyber attacks and hence boost the growth of the deception technology market in the global market.
During the lockdown situation, the deception technology market has faced a downfall but it is expected that it will recover at the beginning of the second quarter during the forecasted period.
Deception Technology Market Dynamics:
In this technology-driven era, there are numerous amount of cyber-attacks, and increasing data breaches have lead to the increase of deception technology market in the global market because of the need for compact security infrastructure. Also, the rise in Bring Your Own Device (BYOD), and IoT (internet of things) adoption in businesses has to lead the growth of the deception technology market in the global market. An increasing need for effective solutions for early detections and the rise of zero-day attacks are some of the other driving factors.
Deception technology is the best-used technology seen so far as it detects the malware moving towards high-value targets and alerts the customer there and then and hence protects the system. The integration of deception technology with virtual environments also acts as an opportunity for the growth of deception technology in the global market during the forecasted period.
Though the deception technology market is growing to vary rapidly in the global market there are many restraining factors as well that hinder the growth of the deception technology market in the global market like lack of awareness about the security solutions and technology available. Also, the increasing use of pirated network security tools hinders the growth of the deception technology market. The substantial use of legacy honeypots is the other factor that restricts the growth of the deception technology market in the global market.
Value Chain Analysis:
With the growing advancement in technology and increasing cyber-attacks the deception technology market is providing various solutions for this problem as it increases the efficiency in detecting threats with signature-based detection technique and behavior-based detection technique. Deception technology also helps in spreading awareness about the various business risk that it detects with greater coverage.
The deception technology market in the global market is divided based on component, deception stack, deployment, and end-user.
Based on Component:
The deception technology market in the global market is divided based on components into solutions, service support and maintenance, system integration, consulting, and professional services.
Based on Deception Stack:
The deception technology market in the global market is divided based on deception stack into application security, data security, network security, and end-point security.
Based on Deployment Type:
The deception technology market in the global market is divided based on deployment type into cloud-based and on premise-based. The latest market trend is that of cloud-based deployment type and it also attracts cybersecurity threats but still has the worldwide reach and its demand is increasing consistently.
Based on End-users:
The deception technology market in the global market is divided based on end-users into the manufacturing sector, banking, financial services, and insurance (BFSI) sector, healthcare sector, retail sector, transportation sector, government department, telecom sector, and many others.
The deception technology market in the global market is divided based on region into North America, Europe, Asia-Pacific, and the rest of the world. From the market study, it is estimated that the North American region has the largest share in the deception technology market and hence dominates in the global market. This is because of the growing development of deception technology in countries like Canada and the U.S. as these countries have a large share of start-up businesses.
After North America comes to Europe, as it holds the second-largest share of the deception technology market in the global market. The Asia-Pacific region is also showing positive growth for the deception technology market in the global market owing to increasing network security infrastructure in countries like Japan, China, India, South Korea, and many others in the IT and telecommunications sector.
The major most prominent key players in the deception technology market in the global market are as follows:
These most prominent key players in the market use various business opportunities to flourish their customers across the globe and reach out the potential customers. These deception market key players use various strategies and policies for providing tailor-made services and for increasing efficiency in their work.
The global deception technology market research report consists of the following:
This research report contains the contributing factors that increased the growth of the deception technology market along with opportunities available and challenges and restraints faced by the deception technology market. This report also contains the impact of the global pandemic of COVID 19 along with the estimated growth rate in the future.
For the collection of data, both primary and secondary kinds of research are done and the top-up and bottom-down technique is used. For secondary researches data is collected from journals, publications, annual reports, and various other published reports are used. And for primary researches interviews of top market players, CEOs were conducted and the data triangulation technique is used for reducing the data.
Deception technology vendors, resellers and distributors, technology investors, system integrators, government organizations, research and consultancy firms, network solution providers, independent software vendors, managed security service providers (MSSPs), and others.
|Market Size||3,514.16 million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Deception Stack, Deployment and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||TrapX Security (U.S.), Rapid7, Inc. (U.S.), Attivo Networks (U.S.), Allure Security Technology (U.S.), Guardicore (Israel), Cymmetria, Inc. (Israel), TopSpin Security (Israel), Smokescreen Technologies (India), Illusive Networks (Israel), LogRhythm Inc. (U.S), vArmour (U.S.)|
|Key Market Opportunities||Owing to the use of the internet in every sphere there are more chances for cyber attacks|
|Key Market Drivers||
Attivo Networks (U.S.), Rapid7, Inc. (U.S.), TopSpin Security (Israel), Cymmetria, Inc. (Israel), Allure Security Technology (U.S.) and Guardicore (Israel) are some of the competitors in the market.
The segments created on the basis of the component comprises of solutions and services.
The nations of the US and Canada are expected to boost the North American regional market in the coming period.
The surge in use of cloud technologies.
Marketing, HR, finance, and operations
Big Data, IoT, and machine learning
SMEs and large corporations