According to a new report published by Allied Market Research, titled, “Deception Technology Market,” The deception technology market was valued at $1.8 billion in 2021, and is estimated to reach $5.8 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
Rise of APTs (Advanced persistent threat) and zero-day attacks and need for effective solutions for early detection of attackers is boosting the growth of the global deception technology market. In addition, rise in the adoption of BYOD and IoT trends within enterprises is positively impacts growth of the deception technology deception technology market.
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However, the substantial use of legacy honeypots and the complexities of device security is hampering the deception technology market growth. On the contrary, the integration of deception technology in virtual environments is expected to offer remunerative opportunities for expansion during the deception technology market forecast.
Depending on enterprise size, the large enterprise segment holds the largest deception technology market share as large enterprises are adopting deception technology to protect all their infrastructures. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.
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Region-wise, the deception technology market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of IoT and cloud services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
The COVID-19 outbreak positively impacts the growth of the deception technology market. This is attributed to significant investment in advanced technologies such as IoT and smart technologies and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India. Furthermore, adopting technologies such as cloud, Artificial Intelligence (AI), and IoT.
With the considerable control achieved over the pandemic, various sectors such as retail, manufacturing, and automotive, are expected to witness rising investments as deception technology solutions grow in prominence across different business functions offered several opportunities to digitize and expand the business across regions.
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The key players that operate in the deception technology market analysis are Allure Security Technology, Inc, Attivo Networks, Inc, Acalvio, CYBERTRAP Software GmbH, CounterCraft, Fidelis Cybersecurity, Guardicore Ltd, Illusive Networks, LogRhythm, Inc, Minerva Labs, PacketViper, Rapid7, Smokescreen Technologies, Inc, TopSpin Security, Trapx Security, vArmour, and WatchGuard Technologies. These players have adopted various strategies to increase their market penetration and strengthen their position in the deception technology industry.
KEY FINDINGS OF THE STUDY
- By offering, the solution segment accounted for the largest deception technology market share in 2021.
- Region wise, North America generated highest revenue in 2021.
- Depending on end user, the BFSI generated the highest revenue in 2021.
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