Deception Technology Market Share to Attain $5.8 Billion | Industry Statistics, Size, Analysis and Global Forecast

WILMINGTON, DE, UNITED STATES, December 4, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Deception Technology Market, by Offering (Solution, Service), by Deception Stack (Network Security, Endpoint Security, Application Security), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, Government and Defense, Retail and E-commerce, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, Education, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″

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.

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Deception technology is a cybersecurity defense practice that aims to deceive attackers by distributing a collection of traps and decoys across a system’s infrastructure to imitate genuine assets. The aim of deception technology is to prevent a cybercriminal that has managed to infiltrate a network from doing any significant damage.

Furthermore, 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. However, substantial use of legacy honeypots and complexities of device security is hampering the deception technology deception technology market growth. On the contrary, integration of deception technology in virtual environments is expected to offer remunerative opportunities for expansion during the deception technology market forecast.

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Competitive Analysis:
The competitive environment of Deception Technology Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Deception Technology Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
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
WatchGuard Technologies and Many More

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.

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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. Moreover, various public and private entities are expected to come together to create ecosystems to share data for multiple use cases under a common regulatory and cybersecurity framework, which, in turn, is expected to provide lucrative opportunity for the growth of the global deception technology industry.

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