New York, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Deception Technology Market information by Deception Stack, by Components, by Deployment and Region – forecast to 2027” market size to reach USD 4.15 billion, growing at a compound annual growth rate of 15% by 2026.
Cyber deception or deception technology uses honey pots and other tokens to track activities of suspicious individuals or attackers on the internet. Detection of early threats and investments in security by mid-size and large companies is evident of its large scope. The global deception technology market report by Market Research Future (MRFR) offers a new perspective on cyber security challenges and trends for the forecast period (2020-2027). The COVID-19 pandemic’s impact on the industry as well as measures to be taken by industry leaders are explained in high detail.
Dominant Key Players on Deception Technology Market Covered are:
Cymmetria Inc. (Israel)
TopSin Security (Israel)
Rapid7 Inc. (U.S.)
LogRhythm Inc. (U.S.)
Allure Security Technology (U.S.)
Illusive Networks (Israel)
TrapX Security (U.S.)
Smokescreen Technologies (India)
Attivo Networks (U.S.)
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Market USP Exclusively Encompassed:
Data Breaches in Large Companies to Drive Market Demand
Initiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Use of efficient lighting and sustaining growth in countries can augur favorably for the market. Rapid urbanization and transformation of cities to smart cities can spur demand for deception technology solutions.
Huge need for infrastructure development and public safety can drive market demand. Moreover, adoption of internet of things (IoT), 5G, and analytics can create a bevy of opportunities in the coming years.
Rapid Detection of Malware to Generate Growth
Smart homes can utilize deception technology solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
Lack of Awareness to Cost Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the deception technology market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Service Support and Maintenance Segment to Gain Market Share
The deception technology market in the global market is segmented into solutions, service support and maintenance, system integration, consulting, and professional services.
Data Security by Deception Stack to Lead in Market Share
The deception technology market in the global market is segmented into network security, deception stack into application security, data security, and end-point security.
Cloud-based Deployment to Capture Maximum Market Share
The deception technology market in the global market is divided based on deployment type into cloud-based and on premise-based. Cloud-based deployment type attracts cybersecurity threats but has the worldwide reach and its demand is increasing consistently.
BFSI Sector to be Leading End-user
The deception technology market is segmented into retail sector, healthcare sector, manufacturing sector, banking, financial services, and insurance (BFSI) sector, transportation sector, government department, telecom sector, and many others.
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North America to Lead Global Deception Technology Market
North America is anticipated to dominate the demand share of the deception technology market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing deception technology solutions to conserve energy.
Europe to Follow North America
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
COVID-19 Impact on the Global Deception Technology Market
The COVID-19 pandemic has exposed the vulnerabilities of workspaces and large companies. Exposure to fraud, theft, and malpractices has led to investments in cybersecurity measures by various companies to fortify their defenses. The move to work-from-home as well as lax policies concerning security of mid-size companies can induce the demand for the deception technology market over the forecast period.
ZScaler, a cloud-based information security developer, has agreed to acquire Smokescreen Technologies to pinpoint ransomware and targeted attacks.
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