Deception Technology Market to Reach $5.8 Billion by 2031: Allied Market Research

Allied Market Research
Allied Market Research

Surge in advanced persistent threat, rise in need for effective solutions for early detection of attackers, and increase in adoption of innovative technologies such as IoT to drive the growth of the global deception technology market. Increase in use of deception technology to enable enterprises to address security issues and facilitate secured information access while remote working during pandemic had a positive impact on the growth of the global market.

Portland, OR , Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global deception technology market generated $1.8 billion in 2021, and is projected to reach $5.8 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2022­–2031

Base Year

2021

Market Size in 2021

$1.8 billion

Market Size in 2031

$5.8 billion

CAGR

12.2%

No. of Pages in Report

326

Segments Covered

Offering, deception stack, enterprise size, industry vertical, and region.

Drivers

Surge in APTs (Advanced persistent threat) and zero-day attacks

Rise in the adoption of BYOD

Opportunities

Rise in need for effective solutions for early detection of attackers

Increase in the adoption of innovative technologies such as the IoT

Restrains

Substantial use of legacy honeypots

Complexity regarding device security

COVID-19 Scenario:

  • The outbreak of the COVID-19 has had a positive impact on the growth of the global deception technology market, owing to the occurrence of lockdowns in various countries across the globe.

  • Lockdowns resulted in the closure of various shops, businesses and manufacturing industries due to then prevalence of stringent social distancing restrictions imposed by the governments of various countries around the world.

  • Thus, more and more people were required to stay in indoors which resulted in remarkable surge in internet penetration driving the demand for deception technology.

  • In addition, increase in the number of cyber-attacks and growing popularity of cloud security and AI-integrated solutions are further expected to drive the demand for deception technology in the coming years.

The report offers detailed segmentation of the global deception technology market based on offering, deception stack, enterprise size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Based on offering, the solution segment held the largest market share in 2021, holding around two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 13.5% during the forecast period.

Based on deception stack, the network security segment held the dominating market share in 2021, holding half of the global market, and is expected to maintain its leadership status during the forecast period. The application security segment, on the other hand, is expected to cite the fastest CAGR of 14.2% during the forecast period.

Based on industry vertical, the BFSI segment held the largest market share in 2021, holding nearly one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The healthcare segment, on the other hand, is expected to cite the fastest CAGR of 15.7% during the forecast period.

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Based on region, the market across North America held the dominating market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 14.3% during the forecast period.

The key players analysed in the global deception technology market report include 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.

The report analyzes these key players in the global deception technology market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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