Deception Technology Market Strategies 2024-2033 | Size, Insights, Demand, Outlook

"The Business Research Company recently released a comprehensive report on the Global Deception Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The deception technology market size has grown rapidly in recent years. It will grow from $2.56 billion in 2023 to $2.96 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to need for early threat detection, increased insider threat concerns, shortage of cybersecurity talent, regulatory compliance requirements, integration with security operations, rise in social engineering attacks, continuous monitoring requirements.

The deception technology market size is expected to see rapid growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to integration with security orchestration, use in critical infrastructure protection, application in healthcare security, increased sophistication of malware, shift to active defense strategies, adoption in government and defense. Major trends in the forecast period include integration with threat intelligence, cloud-based deception solutions, expansion to iot and ot environments, automation and orchestration of deception, emphasis on insider threat detection, machine learning and behavioral analysis, user deception and identity protection.

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Market Drivers and Trends:

An increasing number of data breach cases is expected to propel the growth of the deception technology market going forward. A data breach refers to an unauthorized access, acquisition, disclosure, or use of sensitive or confidential information. It occurs when an individual, organization, or entity gains access to data without the permission of the data owner or custodian. Deception technology plays a crucial role in mitigating the impact of data breaches by proactively detecting and deterring cyber threats. For instance, in October 2023, Astra Security, a US-based cyber security SaaS company, published an article according to which, average cost of a data breach increased by 2.6% to $4.35 million in 2022 from $ 4. 24 million dollars in 2021 and the average cost of a data breach for critical infrastructure organizations, however, was increased to $4.82 million dollars. Data breaches exposed at least 42 million records between March 2021 and February 2022. Therefore, an increasing number of data breach cases is driving the deception technology market.

Technological innovation is a key trend in the deception technology market. Major players in the deception technology market are concentrating on creating new technological advancements to improve their competitive position. For instance, in March 2022, Zscaler Inc., a US-based company operating in deception technology, launched Zero Trust Network Access (ZTNA) Technology. Zero-trust network access technology is an IT security technology platform based on zero-trust exchange to provide remote access to an organisation's infrastructure. This technology reduces the chance of cyberattacks on cloud platforms, reduces high-risk human-operated attacks, and provides secure data and information sharing.

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Major Key Players of the Market:

Illusive Networks Inc., Commvault Systems Inc., Rapid7 Inc., Akamai Technologies Inc., Fidelis Cybersecurity Inc., Zscaler Inc., Allure Security Technology Inc., CyberTrap Software GmbH, Acalvio Technologies Inc., CounterCraft Security, Cymmetria Inc., vArmour Inc., PacketViper LLC, WatchGuard Technologies Inc., Ridgeback Network Defense Inc., Fortinet Inc., RevBits LLC, Attivo Networks, Guardicore Ltd, LogRhythm Inc., Minerva Labs Ltd., Darktrace Limited, Smokescreen Technologies Private Limited, TopSpin Security Ltd., TrapX Security Inc., FireEye Inc., ARIA Cybersecurity Solutions LLC, Awake Security Inc., Cynet Ltd., Cyphort Inc.

Deception Technology Market 2024 Key Insights:

• The deception technology market size is expected to see rapid growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
• Growing Cybersecurity Concerns Drives The Deception Technology Market
• Technological Innovation Transforms The Deception Technology Market
• North America was the largest region in the deception technology market in 2023

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The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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