Deception Technology Market Reach USD 5.8 Billion by 2031 | Growing at 12.2% CAGR

Allied Market Research published a new report, titled, "Deception Technology Market Reach USD 5.8 Billion by 2031 | Growing at 12.2% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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.

The global deception technology market was valued at USD 1.8 billion in 2021, and is projected to reach USD 5.8 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.

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The deception technology market is segmented on the basis of offering, deception stack, enterprise size, industry vertical, and region. On the basis of offering, the market is categorized into solution and service. On the basis of deception stack, the market is fragmented into network security, endpoint security, and application security. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into BFSI, government and defense, retail and e-commerce, healthcare, IT and telecom, energy and utilities, manufacturing, education, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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.

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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.

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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.

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