Deception Technology Market - Forecasts from 2022 to 2027
The deception technology market is expected to grow at a compound annual growth rate of 13.54% over the forecast period to reach a market size of US$3,131.782 million in 2027, from US$1287.506 million in 2020. Deception Technology is a cybersecurity defensive practice that involves distributing a collection of traps and decoys across a system's infrastructure to deceive the hacker on the other side. Deception technology has greatly aided security teams by reducing alert fatigue, decreasing attacker dwell time on their network, and shortening the average time to detect and remediate threats. Market Trend
The increased threat of cyber-crimes and cyber breaches are expected to drive the market for deception technologies in the upcoming years. Besides that, the growing virtual environment has increased the need to adopt advanced cybersecurity measures, which has increased the demand for deception technology. Also, the advanced technologies backed up by machine learning and artificial intelligence are expected to drive the market further by the introduction of new features at every step.
The high initial costs of the technology, as well as the need for trained employees to handle it, can be significant market restraints. Growth Factors
With the increasing cyber-crimes across the world, the demand for deception technology is projected to increase in the coming years. The rate of advanced persistent threats (API) in which an intruder establishes an illicit, long-term presence to mine highly sensitive data and zero-day attacks in which the intruder discovers software vulnerabilities and exploits them with other hackers has increased significantly, which has become a huge threat for government bodies as well. For instance, in 2020, a group of Russian hackers broke into U.S. federal agencies and also penetrated thousands of organizations globally.
Besides that, the threat of ransomware attacks, in which a hacker threatens to block the data or access the information until the owner pays a ransom fee, has also increased over the years. All these factors are expected to contribute significantly to the growth of deception technologies in the upcoming years. According to the U.S. Department of Health and Human Services and ITRC (Identity Theft Resource Center), nearly 98.2 million people were impacted by the 10 biggest data breaches in the first half of 2021.
With the growth of the virtual environment, the need for deception technology is projected to increase further in the coming years. A virtual environment or computing environment that combines the use of internet-based and high-tech services like applications, software, and other advanced technology. With the increased dependency on the internet and the growing internet penetration, the demand for deception technology is expected to be impacted in a positive direction. For instance, according to World Bank data, individuals using the internet have increased over the years from just 0.0495 in 1990 to 56.727% in 2019.
The major restraint on the global deception technology market is the huge investment costs associated with it. The technology and components that comprise the whole system make it expensive to be installed by every organization and body, which has restricted its use only to big organizations, and large firms like BFSI, government, military, defense, etc. is a factor is expected to be a barrier to market growth in the coming years. Besides that, the lack of trained employees and personnel to handle the deceptive technology can also serve as a restraint to the market's growth, not just across various sectors but also in underdeveloped economies.
The impact of the COVID-19 Pandemic
With the onset of COVID-19 imposed lockdown and curfew globally, companies and industries all around the world started working from home. his, in turn, exposed the companies' vulnerabilities on a large scale, increasing the chances of data theft and cyber breach. Therefore, the COVIDpandemic increased the need to adopt cybersecurity measures to protect their business structure, which thus impacted the market for deception technology positively. Companies globally have adopted this technology to provide a secure shield to their businesses.
Communication and Technology
Military and Defence
Middle East and Africa