Global Cyber Deception Market - Segmented by Layer (Application Security, Network Security, Data Security, End-point Security), Service Type (Professional Service, Managed Service), End-User Vertical (IT and Telecom, Retail, Energy and Power, BFSI, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The Cyber Deception Market is projected to witness at a CAGR of 15.18% during the period 2018-2023. The scope of the report is limited to layer type including application security, network security, data security, and endpoint security, by service type including service type including professional service and managed service and by end-user vertical including IT & telecom, retail, energy & power, BFSI, healthcare, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The study also emphasizes the benefits of cyber deception technology in diverse industries, and its future prospect.
With the increasing number of internet and smartphone users across the globe, system breach is a common activity carried out by cyber-hackers to extract sensitive information, which can lead to unwanted cyber-attacks. Deception network, also called honeypot or decoy, is utilized to divert these kinds of attacks to other nodes and offer prior warnings to the administrator. The increasing adoption of the Internet of Things (IoT) is highlighting the cyber deception technology and promoting high usage, over conventional cyber security. As a result, the cyber deception market is expected to witness high growth over the forecast period.
Increasing Cyber Attacks
According to World Economic Forum, cyber-attacks are one of largest threats across the globe, and require high-end security. Software infiltration and cloud-hacks are likely to be the major instances of cyber-attacks. As a result, there is an increase in internal security reviews and audits, in cloud-based companies, giving rise in demand cyber deception solutions. F-Secure, a cyber-security company based in Finland logged an increase of approximately 220% traffic diverting to honeypots from 2016 to 2017. It indicates an increase in the instances of cyber-attacks, which in turn expected to propel the market growth over the next six years, at a significant rate.
BFSI to Exhibit the Highest Growth
Increasing ATM transaction, coupled with a rapid rise in the online transaction is expected to drive the cyber deception market in BFSI sector. In addition, the governments across the globe are highly investing in the financial sector of their respective countries, to build a robust security system. In 2016, Tesco Bank, based in the United Kingdom, was attack by hackers, and about EUR 2 million was stolen using DDoS attack and phishing. Such occurrences are projected to propel the growth of the security system in the banking sector.
Asia Pacific to Have the Highest Growth
In 2016, Japan observed the highest number of cyber-attacks in the Asia-Pacific region, with approximately 2 million of user data sets were stolen from over 140 organizations. Post this attack, there were many protocols and standards set in order to prevent these attacks in future. However, the vulnerability still persists. In 2017, Asia witnessed ransomware, a cyber-attack, wherein, the attackers lure customers to produce fast money. As a result, the market holds a noteworthy potential to penetrate the region, which is likely to boost the industry.
Key Developments in the Market
October 2017 - Cymmetria introduced a new product, MazeHunter which is expected to provide exceptional security to its client, thereby garnering huge profit to the company.
September 2016 - Illusive networks announced a new technology, SWIFT Guard, designed to reduce, report, and detect targeted attacks against SWIFT based banking systems.
This is projected to have a positive impact on the company and market.
The major players include: ILLUSIVE NETWORKS, LOGRYTHM, INC., ATTIVO NETWORKS, RAPID7, INC., SEC TECHNOLOGIES, FORESCOUT TECHNOLOGIES, amongst others
Reasons to Purchase the Report
The future prospect of the cyber deception market and opportunities
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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