The demand for deception technology is set to grow as a response to the ongoing rise in identity and data theft, according to new forecasts from research firm Technavio.
Technavio reports the global market for deception technology is expected to grow at a CAGR of more than 9% by 2020, with vendors expected to expand their business into overseas markets.
There has been an increase in the number of incidents of identity and data theft because of the increase in the use of websites and web applications by end-users. The growing popularity of online consulting and sharing of health-related results online is also encouraging identity theft, the analyst firm explains.
“The increase in competition in the global deception technology market is prompting vendors to expand their businesses beyond traditional boundaries and into overseas markets,” explains Amrita Choudhury, lead analyst, ICT, Technavio Research.
“However, some vendors, especially those in developing regions, have little knowledge of managed security services. As a result, most vendors rely on their partners to deploy such solutions,” she says.
Cisco is an example of a deception technology vendors that relies on the partnership network approach to expand their businesses, Choudhury says.
According to the forecast, the increasing adoption of bring your own device (BYOD) policies amongst enterprises plays a key role in augmenting the demand for deception technology.
“BYOD policy allows employees to use their personal devices such as laptops, smartphones, tablets, and desktops for business purposes, allowing them to work without any time or location constraints, thereby increasing their productivity, managing travel time, and reducing the operational costs of companies such as repair and maintenance costs,” Choudhury explains.
“As employees are increasingly using wireless networks for communication and data transmission, the chances of cyber attacks over mobile devices is on a rise. This may lead to cases of fraud and misuse of critical corporate and business data,” he says.
According to Choudhury, vendors are entering partnerships to develop and expand their global reach and strengthen product lines and solutions.
“This will help them increase their market share in the global deception technology market,” she says.
To succeed in this intensely competitive environment, Choudhury says it is essential for vendors to distinguish their services and product offerings through a clear and unique value proposition.
“Vendors face significant challenges because of intense competition, technological advances, and frequent changes in end-user preferences,” she explains.
The forecast shows key vendors in the global deception technology market include Attivo Networks, Cymmetria, Guardicore, and TrapX Security.
During 2015, the global was dominated by the Americas with a market share of more than 41%. The need for security solutions to protect data from unauthorised access that is growing with the increasing technological advances will be the driving force behind the growth in the Americas during the forecast period.