Increasing Cyber Security Attacks and Demand for Secure Networks Will Drive the Adoption of Bot Mitigation Solutions
The global bot mitigation market is anticipated to reach a value of US$ 542.24 million in 2023, and expand at a CAGR of 24.3% between 2023 and 2033. The global market would be worth US$ 4,774 million in 2033. Bots pose a growing threat to modern businesses, which calls for robust bot mitigation cybersecurity tools. DDoS attacks, account hijacking, click fraud, and spamming are just some of the ways bots are used to attack other computers. Due to their ability to be programmed easily on a large scale, they are well-suited for such tasks.
According to the Federal Trade Commission (FTC), it is estimated that $5.8 billion was lost to scams in 2021, an increase of 70% compared to 2020, which indicates that cybercriminals are reaping the benefits of financial fraud quite well. As part of efforts to counter these threats and ensure compliance, many banks are turning to digital agents and robotic process automation (RPA).
A bot now accounts for about 40% of Internet traffic, which has grown over the past two decades. Many Internet users are interacting with bots, searching for targets of attack, and reading content. Bots can be helpful or malicious depending on their purpose. Infectious virus programs are designed to break into an individual's account, collect and use their personal information from the internet, and send spam and other undesirable activities over the internet. With the advancement of bot technology, bots have become more complex and dangerous than ever before. As a result, advanced bot protection has become increasingly popular in the market.
Anticipating malicious bots from causing extensive damage to their business, companies are seeking ways to distinguish good bots from bad. Crypto Challenge mitigation was developed by Radware in addition to leveraging a variety of block chains cryptographic proof-of-work processes. Suspected bots were presented with challenges that become increasingly difficult as they try to solve them. As a result of this approach, a 'Cyber Counter Strike' is created by forcing the attacker's CPU to work harder and longer and thereby consuming a large number of resources on the attacker's part. An easy-to-navigate browser interface that has no CAPTCHA for legitimate users. This prevents sophisticated CAPTCHA solving and avoiding bots from working with the system.
The backend application's performance is restricted to only good traffic when businesses use detection methods to identify bad bots, improving KPIs. After deploying advanced bot protection, customers notice a significant improvement in page loading speed. Therefore, content delivery networks perform better, resulting in improved performance.
As a precautionary measure for protecting the overall business environment from malicious activity, it is imperative to deploy bot-mitigation solutions. The source of incoming traffic can be identified using solutions, such as CAPTCHAs and ReCAPTCHAs. Cookies, JavaScript, and CAPTCHA codes are used by these solutions to determine whether the incoming traffic is from humans or bots. These solutions are based on the idea that bots are unable to engage with these elements with the same sharpness, making them easily detectable. The latest machine vision technologies allow bots to bypass these defenses because they are programmed to behave like humans.
Within the first 30 minutes following one PS5 restock in 2020, Walmart observed more than 20 million bot attempts. Building customer trust is an essential part of building e-commerce businesses, and this starts with ensuring e-commerce networks, platforms, and applications are secure and accessible. Retail and e-commerce bot security solutions have therefore tremendous potential in the years to come.
Businesses can benefit greatly from bot mitigation as more companies seek to safeguard their data and websites against malicious bots. A bot mitigation solution can provide extra security measures, such as two-factor authentication, to help companies detect and prevent bot attacks. In addition to improving website performance, bot mitigation solutions minimize the number of requests sent to the server. In addition to this, companies can use bot mitigation solutions as a way of quickly detecting and responding to suspicious activities as they arise. The final benefit of bot mitigation is that it ensures that content is delivered quickly and securely to the users of a company's website.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 450 million |
| Expected Market Value (2023) | US$ 542.24 million |
| Anticipated Forecast Value (2033) | US$ 4,774 million |
| Projected Growth Rate (2023 to 2033) | 2 4.3% CAGR |
A Bot also known by internet bot, is a software application that performs automated tasks over the internet, means they can run without any specific instructions from humans. Bots are usually used to replace the repetitive tasks which are used to perform by humans.
There are good as well as bad bots, good bots helps perform human tasks on the internet, whereas, bad bots perform account takeovers and credential theft, launch DDoS attacks, or steal intellectual property.
Bad bots steal data from sites without permission in order to reuse it and gain a competitive edge. Bot mitigation relates to DDoS protection solutions which helps identify and block the unwanted or malicious bots before entering into the application or in the network.
The rise in sophistication level of the bots makes them difficult to differentiate between good and bad bots. Thus, organizations deploy various bot detection and mitigation tools to detect and defend against attacks or other unauthorized activity of bots.
The Rise in Automated Bot attacks on Enterprise Network would drive the growth of Bot Mitigation Market
The bots are used to perform simple and repetitive tasks in much faster than a person could. But some bots are harmful for enterprises, these bots are used to take over user accounts, perform DDoS attacks, abuse APIs, and to steal customer data.
The need for bot management is fueled by the rise in automated attacks. These bots can mimic human behavior to evade existing security systems. To deal with bots many organization use in-house practices to restrain bots often block the countries where they don’t serve.
However, the sophisticated bots are distributed over thousands of IP addresses and can connect through random IPs to evade detection.
The in-house practices such as using CAPTCHAs and authentication mechanisms provide basic protection, but not ensure highest security to business operations, user accounts, and other sensitive information.
A dedicated bot detection and mitigation solution ensures high safety and security to enterprise assets.
Integration of AI and ML Technologies for Advance Bot Protection
Over the past few years, botnets have gained the attention of researchers worldwide. The bot attacks have become more sophisticated in nature.
According to 2019 Verizon Data Breach Investigations Report, web applications are the number one attack vector for hacks resulting in breaches and malicious bots pose a significant threat to application security.
In order to effectively protect their organizations against today’s evolving threats, customers need sophisticated bot mitigation capabilities. Advanced bot mitigation solution uses artificial intelligence and machine learning to help customers defend against the latest automated threats.
The aim of ML is to create a model based on historical data given. This model describes the patterns and trends that exist in the historic data which should be able to make informed decisions given new data.
ML based bot detection and protection techniques are considered to be the most effective for detecting botnets.
The advanced bot mitigation solution can also be integrated with firewalls to provide a complete application security solution that is easy to deploy and manage.
Key players in the Bot Mitigation market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced bot mitigation solution and services to mitigate potential threats. The major players offering Bot Mitigation solutions include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global bot mitigation market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with bot mitigation market attractiveness as per segments.
The report on bot mitigation market also maps the qualitative impact of various factors on bot mitigation market segments and geographies.
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