The global crowdsourced security market is expected to garner USD 106 Million in 2021 and USD 115 Million in 2022. The market is projected to secure USD 243 Mn in 2032 while recording a CAGR of 7.8% during the forecast period. Increasing security demands with digital transformation in enterprises are expected to play a significant role in driving the market in the forecast period.
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Also, the increasing demand to modernize conventional security methodologies is another salient factor propelling the industry in the coming time. From the national security perspective, crowdsourcing has been the focus. . For instance, U.S Defense Advanced Research Projects Agency (DARPA) integrated crowdsourcing in some of its principal spheres. Such initiatives are expected to drive the market in the forecast period. Crowdsourced security programs are gaining traction across various spheres since several organizations adopt crowdsourced security programs to audit the security of their application.
On the contrary, challenges associated with confidential insecurities are expected to hamper the market in the coming time. Increasing cases of cyber-attack and data security are projected to hinder the market expansion. Also, lack of extent restrains negatively impacts the market.
Key Takeaways from the Market Study
- The global crowdsourced security market to value USD 106 Million in 2021
- The global crowdsourced security market to exhibit a 7.8% CAGR in the forecast period
- The mobile application segment to garner 7.7% in the forecast period
- The Large Enterprise segment to exhibit 7.6% CAGR in the assessment period.
- The estimated U.S market size is USD 84.6 Million, recording a 7.6% growth rate in the forecast period.
- China market is anticipated at USD 17.3 Million while expanding at a 7.1% CAGR in the coming time.
Competitive Landscape
Key players in the global crowdsourced security market include Applause, Cobalt Labs Inc, Bugcrowd Inc, Detectify, and HackerOne.
- In January 2019, Bugcrowd disclosed its partnership with Skyscanner. Skyscanner is a global travel search company. It rolled out its bug bounty program for the public through Bugcrowd’s Crowdsourced Security Platform.
- In March 2019, Detectify developed its business in Boston to take over the US crowdsourced security market. The growth is likely to help Detectify to augment the organization’s operations with a renowned tech and startup opportunity in the region.
- In August 2019, HackerOne disclosed its strategic partnership with AT&T. According to the partnership, AT&T would use the platform for its newly launched bug bounty program that will help in incorporating its public-facing online environment, like, AT&T-owned websites, APIs, devices, and reports to identify potential vulnerabilities.
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