The global crowdsourced security size is anticipated to exceed a valuation of US$ 114.4 million in 2023. It is projected to hit a valuation of US$ 245.4 million by 2033. The market is predicted to thrive at a CAGR of 7.9% from 2023 to 2033.
Compared to engaging specialized in-house security teams or carrying out conventional penetration testing, crowdsourced security is possibly an affordable option. Instead of paying fixed salaries or high consulting costs, organizations may use crowdsourcing platforms to interact with multiple security professionals at once, paying only for the vulnerabilities found or successful tests run.
By showcasing a proactive attitude to security, crowdsourced security efforts may improve an organization’s image. Organizations may build trust with their user base, customers, and stakeholders by encouraging security researchers to properly report vulnerabilities. For instance,
- A bug bounty program was started on HackerOne by NordVPN, a personal virtual private network service provider. It is part of a strategy to update VPN companies’ security measures.
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The BFSI sector is increasingly adopting crowdsourced security. The BFSI industry is a top target for cyber assaults because of the sensitive and priceless information it manages, including:
- Financial data
- Personally identifiable information (PII).
- Transactional records.
The industry is subject to changing cyber threats including advanced hacking methods, malware, phishing assaults, and insider threats. By utilizing the skills of ethical hackers to find vulnerabilities and upgrade security procedures, crowdsourced security helps the BFSI industry boost its defenses.
North America is likely to dominate the global market. With a sizable number of companies operating across several industries, North America market accounts for a sizeable portion of the global economy. With such a wide range of businesses, from SMEs to huge international firms, crowdsourced security providers have many potentials to serve all types of businesses.
Key Takeaways from the Crowdsourced Security Market:
- The global crowdsourced security industry size expanded at a CAGR of 5.8% from 2018 to 2022.
- In 2018, the global market size stood at US$ 85.7 million.
- The market size stood at US$ 107.6 million in 2022.
- In 2022, the web application segment captured 39.2% of the market share.
- In 2022, the on-premise deployment segment captured a 58.3% share of the global market.
- In 2022, the United States captured a 14.5% share of the global market.
- In 2022, China captured a 7.2% share of the global market.
- In 2022, Japan captured a 5.1% share of the global market.
- In 2022, India garnered a 10.2% share of the global market.
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Key Players Working in the Global Market
- Applause
- Cobalt Labs Inc.
- Bugcrowd Inc.
- Detectify
- HackerOne
Recent Developments Observed by FMI:
- Microsoft unveiled new cybersecurity services in May 2022. The three services—which were unveiled under the service umbrella category of “Microsoft Security Experts”—are human-led services designed to deliver “secure, compliant, and productive outcomes” for businesses that use them.
- IBM opened its IBM Cybersecurity Hub in India in February 2023. To help businesses in Asia Pacific (APAC) region prepare for and manage the growing threat of cyberattacks on corporations, IBM announced this multi-million dollar investment in its resources.
Crowdsourced Security Market Segmentation
By Type:
- Web Application
- Mobile Application
- Other Types
By Deployment Type:
- Cloud-based
- On-premise
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- Telecom & IT
- BFSI
- Healthcare
- Travel & Hospitality
- Retail
- Media & Entertainment
- Other Verticals
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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