Crowdsourced Security Market is valued at approximately USD 105.76 million in 2021 and is anticipated to grow with a healthy growth rate of more than 8.4% over the forecast period 2022-2029. Crowdsourced Security is a security testing system that invites a group of people to check an asset for security vulnerabilities. Moreover, business organizations use crowdsourcing for auditing the safety and security of their applications and infrastructure. Bug bounties, vulnerability disclosure programs and responsible disclosure programs are part of Crowdsourced Security. The increasing growth of IoT technologies and stringent regulatory compliance requirements as well as strategic initiatives from leading market players are key factors accelerating the market growth.
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The increasing growth of the Internet of Things technologies is contributing to the growth of the Global Crowdsourced Security Market. For instance, according to Statista – in 2020, around USD 749 billion were spent on the Internet of Things (IoT) technology worldwide, and this amount is projected to grow to USD 1.1 trillion by 2023. Also, increasing incidences of data breaches across businesses and growing adoption of cloud applications & services would create a lucrative growth prospectus for the market over the forecast period. For instance, as per Statista – in 2020, the average cost of a data breach in the United States was estimated at USD 8.64 million, further, the average cost has been increased to USD 9.44 million in 2022. In addition, the global average cost per data breach stands at USD 4.35 million. Furthermore, as per UK Government’s Cyber Security Breaches Survey 2022 – in 2019, around 32% of all UK businesses reported cyber-attacks, which further increased to 39% in 2022. Around 83% of attacks in 2022 were identified as phishing attempts. However, the challenges associated with ensuring and Maintaining Crowd Quality stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Crowdsourced Security Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increasing adoption of crowdsourcing security and the presence of leading market players coupled with stringent regulatory compliances in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising digitization across the industries and increasing incidences of cyber-attacks and data breaches in the region.
Major market players included in this report are:
Applause (US)
Bugcrowd Inc. (US)
Cobalt Labs Inc. (US)
Detectify (Sweden)
HackerOne (US)
passbrains (Germany)
Planit (US)
Rainforest (US)
Synack (US) Inc.
Zerocopter (Netherlands) Inc.
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Recent Developments in the Market:
In February 2022,
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Deployment Mode, Organization Size, End Use Industry, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type
Web Application
Mobile Application
Others (IoT, Wireless, and Network)
By Deployment Mode
Cloud
On-Premises
By Organization Size
Large Enterprises
Small and Medium-sized Enterprises
By End Use Industry
Telecom & IT
BFSI
Healthcare
Travel & Hospitality
Retail
Media & Entertainment
Others (Government, and Education)
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
Market Overview:
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Market Size and Forecast:
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Competitive Analysis:
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