Crowdsourced Security Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The Crowdsourced Security Market is expected to register a CAGR of 7.9 % from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

The report is segmented by Type (Web Application, Mobile Application, Others); Deployment Mode (Cloud, On-Premise); Industry (BFSI, IT and Telecom, Retail, Healthcare, Media and Entertainment, Travel and Hospitality, Others). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments

Purpose of the Report

The report Crowdsourced Security Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

• Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
• Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
• Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Crowdsourced Security Market Segmentation

Type

• Web Application
• Mobile Application

Deployment Mode

• Cloud
• On-Premise;

Industry

• BFSI
• IT and Telecom
• Retail
• Healthcare
• Media and Entertainment
• Travel and Hospitality

Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South and Central America

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Crowdsourced Security Market Growth Drivers

• Growing Threats to Cybersecurity: The rising incidence and sophistication of cyber threats remains one of the key factors propelling the growth of the crowdsourced security market. Organizations are under attack by numerous vectors including but not limited to data breach, ransomware, and phishing, which continue to call for more security. Crowdsourced security seeks to utilize the know-how of a variety of security experts and ethical hackers to find, and even help mitigate, problems within the network. This not only improves the overall security of a business but also makes it very much useful for companies aiming to increase their defenses from current and future cyber threats.
  
• Affordability of Crowdsourced Solutions: Crowdsourced security is cheaper compared to the other available security mechanisms. Considering the nature of the work, many organizations do not see any sense in establishing a long-term fully-fledged security department, which is made possible by engaging a legion of security experts. In this way, corporations can raise the level of security and decrease it again accordingly to the needs and demands of the project, which is good for all types of enterprises. As such, there is a rising need for very affordable security options that can still allow organizations a chance to security spend effectively while still achieving good levels of cyber security.
  
• Growing Adoption of the Bug Bounty Program Model: Bug bounty programs, a key component of crowdsourced security, have gained significant traction across industries. These programs incentivize ethical hackers and security researchers to identify and report vulnerabilities in exchange for monetary rewards. As organizations realize the benefits of external input in strengthening their security posture, the popularity of bug bounty programs is increasing. Large companies like Google, Facebook, and Apple, as well as government agencies, are already investing in these programs, driving the growth of crowdsourced security solutions.

Crowdsourced Security Market Future Trends

• The Growing Trend of Gamification in Security Testing: The implementation of gamification is on the rise within the crowdsourced security industry as firms look to include more participants in the testing of security. The addition of such elements into these processes can spur on the participants to find more of the weaknesses in the system. In addition, this method improves the level of security evaluation and builds a community among the testers. Therefore, as the use of gamification increases over time, it is expected that the number of inventive crowdsourced security solutions that make use of this gimmick will also increase.
  
• Expansion of Security Services Beyond Vulnerability Testing: Traditionally, crowdsourced security has been focused on vulnerability testing and bug bounty programs. However, there is a growing trend toward expanding crowdsourced security services to cover other areas such as threat hunting, incident response, and security audits. This shift allows organizations to access a broader range of expertise through crowdsourcing, ensuring comprehensive security coverage across all aspects of their IT infrastructure. This expansion is helping the market evolve and become more integrated into broader cybersecurity strategies.

Crowdsourced Security Market Opportunities

• Growth in Bug Bounty Programs: The surge in the use of bug bounty programs is a tremendous market for the crowdsourced security industry. Bug bounty programs offer rewards to ethical hackers for finding and reporting errors in software applications allowing the entities to patch before it’s too late. On account of more and more companies’ attitudinal shift against the 92 ideal of waiting until an attack has taken place to secure the perimeter, it is likely that the target market for the provision of crowdsourced security services for the execution of bug bounty programs will expand. This trend not only improves the security of software but also enables an understanding between establishments and the cybersecurity market.
• Rising Popularity of Cybersecurity Compliance: The awareness regarding data protection has increased due to various laws, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Businesses are starting to look for crowdsourced security services to help them comply with these laws. Using a dedicated workforce of trained and monitored crowdsourced security practitioners, an organization can resolve security issues and also comply with relevant standards. This emphasis on compliance also creates the possibility of the buyers of such service segment providing complaints based solutions.

Crowdsourced Security Market Regional Insights

The regional trends and factors influencing the Crowdsourced Security Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Crowdsourced Security Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Crowdsourced Security Market Report Scope

Crowdsourced Security Market Players Density: Understanding Its Impact on Business Dynamics

The Crowdsourced Security Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Crowdsourced Security Market are:

1. Applause App Quality, Inc.
2. Bugcrowd Inc.
3. Cobalt
4. Detectify
5. HackerOne Inc.
6. passbrains ag

Disclaimer: The companies listed above are not ranked in any particular order.

Key Selling Points

• Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Crowdsourced Security Market, providing a holistic landscape.
• Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
• Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
• Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Crowdsourced Security Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.