Crowdsourced Security Market: Overview
The global crowdsourced security market is expected develop at a healthy pace in the coming years of the forecast period of 2018 to 2028. The mobile phone application segment of the crowdsourced security market is expected to develop at a rapid pace in these coming years. The rate of adoption of these mobile application is growing at a great pace and is thus helping the market to develop further. In crowdsourced security, several tech people are invited for testing the vulnerabilities of an asset. There are several programs such as vulnerability disclosure programs, bug bounties, and responsible disclosure programs to test the vulnerability of assets.
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Crowdsourced Security Market: Notable Developments
Some of the recent notable developments in the global crowdsourced security market are given below:
In October 2018, Bugcrowd, Synack, and HackerOne announced that they have teamed up to join the third version of Hack the Pentagon. This is an annual bug bounty program that would expand testing the customer applications and sites of the Defense Digital Department. This program consists of a bilateral information flow between the hackers and developers, hence expanding the offerings of crowdsourced security of all the three companies.
In January 2019, Bugcrowd announced that the company has teamed up Skyscanner, a global travel search company. The association was done with an objective to launch their own bug bounty program for public with the help of a Bugcrowd’s Crowdsourced Security Platform.
Crowdsourced Security Market: Drivers and Restraints
Several micro as well as macroeconomic factors are helping to push the growth of the global crowdsourced security market. One of the major driving factor for the crowdsourced security market growth is the growing need for upgrading the conventional security techniques and methodologies. With the advent of several new technologies such as artificial intelligence, cloud-based platforms, and machine learning among others, there has been a growing need to provide more advanced security to the big enterprises. As more and more organization adopt such new technologies, the need for an optimized end-to-end security solution has increased significantly. This has thus worked in favor of the development of the global crowdsourced security market. Furthermore, with new technologies, the laws and data protection policies have also become highly strict. This too has helped in the growing adoption of crowdsourced security market as they help in higher levels of compliance to such regulations and policies.
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Crowdsourced Security Market: Geographical Outlook
In terms of geographical segmentation, the global crowdsourced security market features five main regions viz. Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. Of these, currently the global crowdsourced security market is dominated by the North America region. The region is expected to continue its domination during the course of the mentioned forecast period of 2018 to 2028. There are several reasons behind such prolonged domination of the North America region in the global market. One of the major driving factors behind this growth is the early adoption of new technologies such as cloud. In addition to this, lucrative and favorable business environment for the rapid growth of new technologies is also helping the crowdsourced security market grow in the North America region.
On the other hand, the region of Asia Pacific is expected to show great promise in the coming few years of the forecast period. The region has two of the fastest growing economies in China and India. For the overall development of their economy and infrastructure, these nations are allowing foreign investment and opening up their marketplaces. This has created a favorable environment for the development of the crowdsourced security market in the region.
Market Segmentation is as follows:
Others (IoT, Wireless, and Network)
By Deployment Mode
By Organization Size
Small and Medium-sized Enterprises
Telecom & IT
Travel & Hospitality
Media & Entertainment
Others (Government, and Education)
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