Global Crowdsourced Security Market By Type (Web Application, Mobile Application), By End-user (Large Enterprises, Small and Medium-sized Enterprises), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2019-2029

Crowdsourced security is an innovative, organized security method, in which several ethical hackers are incentivized to explore and report threats of the assets in the company. The digital revolution is taking place worldwide, which has restructured the functioning of various firms, such as the deployment of digital payment solution services. Recently, company breaches such as Uber, Equifax, and Yahoo have verified that cyber attackers are overtaking company security, and the result is devastating. According to Verizon, in 2017, more than 98% of companies are compromising with the cyber attacker in minutes. Equifax registered a drop of around 42% in quarterly revenues because of a lack of a patching system and patch verification system, which led to misuse of a known vulnerability. The rise of cyber invaders has increased the need and demand for crowdsourced security worldwide.

The rapid adoption of technology in Micro, Small and Medium Enterprises (MSME), a rising number of digital applications, and technologies are empowering the market which will help to drive the market growth in the coming year. For instance, in India, around 1,21,89,106 MSME are registered, these MSME will positively impact the target market growth. Additionally, data moving quickly into the digital reality due to which hackers have found more opportunities to generate and search more potential entry points that making it tough for the cybersecurity experts to explore and resolve its vulnerabilities by keeping track of them. Theses factor has led organizations to demand to upgrade traditional security practices, and increasing demand to fulfill standard requirements. This will protect applications as well as systems with the help of crowdsourcing platforms, which in turn will drive the growth of the crowdsourced security market. For instance, In January 2019, Skyscanner, an online travel company, partnered with Bugcrowd, and launched their bug bounty program for the user through their crowdsourced security platform, on the advent of the accomplishment of its private program which resolved more than 200 threats. In October 2018, Bugcrowd, Synack, and HackerOne collaborated for the third iteration of hack the Pentagon, a bug bounty program, which contains two-way information flow between hackers and developers.

Based on type, the market is segmented into a web application, mobile application, and others. The mobile application segment is anticipated to hold a high market share and show a noteworthy growth rate in the forecast year. This is because of the rapid increase in the usages of mobile applications as most of the organization has started helping its customers via mobile apps. The high investment for developing IOS as well as android applications has led to a large number of enterprises opting for various security assessment solutions such as crowdsourced security.

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Based on end-user, the target market is segmented into large enterprises and small & medium-sized enterprises. The large enterprise's segment is expected to hold a larger market size in the coming year due to the availability of resources, funds, and decision-making bodies to accept for crowdsourced security approaches to maintain security for their application as well as systems.

Based on the region, North America is expected to hold high markets share in the crowdsourced security market. This is attributed to the growing need to meet compliance requirements ensuring and maintaining crowd security. Additionally, Asia Pacific is anticipated to grow at a significant growth rate owing to the increasing concerns over data confidentiality and security. This will open various opportunities for ethical hackers to protect their organizations from cyber attackers, worldwide. According to Internet world stats, Asia has around 2.2 billion Internet users which may contribute to the growth for the global crowdsourced security market during the forecast period.

Global Crowdsourced Security Market Segmentation:

Segmentation by Type

• Web Application
• Mobile Application
• Others Services

Segmentation by Deployment

• On-premise
• Cloud-based

Segmentation by End-user

• Large Enterprises
• Small and Medium-sized Enterprises

Segmentation by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key players

• Applause (US)
• Bugcrowd Inc. (US)
• Passbrains (Germany)
• Rainforest (US)
• Zerocopter (Netherlands)
• Planit (US)
• Cobalt Labs Inc. (US)
• Detectify (Sweden)
• Synack (US)
• HackerOne (US)
• Others