Publishing: May 2021 | Report Code: IM11972 | Available Format: PDF
Crowdsourced Security Market Overview
Crowdsourced security methods invite a group of people (a crowd) to test an asset for vulnerabilities. The global crowdsourced security market is projected to attain a significant growth during the forecast period, owing to increasing focus by several industries to upgrade the traditional security measures, necessities to meet different compliance requirements, and growing number of threats and cyberattacks from hackers. Furthermore, up surging security need with increasing digital transformation in companies is boosting the market growth, globally.
The crowdsourced security market on the basis of type is categorized into web application, mobile application, and others. Among these, the mobile application is estimated to attain faster growth in the market during the forecast period (2020–2030). This is attributed to the fact that considering huge consumer base for smartphone users, a large number of organizations have started offering their services to customers through mobile applications. Currently, across the world nearly 45% people, that is, 3.5 billion, own smartphone. The increasing smartphone users and subsequent growth of iOS and android applications have led market players to work for the security features of the offered applications, and thus make them to opt for security assessment solutions such as crowdsourced security.
The crowdsourced security market based on enterprise is bifurcated into large enterprise, and small- and medium-sized enterprise (SME). Between the two, the large enterprise category dominated the market during the historical period (2014–2019). The category is further projected to hold the larger share in the market in 2030 as well. This can be due to the fact that the large enterprises have significant resources, such as decision-making bodies and substantial budget, which help them adopt new methods to attain high possible security for their applications and systems.
Geographically, North America held the dominant position in the crowdsourced security market in terms of revenue generation, owing to the advancement in terms of exploring and implementing the latest technologies. Furthermore, the companies in the region are increasing deploying advanced security solutions for shielding the integrity of these technologies.
Crowdsourced Security Market Dynamics
Integration of crowdsourced security in the automotive industry is one of the major trends observed in the crowdsourced security market. The automotive sector has substantially embraced crowdsourced security due to the increasing risks of hacking and incurred loss. For example, in the public demonstration in 2015, automobile manufacturer Fiat Chrysler Automobiles N.V. faced the challenge of vehicle safety hack, which resulted recall of its 1.4 million vehicles . Furthermore, in one such demonstration, the hacker was even able to undermine one of the electronic control units (ECUs) of the vehicle and use it to supersede the attempts of another ECU in order to uphold control of the vehicle while under attack. Owing to such attacks, all the key vehicle manufacturers now have adopted private and public crowdsourced security programs.
Increasing demand by enterprises to reduce risks and improve security is one of the major factors driving the growth of the crowdsourced security market. For an organization, it is required to run its application through different quality check stages in order to ensure elimination of all bugs and other potential security issues. Also, the organization should also run testing even after the launch of the application to identify the bugs and keep the applications safe from potential hackers. However, even for the large development teams, sometimes it can be tough and time-consuming task to check for security vulnerabilities and search for all bugs.
Majority of the time, it is difficult for developers to search for vulnerabilities and bugs with the same inventiveness as a group of hackers. Furthermore, it is also possible that developers may take a long time to confirm they have found all the possible bugs within an application, before wider release. Such factors boost the growth of the crowdsource security market as then the developers need not to invest much time in finding the vulnerabilities and bugs as crowdsourced security solutions will be doing that task for them.
Crowdsourced Security Market Competitive Landscape
Some of the major players operating in the global crowdsourced security market are Bugcrowd Inc., Detectify AB, HackerOne Inc., Synack Inc., Applause App Quality Inc., Zerocopter B.V., Cobalt Labs Inc., Rainforest QA, Passbrains AG, Cigniti Technologies Ltd., SPA Worldwide LTD. (Global App Testing), and Planit Test Management Solutions Pty Ltd.
The report covers country-wise crowdsourced security market analysis. Major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Russia, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Saudi Arabia, U.A.E, and South Africa.
Market Size Breakdown by Segment
The crowdsourced security market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Deployment
Based on Enterprise
Based on Verticals
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