Crowdsourced Security Market Size, Share, Industry Trends and Forecast to 2030

Crowdsourced Security Market Size and CAGR in 2021

The global crowdsourced security market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 15% from 2021 to 2025. The market size is projected to reach USD 1350 million by 2025.

COVID-19 Impact on the Crowdsourced Security Market

The COVID-19 pandemic has significantly impacted the crowdsourced security market. With the shift to remote work and increased digital transactions, organizations have become more vulnerable to cyber threats. As a result, the demand for crowdsourced security solutions has surged during the pandemic. Companies are increasingly turning to crowdsourced security platforms to identify and address vulnerabilities in their systems.

Crowdsourced Security Dynamics

The crowdsourced security market is characterized by rapid technological advancements, increasing cyber threats, and a growing emphasis on data security. Organizations are increasingly recognizing the importance of leveraging crowdsourced security platforms to enhance their cybersecurity posture. Additionally, the rise of bug bounty programs and ethical hacking initiatives has contributed to the growth of the crowdsourced security market.

Segments and Related Analysis

The crowdsourced security market can be segmented based on the type of services offered, deployment model, organization size, and industry vertical. Bug bounty programs, penetration testing, vulnerability assessment, and security audits are some of the key services provided by crowdsourced security platforms. Organizations can choose from on-premise, cloud-based, or hybrid deployment models based on their specific requirements.

By Region Analysis

The crowdsourced security market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa regions. North America currently dominates the market, driven by the presence of major cybersecurity firms and a strong focus on data protection. However, the Asia Pacific region is expected to witness the highest growth rate due to increasing digitalization and cybersecurity initiatives.

Key Market Players and Competitive Landscape

Some of the key players in the crowdsourced security market include HackerOne, Bugcrowd, Synack, Cobalt, and Detectify. These companies offer a wide range of crowdsourced security services and have established themselves as leaders in the industry. The market is highly competitive, with companies investing in research and development to enhance their offerings and maintain their competitive edge.

Recent Happenings in the Crowdsourced Security Market

In recent years, the crowdsourced security market has witnessed several key developments, including partnerships, acquisitions, and product launches. For example, Bugcrowd recently announced a strategic partnership with a leading cybersecurity firm to enhance its bug bounty platform. Additionally, Synack launched a new vulnerability assessment tool to help organizations identify and address security vulnerabilities more effectively.