iCrowd Newswire – Jul 17, 2020
The Crowdsourced Security Market size is forecast to reach $138.9 million by 2025, growing at a CAGR of 9.1% from 2020 to 2025. The crowdsourced security market is majorly driven by the increasing number of cyber-attacks and threats from hackers, digital transformation, compliance, privacy and data protection and so on. In Crowdsourced security model, ethical hackers from around the world will test the application and report any bug in return for recognition, or a cash reward per bug. The rising demand from the Automotive sector for electronic control unit due to rising connected device deployment driving SDLC integration as well as increased intrusion detection demand will propel the crowdsourced security industry.
Type – Segment Analysis
By type, crowdsourced security market is segmented into public crowds and public crowds. Among these, the public crowd is anticipated to witness a significant growth rate during the forecast period 2020-2025. As organizations move to cloud architectures and applications, the biggest concerns are web application front ends and APIs, which may be deployed on IoT devices, mobile apps, or on-premise/cloud. All of these can be evaluated for risk by crowdsourced security. Furthermore, a public crowd program can uncover risk in areas unknown to the security organization, such as shadow IT applications or exposed perimeter interfaces.
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End User – Segment Analysis
Among the verticals segment, the retail vertical is expected to account for the largest market share during the forecast period. The growth of mid-sized businesses can be largely attributed to the growth of the e-commerce sector that has led to an increase in a vast number of web and mobile applications. With more usage of these applications, huge data is generated that includes personal information of users, payment card information, and other sensitive information that can be targeted by cyber attackers. This reason has led a large number of organizations in retail vertical to adopt crowdsourced security solutions.
Geography – Segment Analysis
APAC is estimated to grow at the highest CAGR during the forecast period, due to the widespread adoption of emerging technologies, such as cloud computing, along with the fast-paced adoption of online services, making a vast scope for cyber-attackers from across the globe to cause harm to their systems, leading more organizations to adopt crowdsourced security solutions. Moreover, the presence of growing economies, such as China and India that are rapidly implementing latest technologies due to the increasing internet penetration and improving customer demand adopting new approaches to securing their systems and applications is considered to be a key factor for the growth of the crowdsourced security market in the region.
Drivers – Crowdsourced Security Market
Rising security needs with digital transformation in organizations
The rapid digital transformation taking place across the globe has changed the way organizations are functioning. Hence, with the fast adoption of technology at enterprise levels, new age digital technologies leading the market, increasing number of applications, and data moving quickly into the digital reality, hackers have found more opportunities to create and find more potential entry points making it tough for the cyber security professionals to find and fix vulnerabilities along with keeping track of them. This has led organizations to demand for agile and iterative approaches for securing applications and systems through crowdsourcing platforms, thus driving the growth of crowdsourced security market.
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Challenges – Crowdsourced Security Market
One of the major hindrances in the growth of crowdsourced security market is that Confidentiality is compromised by having testing performed by a large group who may or may not have much loyalty to the brand/product. Moreover, test coverage can be more difficult to guarantee and can therefore require more managerial oversight to ensure thorough bug identification. This, combined with the exploratory nature of crowdsourcing, means that it can be difficult to ensure that the entire product has been tested thoroughly enough to ensure usability
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Crowdsourced Security Market. Crowdsourced Security driver market is expected to be dominated by major companies such as Applause (US), Bugcrowd Inc. (US), Cobalt Labs Inc. (US), Detectify (Sweden), HackerOne (US), passbrains (Germany), Planit (US), Rainforest (US), Synack (US), and Zerocopter (Netherlands) among others.
In August 2019 HackerOne partnered with AT&T, a global telecommunications solution provider, to provide AT&T with its crowdsourced security platform. As per the partnership, AT&T would utilize the platform for its newly launched bug bounty program that is expected to incorporate its public-facing online environment, such as AT&T-owned websites, public Application Programming Interface (APIs), mobile applications, and devices and reports, for detecting potential vulnerabilities.
In June 2019, Bugcrowd partnered with IOActive, a research-fueled security service provider, to combine their efforts for providing robust security solutions to each other’s growing customer base, including crowdsourced bug bounty and vulnerability disclosure programs, full-stack assessments, and continuous testing.
In March 2019, Detectify expanded its business in Boston to take over the US crowdsourced security market. The US expansion is expected to help Detectify expand company operations with an established tech and startup scene in the region along with the available talent pool.
The Crowdsourced Security Market in APAC is highly dominated due to the early adoption of advanced technologies, such as cloud, helping crowdsourced security service providers to implement efficient crowdsourced security solutions.
Rising security n needs with digital transformation in enterprises among various verticals are leading towards the rapid adoption of crowdsourced security solutions, hence thriving the market growth.
The main challenge for Crowdsourced Security is the concern for confidentiality and privacy, which increases the vulnerability of hackers, further hindering the growth of the Crowdsourced Security Market.
Related Reports :
A. Adaptive Security Software Market
B. Internet Security Market
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