Incorporation of crowdsourced security in the automotive industry is one of the primary trends witnessed in the crowdsourced security market. The automotive sector has significantly involved crowdsourced security because of the growing risks of hacking and incurred loss. Growing demand by several enterprises to minimize risks and improve security is one of the primary factors pushing the growth of the crowdsourced security market. According to SAP analysis, through 2019, there has been more than 9% rise in revenue due to digital transformation deployment for the enterprises.According to Data Bridge Market Research the Crowdsourced Security Market was valued at USD 110.1 million in 2021 and is expected to reach the value of USD 206.5 million by 2029, at a CAGR of 9.4% during the forecast period of 2022 to 2029.
“Adoption of Various Security Measures to Facilitate Market Growth”
The huge development and adoption of several security measures are expected to be the most major factor boosting the market in the forecast period. The increasing demand to accelerate conventional security testing methodologies is most likely to boost the market in the upcoming years. Growing security demands with the increased digitization of services are expected to push the industry’s expansion. From the national security front, global crowdsourcing has been the priority. For instance, U.S Defense Advanced Research Projects Agency (DARPA) included crowdsourcing in some of its principal spheres. Many such initiatives are anticipated to boost the market during the forecast period.
What restraints the growth of Crowdsourced Security Market?
“Difficulty in bug identification”
Most of the time, it is difficult for developers to identify vulnerabilities and bugs with the same inventiveness as a group of hackers. Additionally, the developers may take longer time to confirm that they have found all the possible bugs within the necessary application. The test coverage could be more challenging to assure and can demand successful managerial management to guarantee bug identification. This, combined with the exploratory nature of crowdsourcing, means that it could be challenging to reassure that the product has been tested carefully enough to assure usability.
Segmentation: Global Crowdsourced Security Market
The crowdsourced security market is segmented on the basis of form, crowd type, type, deployment mode, organization size, application and end use vertical.
- Based on form, the crowdsourced security market has been segmented as crowdsourced bug bounty, gamified crowdsourced technologies, sharing intelligence, collaborating for a specific cause, crowdsourced penetration tests and others.
- Based on crowd type, the crowdsourced security market has been segmented as private and public.
- Based on type, the crowdsourced security market has been segmented into web application, mobile application and others.
- Based on deployment mode, the crowdsourced security market has been segmented as cloud and on-premises.
- Based on organization size, the crowdsourced security market has been segmented as small and medium-sized enterprises (SMEs) and large enterprises.
- Based on application, the crowdsourced security market has been segmented as back office and front office.
- Based on end use vertical, the crowdsourced security market has been segmented as telecom and IT, banking, financial services and insurance (BFSI), healthcare, transport, travel and hospitality, retail, media and entertainment and others.
Regional Insights: North America is expected to dominate the Global Crowdsourced Security Market
North America dominates the market because of the wide adoption of the latest technologies available in the region. The growth is due to the increased adoption of advanced technologies such as cloud and helping with efficient crowdsourced security solutions.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 due to the utilizing the advanced security solutions for protecting the integrity of these technologies in the region. The traditional and conventional security methodologies are also helping in increasing the growth of the market.
Recent Developments in Global Crowdsourced Security Market
- In 2019, Bugcrowd launched Attack Surface Management (ASM), which assesses an organization’s security methods by offering intelligence and transparency on its attack surface. It also provides a crowd-driven approach to risk reduction by aiding IT teams to recognize the assets.
- In 2019, Detectify supported its business in Boston to take over the U.S. crowdsourced security market. The expansion is expected to aid Detectify to enlarge the organization’s operations with an eminent tech and startup opportunity in the region.
- In 2019, HackerOne announced its partnership with AT&T. According to the partnership, AT&T would use the platform for its latest launched bug bounty program that will help in including its public-facing online environment, such as, AT&T-owned websites, APIs, devices, and reports to identify potential vulnerabilities.
The Prominent Key Players Operating in the Global Crowdsourced Security Market Include:
- Bugcrowd (U.S.)
- HackerOne (California)
- Synack.com (California)
- Applause App Quality, Inc. (U.S.)
- Zerocopter B.V (Netherlands)
- Planit Testing (India)
- Global App Testing (U.K.)
- Crowdsprint (Australia)
- Digivante Limited (England)
- Dell Inc (U.S.)
- Cisco Systems, Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Microsoft (U.S.)
- IBM Corporation (U.S.)
- ANSYS, Inc (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global crowdsourced security market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Crowdsourced Security Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
