According to a research report "Crowdsourced Security Market key driving factors for the market include the rising security needs with digital transformation in organizations, increasing the need to upgrade traditional security methodologies, and growing demand to meet compliance requirements. Crowdsourced Security Market define, describe, and forecast by type, deployment mode, organization size (large enterprises, and small and medium-sized enterprises), vertical, and region - Global Forecast to 2024" published by MarketsandMarkets. The crowdsourced security market size is expected to grow from USD 90 million in 2019 to USD 135 million by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period.
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Mobile Application segment to record the
highest growth rate during the forecast period
Under the type segment,
the mobile application segment is expected to grow at the highest growth rate
during the forecast period. The adoption rate of mobile applications is rapidly
increasing as a large number of enterprises have started serving their
customers through mobile applications. The growth of Android and IOS
development of applications has led to a vast amount of organizations opting
for security assessment solutions such as the new and innovative approaches
like crowdsourced security.
Cloud segment to record the highest growth
rate during the forecast period
Under the deployment mode segment,
cloud segment is expected to grow at the highest growth rate during the
forecast period. Cloud-based availability of the platforms is the primary
reason for this deployment model to grow at a fast pace, provisioning the
ethical hackers present across the globe with access of platforms to any remote
locations.
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North
America to hold the largest market size duringthe forecast period
North
America is expected to hold the largest market size in the global crowdsourced
security market during the forecast period. The US has emerged as the largest
country for the market in terms of market size, due to the large-scale digital
transformation of organizations and enterprises in the country. The pace of
technology adoption in the US is high, along with the high growth of cloud
services in the region, attributing to the fast growth of the crowdsourced
security market in the US.
Key
and emerging market players include Applause (US), Bugcrowd Inc. (US), Cobalt
Labs Inc. (US), Detectify (Sweden), HackerOne (US), passbrains (Germany),
Rainforest (US), Synack (US), and Zerocopter (Netherlands). These players have
adopted various strategies to grow in the global crowdsourced security market.
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