Crowdsourced Security Market Growing at a CAGR 8.4% | Key Player Hackerone, Bugcrowd, Detectify, Synack, Applause

Crowdsourced Security Market Growing at a CAGR 8.4% | Key Player Hackerone, Bugcrowd, Detectify, Synack, Applause

“Applause (US), Bugcrowd Inc. (US), Cobalt Labs Inc. (US), Detectify (Sweden), HackerOne (US), passbrains (Germany), Rainforest (US), Synack (US), and Zerocopter (Netherlands)”
Crowdsourced Security Market by Type (Web Application, Mobile Application, and others), Deployment Mode, Organization Size, Vertical, and Region (North America, Europe, APAC, Latin America, MEA) – Global Forecast to 2024

MarketsandMarkets expects the global Crowdsourced Security Market size to grow from USD 90 million to USD 135 million at a CAGR of 8.4% during the forecast period. Crowdsourced security is considered as a methodology that invites a group of ethical hackers (a crowd) for security an asset for vulnerabilities. The assets considered can be any IT asset of an organization such as software applications based on web and mobile, networks, and devices that can be susceptible to cyber-attacks and threats. Crowdsourced security assessment is executed majorly through programs and events such as responsible disclosure, vulnerability disclosure and bug bounties with the help of crowdsourced security solution providers

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.

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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.

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.

HackerOne (US) is a globally acclaimed provider of crowdsourced security solutions to enterprises present across the globe. The company’s solutions are widely adopted by organizations that utilize the HackerOne platform for their vulnerability assessment, bug bounty programs, and penetration testing events. With the rising concerns over security assessment, organizations are increasingly looking for crowdsourced security service providers. Hence, HackerOne is adopting more inorganic growth strategies by collaborating with leading industry players such as, Adobe, Yahoo, Twitter, DropBox, Shopify, AT&T and many others to provide them with its security assessment solutions. For instance, HackerOne partnered with AT&T, a global telecommunications solution provider, to provide AT&T with its crowdsourced security platform for launching its new bug bounty program.  Thegrowing collaborations and , HackerOne’s vast community of more than 300,000 white hat hackers can be seen as a sign of its sharp presence in the the crowdsourced security market.

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Bugcrowd (US) a leading provider of crowdsourced security services, caters to leading enterprises. Furthermore, the company provides a pool of approximately 65,000 researchers to help customers find a variety of diverse hackers from more than 30 countries. The high number of registered white hat hackers leads to the efficient implementation of security solutions, which benefits the company’s customers. The company has undergone inorganic growth strategy where leading industry players such as Aruba Networks, fitbit, Pinterest, and Atlassian among others have collaborated with Bugcrowd for its crowdsourced security platform Crowd Control, which helps customers to provide broader security and develop operations while reducing risk.

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