The global 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. The major growth drivers for the market include the Rising security needs with digital transformation in organizations, increasing the need to upgrade traditional security testing methodologies, growing need to meet compliance requirements.
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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.
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.
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Top Companies
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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