The global Crowdsourced Security Market is estimated to surpass $XX billion by 2025, growing at an estimated rate of more than XX% during 2018 to 2024, majorly driven by the increasing number of cyber-attacks and threats from hackers, digital transformation, compliance, privacy and data protection and so on. However, high development cost, budget constraints, and less technical integration are major obstacles for the growth of the market for the forecast period.
What is Crowdsourced Security?
Crowdsourcing is an old concept. It has been widely popular around the globe. Indeed, security specialists have regularly incorporated it and the outcomes were genuinely productive.
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. As indicated by recent insights, it is anticipated that the harms caused by cybercrimes will skyrocket to $6 trillion yearly by 2021. Various types of digital assaults are being released that are damaging corporate, healthcare centers and different segments afterward.
The essential driver for this was the general public bug bounty programs where associations work with security experts to use overall inventive reasoning by the means of a Crowdsourced platform. In the 2000s, website pages turned out to be more perplexing, so new interest for human-controlled manual testing emerged – like bug bounties and pen tests. The primary bug bounty was in 1995 when Netscape offered money to any individual who could locate any legitimate vulnerability in their program, and today Google, Facebook (who paid out $5 million of every 5 years) and PayPal all have bug bounty programs.
This report incorporates an in-depth assessment of Crowdsourced Security market by type, applications, form, end user industries and geography. The major applications of Crowdsourced security encompassed in the scope include front office and back office. Furthermore, front office type sub segmented into marketing, sales, and product research; and back office is divided into technology, operations, finance, and accounting.
What are the major applications for Crowdsourced Security?
The various end users assessed includes Aerospace, Defense, Government, Banking, Financial Institutions, Information Technology (IT), Telecom, Healthcare, Retail, E-Commerce, Education, and Others. There are many new business opportunities going to open up because of fourth industrial revolution. Simultaneously, the danger for cyber-attacks is also growing at a higher pace. Innovative technologies empower cybercriminals to utilize refined techniques for their assaults. Be that as it may, these advancements can likewise help construct and reinforce defense and security against programmers. A noteworthy risk, for instance, originates from artificial intelligence (AI) applications. However, AI can likewise be utilized to identify potential dangers. Pharmaceutical and Chemical, Media and Publishing, Manufacturing, Transportation and Shipping, and Aviation are the top five industries at risk of cyber-attacks.
Market Research and Market Trends of Crowdsourced Security Ecosystem
- Bugcrowd, the leader in Crowdsourced security, announced on May 08, 2018 the release of Email Intake, the latest disclosure channel available through Bugcrowd’s Vulnerability Disclosure Program (VDP) Solution. The Bugcrowd Vulnerability Disclosure Program provides a channel and safe harbor for security researchers to submit security issues against any organization’s publicly facing digital assets.
- In December, 2017, AT&T deploys a unique “human search engine” called Article One Partners (AOP) to scout out IP theft. The group is a Crowdsourced network of 42,000 researchers in 170 countries speaking 114 languages — 42% of who have graduate degrees in a variety of science and technology fields.
- According to CPO magazine, Blockchain is the future of antivirus. There is an employment crisis in cyber security that has silently compounded over the past six years. Toward the end of 2012, analysts identified a near zero percent unemployment rate in the cyber security industry with thousands of vacant positions. Now, the industry is on track to reach near two million open cyber security positions with no qualified employees to fill the gap.
- The number of organizations using hackers for a bug bounty or responsible disclosure program is climbing above 1,500 today, and to date, more than 150,000 valid vulnerabilities have been processed through a Crowdsourced program.
Who are the Major Players in Crowdsourced Security market?
The companies referred to in the market research report include Crowdsourced testing, Global App Testing, Crowdsprint, Bugfinders, and Rainforest.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this, the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present, and its impact during the forecast period 2018-2024.
All our reports are customizable as per your company needs to a certain extent. We do provide 20 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report as per your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market