Crowdsourced Security Market (2018 To 2028) | Major Driving Factor Is The Growing Need For Upgrading The Conventional Security Techniques And Methodologies

Crowdsourced Security Market: Overview

The global crowdsourced security market is expected to develop at a healthy pace in the coming years of the forecast period of 2018 to 2028. The mobile phone application segment of the crowdsourced security market is expected to develop at a rapid pace in the coming years. The rate of adoption of this mobile application is growing at a great pace and is thus helping the market to develop further. In crowdsourced security, several tech people are invited for testing the vulnerabilities of an asset. There are several programs such as vulnerability disclosure programs, bug bounties, and responsible disclosure programs to test the vulnerability of assets.

Cyber Security is one of the biggest concern that is haunting a business today. There are several malicious activist in the world who can enter in a system and corrupt all the available data. This is why companies need crowdsourced security systems. These systems are designed to stop malware that are attacking the system in bulk. In the world where data is everything, one cannot afford to lose a single strand of data from its organization. Because of the criticalities, crowdsourced security system manufacturers have descent probability to grow substantially in near future. Based on the advantages these systems give to the user, they have created their own market known as global crowdsourced security market.

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Crowdsourced Security Market: Notable Developments

Some of the recent notable developments in the global crowdsourced security market are given below:

In October 2018, Bugcrowd, Synack, and HackerOne announced that they have teamed up to join the third version of Hack the Pentagon. This is an annual bug bounty program that would expand testing the customer applications and sites of the Defense Digital Department. This program consists of a bilateral information flow between the hackers and developers, hence expanding the offerings of crowdsourced security of all the three companies.
In January 2019, Bugcrowd announced that the company has teamed up Skyscanner, a global travel search company. The association was done with an objective to launch their own bug bounty program for public with the help of a Bugcrowd’s Crowdsourced Security Platform.
Crowdsourced Security Market: Drivers and Restraints

Several micro as well as macroeconomic factors are helping to push the growth of the global crowdsourced security market. One of the major driving factor for the crowdsourced security market growth is the growing need for upgrading the conventional security techniques and methodologies. With the advent of several new technologies such as artificial intelligence, cloud-based platforms, and machine learning among others, there has been a growing need to provide more advanced security to the big enterprises. As more and more organization adopt such new technologies, the need for an optimized end-to-end security solution has increased significantly. This has thus worked in favor of the development of the global crowdsourced security market. Furthermore, with new technologies, the laws and data protection policies have also become highly strict. This too has helped in the growing adoption of crowdsourced security market as they help in higher levels of compliance to such regulations and policies.

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Crowdsourced Security Market: Geographical Outlook

In terms of geographical segmentation, the global crowdsourced security market features five main regions viz. Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. Of these, currently the global crowdsourced security market is dominated by the North America region. The region is expected to continue its domination during the course of the mentioned forecast period of 2018 to 2028. There are several reasons behind such prolonged domination of the North America region in the global market. One of the major driving factors behind this growth is the early adoption of new technologies such as cloud. In addition to this, lucrative and favorable business environment for the rapid growth of new technologies is also helping the crowdsourced security market grow in the North America region.

On the other hand, the region of Asia Pacific is expected to show great promise in the coming few years of the forecast period. The region has two of the fastest growing economies in China and India. For the overall development of their economy and infrastructure, these nations are allowing foreign investment and opening up their marketplaces. This has created a favorable environment for the development of the crowdsourced security market in the region.

Market Segmentation is as follows:

By Type

Web Application
Mobile Application
Others (IoT, Wireless, and Network)
By Deployment Mode

Cloud
On-Premise
By Organization Size

Large Enterprises
Small and Medium-sized Enterprises
By Vertical

Telecom & IT
BFSI
Healthcare
Travel & Hospitality
Retail
Media & Entertainment
Others (Government, and Education)
By Region

North America
Europe
APAC
Latin America
MEA

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