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 rapid digital transformation taking place across the globe has changed the way organizations are functioning. Hence, with the fast adoption of technology at enterprise levels, new age digital technologies leading the market, increasing number of applications, and data moving quickly into the digital reality, hackers have found more opportunities to create and find more potential entry points making it tough for the cyber security professionals to find and fix vulnerabilities along with keeping track of them. This has led organizations to demand agile and iterative approaches for securing applications and systems through crowdsourcing platforms, thus driving the growth of crowdsourced security market.
Among the type segment, the web application segment to account for the largest market share during the forecast period
Under the type segment, the web application segment is expected to hold the largest market share during the forecast period, with increased online activities the web applications are considered as the easiest surface for attacks, due to multiple reasons such as cloud deployments and user-friendly interfaces. Hence, to assess security, hacker uses any attack or threat to penetrate cybersecurity application to be tested for vulnerabilities, leading more organizations to adopt crowdsourced security solutions.
Among the verticals segment, the retail vertical to account for the largest market share during the forecast period
Among the verticals segment, the retail vertical is expected to account for the largest market share during the forecast period. The growth of mid-sized businesses can be largely attributed to the growth of the e-commerce sector that has led to an increase in a vast number of web and mobile applications.
With more usage of these applications, huge data is generated that includes personal information of users, payment card information, and other sensitive information that can be targeted by cyber attackers. This reason has led a large number of organizations in retail vertical to adopt crowdsourced security solutions.
Among regions, APAC to grow at the highest CAGR during the forecast period
APAC is estimated to grow at the highest CAGR during the forecast period, due to the widespread adoption of emerging technologies, such as cloud computing, along with the fast-paced adoption of online services, making a vast scope for cyber-attackers from across the globe to cause harm to their systems, leading more organizations to adopt crowdsourced security solutions.
Moreover, the presence of growing economies, such as China and India that are rapidly implementing latest technologies due to the increasing internet penetration and improving customer demand adopting new approaches to securing their systems and applications is considered to be a key factor for the growth of the crowdsourced security market in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends 5.1 Market Overview 5.2 Evolution 5.3 Market Dynamics 5.3.1 Drivers 126.96.36.199 Rising Security Needs With Digital Transformation in Organizations 188.8.131.52 Increasing Need to Upgrade Traditional Security Testing Methodologies 184.108.40.206 Growing Need to Meet Compliance Requirements 5.3.2 Restraints 220.127.116.11 Limited Scope for Crowdsourced Security Assessment 18.104.22.168 Preference for Preventive Security Measures Over Remedial Measures 5.3.3 Opportunities 22.214.171.124 Growth of IoT to Increase the Need for Crowdsourced Security Services 5.3.4 Challenges 126.96.36.199 Challenge in Ensuring and Maintaining Crowd Quality 188.8.131.52 Concerns Over Data Security and Confidentiality 5.4 Industry Trends 5.4.1 Regulatory Implications 184.108.40.206 General Data Protection Regulation 220.127.116.11 System and Organization Controls 2 Type Ii Compliance 18.104.22.168 Iso/Iec 27001 22.214.171.124 Payment Card Industry Data Security Standard 126.96.36.199 Health Insurance Portability and Accountability Act 188.8.131.52 Federal Information Security Management Act 184.108.40.206 Gramm-Leach-Bliley Act
6 Crowdsourced Security Market By Type 6.1 Introduction 6.2 Web Application 6.2.1 Rising Digital Transformation and Increasing Vulnerability Attacks on Web Applications to Drive the Growth of Crowdsourced Security in the Segment 6.3 Mobile Application 6.3.1 Increase in Number of Mobile Applications and Devices to Drive the Growth of Crowdsourced Security in the Segment 6.4 Others
7 Crowdsourced Security Market By Deployment Mode 7.1 Introduction 7.2 Cloud 7.2.1 Wide-Scale Deployment of Crowdsourced Security Platforms in Cloud to Drive Growth of Cloud Segment 7.3 On-Premises 7.3.1 Increasing Number of Mobile-Based Applications to Drive the Growth of the On-Premises Segment
8 Crowdsourced Security Market By Organization Size 8.1 Introduction 8.2 Small and Medium-Sized Enterprises 8.2.1 Reduced Costs and Improved Business Efficiency for Small and Medium-Sized Enterprises to Drive the Adoption of Crowdsourced Security in Small and Medium-Sized Enterprises 8.3 Large Enterprises 8.3.1 Presence of a Large Amount of Sensitive Data and Large-Scale Application Deployments to Drive the Adoption of Crowdsourced Security Solutions in Large Enterprises
9 Crowdsourced Security Market By Vertical 9.1 Introduction 9.2 Telecom and IT 9.2.1 Rising Digitization of Telecom and IT Sector to Drive the Growth of the Crowdsourced Security Market in the IT and Telecom Vertical 9.3 Banking, Financial Services, and Insurance 9.3.1 Presence of Highly Sensitive Data and Rise in Security Concerns to Drive the Growth of the Market in the Banking, Financial Services, and Insurance Vertical 9.4 Healthcare 9.4.1 High Adoption of Advanced Technologies and Security Needs for Sensitive Data to Drive the Growth of the Market in the Healthcare Vertical 9.5 Transport, and Travel and Hospitality 9.5.1 Accelerating Evolutions and Increased Digital Transformation to Drive the Growth of Crowdsourced Security in Transport, and Travel and Hospitality Vertical 9.6 Retail 9.6.1 Vastly Increasing Applications Due to the Rising Business Opportunities in the Retail and Ecommerce Sector to Drive the Growth of the Crowdsourced Security Market in the Vertical 9.7 Media and Entertainment 9.7.1 Increased Content Access and Supply Due to Rapid Digitization to Drive the Growth of the Market in the Media and Entertainment Vertical 9.8 Others
10 Crowdsourced Security Market, By Region
11 Competitive Landscape 11.1 Introduction 11.1.1 New Product Launches and Product Enhancements 11.1.2 Agreements and Partnerships 11.2 Market Ranking of Key Players