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Businesses and government organizations regularly initiate surveys through online communities in everyday operations. This thoughtful combination of the bottom-up, open, and creative process with top-down organizational goals is termed as crowdsourcing. Crowdsourced security solutions, including bug bounty programs, hacker-powered penetration testing solutions are expected to offer a better and enhanced security for the enterprises. As enterprises adopt bug bounty programs, crowdsourcing security proves to be the most efficient and economical method of tackling security issues. Crowdsourcing security is a promising new trend among organizations.
In the national security sector, crowdsourcing has always been a priority. For instance, U.S. Defense Advanced Research Projects Agency (DARPA) has integrated crowdsourcing in some of its major areas, intending to develop efficient systems to improve operations by striking collective intelligence between the army, diplomatic officers overseas, and others. Such initiatives would ensure to drive the demand for crowdsourced security solutions. Crowdsourced security programs are gaining popularity across organizations as many enterprises are replacing the traditional pentesting practices by using the crowdsourced security programs for auditing the security of their application and infrastructure. Crowdsourced security incorporates bug bounties, responsible disclosure programs, and vulnerability disclosure programs in which companies offer rewards for finding bugs in the product.
Key Market Driver -
• Increasing demand to upgrade traditional security testing methodologies is likely to drive the adoption of crowdsourced security • Growing security needs with the digitization of services is expected to augment the market growth
Key Market Restraint -
• Limited scope for crowdsourcing methodologies • High deployment cost and inadequate budgets
There have been several key aspects such as increasing demand for upgrading traditional security methodologies by leveraging crowdsourced practices are driving the crowdsourced security solutions market. According to Bugcrowd State of Bug Bounty Report 2018, entire vulnerabilities submitted through the cloud platform were approximately 37,000 submissions in 2017, which was 21% more than the previous year. This data indicates that crowdsourced security methodologies are likely to have unprecedented growth in the coming years. However, there exist some factors which are expected to restrict the market growth include narrow scope for crowdsourcing methodologies and inadequate budgets.
Key Players in the global Crowdsourced Security Solutions Market include Bugcrowd, Detectify, Applause App Quality, Inc., HackerOne, Digivante, Crowdsprint, Cobalt, Synack, Rainforest, Zerocopter B.V., and Planit Testing.
North America is predicted to hold a major revenue share in the global Crowdsourced Security Solutions Market. Factors fuelling the market growth across the region are the early adoption of advanced technology such as cloud computing, big data analytics, and others.
Asia Pacific is expected to exhibit an exponential CAGR during the forecast period. The presence of highly populated and developing economies such as India and China is expected to drive the market growth. Also, countries like India, Japan, and China are the top-earning countries for ethical hackers. These aspects are likely to drive the demand for crowdsourced security across the countries.
According to the hacker-powered security report 2019, hacker-powered programs which is one of the significant parts of crowdsourced security has grown at least 30% in each region with Latin America exhibiting a flourishing growth of approximately 41% followed by North America 34%, Asia Pacific 30%, and Europe and middle east and Africa 32%.
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UK’s National Cybersecurity Center, the European Commission, Government Technology Agency, and Singapore Ministry of Defense have greater opportunities to secure their data with hackers identifying the vulnerabilities in their public-facing systems. Such government initiatives are likely to expand the Crowdsourced Security Solutions Market during the forecast period.
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