The global crowdsourced security market is estimated at US$ 106 Million in 2021. Owing to rapid technological adoption, the demand is projected to spike, garnering US$ 115 Million in 2022 and US$ 243 Million in 2032.
The global crowdsourced security market is expected to garner USD 106 Million in 2021 and USD 115 Million in 2022. The market is projected to secure USD 243 Mn in 2032 while recording a CAGR of 7.8% during the forecast period. Increasing security demands with digital transformation in enterprises are expected to play a significant role in driving the market in the forecast period.
Also, the increasing demand to modernize conventional security methodologies is another salient factor propelling the industry in the coming time. From the national security perspective, crowdsourcing has been the focus. . For instance, U.S Defense Advanced Research Projects Agency (DARPA) integrated crowdsourcing in some of its principal spheres. Such initiatives are expected to drive the market in the forecast period. Crowdsourced security programs are gaining traction across various spheres since several organizations adopt crowdsourced security programs to audit the security of their application.
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On the contrary, challenges associated with confidential insecurities are expected to hamper the market in the coming time. Increasing cases of cyber-attack and data security are projected to hinder the market expansion. Also, lack of extent restrains negatively impacts the market.
Key Takeaways from the Market Study
Competitive Landscape
Key players in the global crowdsourced security market include Applause, Cobalt Labs Inc, Bugcrowd Inc, Detectify, and HackerOne.
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Aug 26, 2022