In 2021 and 2022, the global crowdsourced security market is estimated to generate USD 106 million and USD 115 million, respectively. The market is expected to reach USD 243 million in 2032, with a CAGR of 7.8% over the forecast period. Increasing security expectations in companies as a result of digital transformation are projected to drive the market during the forecast period.
Another important aspect fueling the market in the future is the growing requirement to update traditional security procedures. Crowdsourcing has been the focus of attention in terms of national security. For example, the Defense Advanced Research Projects Agency (DARPA) of the United States has incorporated crowdsourcing into several of its key areas. During the projected period, such initiatives are expected to drive the market. Since some firms use crowdsourced security programs to audit the security of their application, crowdsourced security prprogramsre gaining acceptance across various domains.
The Market Study’s Most Important Findings
- In 2021, the global market for crowdsourced security will be worth USD 106 million.
- In the forecast term, the global crowdsourced security market is expected to grow at a 7.8% CAGR.
- During the projection period, the mobile application segment is expected to grow by 7.7%.
- During the assessment period, the Large Enterprise segment is expected to grow at a rate of 7.6%.
- The anticipated market size in the United States is USD 84.6 million, with a 7.6% growth rate over the projection period.
- In the following years, the China market is expected to reach USD 17.3 million, with a 7.1 percent CAGR.
Applause, Cobalt Labs Inc, Bugcrowd Inc, Detectify, and HackerOne are all major participants in the global crowdsourced security sector.