[FURL=https://www.industryarc.com/Report/18541/crowdsourced-security-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Crowdsourced Security Market[/FURL] The Crowdsourced Security market size is forecast to reach $136.5 million by 2026, growing at a CAGR of 8.8% from 2021 to 2026. The crowdsourced security market is majorly driven by the increasing number of cyber-attacks and threats from hackers, digital transformation, web application, mobile application and cyber security compliance, privacy and data protection, and so on. In Crowdsourced security model, ethical hackers from around the world will test the application and report any bug in return for recognition, or a cash reward per bug (bug bounty). The rising demand from the Automotive sector for electronic control unit due to rising connected device deployment driving SDLC integration as well as increased intrusion detection demand will propel the crowdsourced security industry.Key Takeaways
The Crowdsourced Security Market in APAC is highly dominated due to the early adoption of advanced technologies, such as cloud, helping crowdsourced security service providers to implement efficient crowdsourced security solutions.
Rising security needs with digital transformation in enterprises among various verticals are leading towards the rapid adoption of crowdsourced security solutions, hence thriving the market growth.
The main challenge for Crowdsourced Security is the concern for confidentiality and privacy, which increases the vulnerability of hackers, further hindering the growth of the Crowdsourced Security Market.
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Crowdsourced Security Market Segment Analysis- By Geography
APAC is estimated to grow at the highest CAGR of 9.9% 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.
Crowdsourced Security Market Drivers
Rising security needs with digital transformation in organizations
Rising importance of Artificial Intelligence (AI)
Crowdsourced Security Market Landscape
Crowdsourced Security driver market is expected to be dominated by major companies such as Applause (US), Bugcrowd Inc. (US), Cobalt Labs Inc. (US), Detectify (Sweden), HackerOne (US), Passbrains (Germany), Planit (US), Rainforest (US), Synack (US), and Zerocopter (Netherlands) among others.
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