Crowdsourced Security Market Research Report: By Security Aspect (Vulnerability Management, Threat Intelligence, Penetration Testing, Incident Response, Risk Assessment), By Deployment Model (Cloud-based, On-premises), By Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Industry Vertical (IT and Telecom, Financial Services, Healthcare, Government, Manufacturing) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Crowdsourced Security Market Overview

As per MRFR analysis, the Crowdsourced Security Market Size was estimated at 5.17 (USD Billion) in 2022.The Crowdsourced Security Market Industry is expected to grow from 6.07(USD Billion) in 2023 to 25.6 (USD Billion) by 2032. The Crowdsourced Security Market CAGR (growth rate) is expected to be around 17.35% during the forecast period (2024 - 2032).

Key Crowdsourced Security Market Trends Highlighted

The crowdsourced security market presents a dynamic landscape with several notable trends shaping its growth. The increasing sophistication of cyber threats drives the demand for real-time threat detection and response capabilities, which crowdsourced security platforms provide. Moreover, the growing adoption of cloud computing and IoT devices expands the attack surface, necessitating collective defense mechanisms.

Key market drivers include the rising awareness of cybersecurity risks, regulatory compliance mandates, and the shortage of skilled cybersecurity professionals. Organizations are leveraging crowdsourced security to enhance their threat intelligence, identify vulnerabilities, and respond to incidents effectively. As a result, opportunities emerge in developing advanced threat detection algorithms, improving data analysis capabilities, and integrating with existing security architectures.
The recent trend of distributed and remote work models has highlighted the need for decentralized security solutions. Crowdsourced security platforms offer a distributed approach to threat detection and response, enabling organizations to leverage the collective expertise of a community of security researchers. This trend is expected to accelerate in the coming years, driving market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Crowdsourced Security Market Drivers

Rising Demand for Enhanced Security Measures

The increasing sophistication of cyber threats and the growing awareness of data breaches have prompted organizations across various industries to prioritize the adoption of robust security measures. Crowdsourced security platforms offer a cost-effective and scalable solution by leveraging the expertise of a community of security experts. Organizations can access a wider pool of skilled professionals, enabling them to identify and address security vulnerabilities more effectively.

This heightened demand for enhanced security measures is a primary driver propelling the growth of the Crowdsourced Security Market Industry.

Advancements in Artificial Intelligence and Machine Learning

The integration of artificial intelligence (AI) and machine learning (ML) technologies into crowdsourced security platforms has significantly enhanced their capabilities. AI algorithms can automate threat detection and response, enabling organizations to respond to security incidents more quickly and efficiently. ML models can analyze vast amounts of security data to identify patterns and anomalies, providing valuable insights for threat prevention.

This integration of advanced technologies is revolutionizing the crowdsourced security landscape, making platforms more intelligent and effective.

Growing Adoption of Cloud-Based Security Solutions

The shift towards cloud-based security solutions has created new opportunities for crowdsourced security providers. Cloud-based platforms offer several advantages, including scalability, flexibility, and cost-effectiveness. By leveraging cloud-based infrastructure, organizations can access crowdsourced security services on a pay-as-you-go basis, eliminating the need for upfront capital investments. This flexibility and cost-efficiency are driving the adoption of cloud-based crowdsourced security solutions, contributing to the market's growth.

Crowdsourced Security Market Segment Insights

Crowdsourced Security Market Security Aspect Insights

The Crowdsourced Security Market is segmented by security aspect into vulnerability management, threat intelligence, penetration testing, incident response, and risk assessment. Among these segments, vulnerability management is expected to hold the largest market share in 2023, owing to the increasing need for organizations to identify and remediate vulnerabilities in their systems and networks. The threat intelligence segment is also expected to witness significant growth, as organizations seek to gain insights into potential threats and develop strategies to mitigate them.

The market growth is attributed to the increasing adoption of cloud-based security solutions, the growing number of cyberattacks, and the increasing demand for cost-effective security solutions. The Crowdsourced Security Market is highly competitive, with a number of vendors offering a range of solutions. Some of the key vendors in the market include Bugcrowd, CrowdStrike, HackerOne, and Synack. These vendors are investing heavily in research and development to offer innovative solutions and expand their market share. The Crowdsourced Security Market is expected to witness significant growth in the coming years, as organizations continue to adopt cloud-based security solutions and seek cost-effective ways to protect their systems and networks from cyberattacks.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Crowdsourced Security Market Deployment Model Insights

The Crowdsourced Security Market is segmented based on deployment model into cloud-based and on-premises. The cloud-based segment is estimated to account for a larger share of the market in 2023, owing to its benefits, such as scalability, flexibility, and cost-effectiveness. The on-premises segment is expected to grow at a steady pace during the forecast period, due to its advantages such as data security and control. The Crowdsourced Security Market is expected to reach USD 25.6 billion by 2032, exhibiting a CAGR of 17.35% during the forecast period.

Crowdsourced Security Market Organization Size Insights

The Crowdsourced Security Market is segmented by Organization Size into Small and Medium Enterprises (SMEs) and Large Enterprises. The Large Enterprises segment held a larger market share in 2023 and is projected to continue its dominance throughout the forecast period. Large enterprises have complex IT infrastructures and face a wide range of security threats, making them more likely to invest in crowdsourced security solutions. The increasing adoption of cloud-based services and the growing number of connected devices are also driving the growth of the Large Enterprises segment.

SMEs, on the other hand, are becoming increasingly aware of the importance of cybersecurity and are expected to increase their adoption of crowdsourced security solutions in the coming years.

Crowdsourced Security Market Industry Vertical Insights

The Crowdsourced Security Market is segmented by industry vertical, which includes IT and Telecom, Financial Services, Healthcare, Government, and Manufacturing. Among these, the IT and Telecom segment held the largest market share in 2023, accounting for approximately 35% of the market revenue. This dominance is attributed to the increasing adoption of cloud computing, mobile devices, and the Internet of Things (IoT), which has created a vast attack surface for cybercriminals. The Financial Services segment is also expected to witness significant growth in the coming years due to the rising number of cyberattacks targeting financial institutions and the need to comply with stringent regulations.

The Healthcare segment is another key vertical, with a growing demand for crowdsourced security solutions to protect patient data and medical devices from cyber threats. The Government segment is also expected to contribute to the growth of the market, as governments worldwide prioritize cybersecurity measures to protect critical infrastructure and national security. The Manufacturing segment is also witnessing increased adoption of crowdsourced security solutions to protect industrial control systems and prevent operational disruptions.

Crowdsourced Security Market Regional Insights

The regional segmentation of the Crowdsourced Security Market offers valuable insights into the market's growth dynamics and regional variations. North America held a dominant market share in 2023, and is projected to maintain its leadership position throughout the forecast period. The region's advanced technological infrastructure, presence of major players, and high adoption of crowdsourced security solutions contribute to its dominance. Europe follows North America in terms of market size, driven by increasing awareness of cybersecurity threats and stringent data protection regulations.

The APAC region is anticipated to witness substantial growth over the forecast period, attributed to the rising number of internet users, growing adoption of cloud-based services, and government initiatives to enhance cybersecurity. South America and MEA are expected to contribute a smaller but growing share to the overall market, as these regions increasingly recognize the importance of crowdsourced security measures to protect their digital assets.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Crowdsourced Security Market Key Players And Competitive Insights

Major players in the Crowdsourced Security Market industry are continuously developing and launching new products to cater to the evolving needs of customers. These players are also focusing on expanding their geographical presence to tap into new markets. The Crowdsourced Security Market industry is highly competitive, with a number of leading Crowdsourced Security Market players vying for market share. Some of the key competitive strategies adopted by these players include product innovation, geographical expansion, and strategic partnerships.

Leading Crowdsourced Security Market players are investing heavily in research and development (R&D) to develop new and innovative products that can meet the changing needs of customers. They are also focusing on expanding their geographical presence to tap into new markets. Strategic partnerships are also a key competitive strategy adopted by leading Crowdsourced Security Market players. These partnerships help them to gain access to new technologies, markets, and customers.

IBM is a leading provider of Crowdsourced Security Market solutions. The company offers a range of Crowdsourced Security Market products and services, including security consulting, managed security services, and cloud security services. IBM has a strong presence and serves a wide range of customers, including governments, enterprises, and small businesses. The company is committed to innovation and is continuously developing new Crowdsourced Security Market products and services. IBM has a strong track record of success in the Crowdsourced Security Market industry and is well-positioned to continue to grow its market share.

Cisco is a leading provider of networking and security solutions. The company offers a range of Crowdsourced Security Market products and services, including network security appliances, security software, and managed security services. Cisco has a strong presence and serves a wide range of customers, including governments, enterprises, and small businesses. The company is committed to innovation and is continuously developing new Crowdsourced Security Market products and services. Cisco has a strong track record of success in the Crowdsourced Security Market industry and is well-positioned to continue to grow its market share.

Key Companies in the Crowdsourced Security Market Include:

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  BitSight

  
  


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  CrowdStrike

  
  


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  Proofpoint

  
  


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  Cybereason

  
  


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  Axonius

  
  


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  Armis

  
  


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  Palo Alto Networks

  
  


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  Mandiant

  
  


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  Tenable

  
  


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  KnowBe4

  
  


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  Rapid7

  
  


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  Sophos

  
  


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  FireEye

  
  

Crowdsourced Security Market Industry Developments

The crowdsourced security market is projected to grow from USD 6.07 billion in 2023 to USD 25.6 billion by 2032, exhibiting a CAGR of 17.35% during the forecast period. The market is driven by factors such as the increasing adoption of cloud-based security solutions, the growing need for real-time threat intelligence, and the rising popularity of crowdsourced security platforms.

Recent news developments in the market include the acquisition of security crowdsourcing platform Bugcrowd by Aon plc in 2023 and the launch of a new crowdsourced security platform, SecurityScorecard, by cybersecurity firm CrowdStrike in 2024. These developments highlight the increasing interest in crowdsourced security solutions among both established players and new entrants.

Crowdsourced Security Market Segmentation Insights

1. 
   

   Crowdsourced Security Market Security Aspect Outlook

   
   
   
   
   1. 
      

      Vulnerability Management

      
      
   
   
   2. 
      

      Threat Intelligence

      
      
   
   
   3. 
      

      Penetration Testing

      
      
   
   
   4. 
      

      Incident Response

      
      
   
   
   5. 
      

      Risk Assessment

      
      
   
   
   
   

2. 
   

   Crowdsourced Security Market Deployment Model Outlook

   
   
   
   
   1. 
      

      Cloud-based

      
      
   
   
   2. 
      

      On-premises

      
      
   
   
   
   

3. 
   

   Crowdsourced Security Market Organization Size Outlook

   
   
   
   
   1. 
      

      Small and Medium Enterprises (SMEs)

      
      
   
   
   2. 
      

      Large Enterprises

      
      
   
   
   
   

4. 
   

   Crowdsourced Security Market Industry Vertical Outlook

   
   
   
   
   1. 
      

      IT and Telecom

      
      
   
   
   2. 
      

      Financial Services

      
      
   
   
   3. 
      

      Healthcare

      
      
   
   
   4. 
      

      Government

      
      
   
   
   5. 
      

      Manufacturing

      
      
   
   
   
   

5. 
   

   Crowdsourced Security Market Regional Outlook

   
   
   
   
   1. 
      

      North America

      
      
   
   
   2. 
      

      Europe

      
      
   
   
   3. 
      

      South America

      
      
   
   
   4. 
      

      Asia Pacific

      
      
   
   
   5. 
      

      Middle East and Africa