Bug Bounty Market By End User (IT Firms, Telecommunication, Government Institutes, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, MEA), - Global Forecasts 2017 to 2027

Date : Apr 2021

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Report ID : 437

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Category : Information Technology

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Report Format:  PDF EXCEL PPT WORD

Bug Bounty Market Report Overview:

The global Bug Bounty market was valued at US$ 223.1 million in 2020 and is expected to reach US$ 5,465.5 million by 2027 with a growing CAGR of 54.4 % during the forecast period. A bug bounty is a reward that is paid out to developers who find critical flaws in software, effectively crowdsourcing flaw, and vulnerability management. Bug Bounty Platforms are software used to deploy bug bounty programs.

Bug Bounty Market

Bug bounty platforms are technology-intensive industries, and technology is the core of competition. Old technologies are often gradually replaced by new technologies. The market that still uses the old technology will gradually shrink, on the contrary, the market that uses the new technology will gradually expand.

At present, the global economy is sluggish, and consumers have less and less disposable income. Then they will become more sensitive to the price of products, so the market with high prices will gradually shrink.

Impact of COVID-19 on the Bug Bounty Market:

With the global impact of COVID-19, criminals have taken advantage of the decline in people’s attention to cybersecurity during the epidemic and initiated targeting individuals, businesses, and international organizations. Organize cyberattacks from even medical institutions. This has also received the attention of governments of various countries, which have increased network security construction and actively encouraged the implementation of bug bounty programs. Major Internet companies have also increased the number of bug bounties during the epidemic, such as Google, which will benefit the future development of bug bounty platforms.

Although the current global economic situation is still grim, there are indeed signs of stabilization and improvement, especially in the major economies of the United States and Europe. The degree of economic contraction is not as pessimistic as assessed during the worst period of the epidemic. According to the World Bank’s forecast, it may take five years for the global economy to recover.  

New technologies will become the core of competition, and the potential paying users are huge. The final foothold of the bug bounty platform to retain users is still to meet their needs for detecting system software bugs. With the development of the Internet, there is an increasing demand for innovation, and technological reforms and advancements will become a new way for development. Therefore, technology investment is an important driving force for industry participants to retain users.

Bug Bounty Platform Revenue Market

North America Bug Bounty Market Size was the largest in 2020 and is expected to maintain its dominance throughout the forecast period.

North America marketplace for bug bounty is one of the mature markets and has considerable opportunities to expand in terms of revenue during the forecast period. Major driving factors include adequate awareness and conceptual understanding of the bug bounty in the region along with the high concentration of players offering security practices including that of bug bounty. Moreover, technological advancements such as the adoption of cloud computing, IoT, AI, machine learning, and others have increased internet usage as well as online transactions significantly. With the increase in data accumulation including general as well as private, security risks have also increased. The North America bug bounty market was accounted for US$ 106.8 Mn in 2020 and is expected to grow at a considerable CAGR during the forecast period.

  • Bug Bounty Market by End User

    • IT Firms
      • Software Developers
      • Technology Integrators
      • Social Media Platform Providers
      • Others
      • Telecommunication Services Providers
      • Government Institutes
      • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The unique insights provided by this report also includes the following:

  1. In-depth value chain analysis
  2. Opportunity mapping
  3. Sector snapshot
  4. Technology landscape
  5. Regulatory scenario
  6. Market trends
  7. Covid-19 impact analysis
  8. Pricing trends
  9. Detailed insights on Key Bug Bounty Programs
  10. Competitive Landscape
  11. Strategic Moves and Developments
  12. Demand-gap Analysis

At a time when the globalization process is deepening, the network is gradually integrating the world closer by virtue of its interconnection and intercommunication characteristics. At the same time, there are also some security vulnerabilities in the network. These vulnerabilities can leak personal information and lead to Property safety or personal safety. Therefore, more and more companies and government organizations are implementing bug bounty programs. Therefore, this is conducive to the development of the bug bounty platform in the market.

Moreover, as multinational companies and even the global society have begun to realize the importance of network security, the leakage of personal identification data and hacker intrusions have made network security the focus of attention of ordinary people. Therefore, countries around the world continue to increase investment in cybersecurity to promote the development of the cybersecurity industry. Therefore, the bug bounty platform is in line with this popular trend.

Snapshot of Drivers, Restraints, Opportunities and Challenges of Bug Bounty Market:

Drivers:

  • Increasing demand for bug bounty as a security measure amongst organizations
  • Growing awareness about network security
  • Attractive rewards offered in bug bounty mechanism
  • Organizations are increasing use of online training tools with increased mobile phones and other internet-connected devices adoption by the workforce

Restraints:

  • Lack of market expansion in less developed countries

Opportunities:

  • Growing Internet penetration across the globe
  • High demand for security measures among organizations
  • Technological advancements such as the emergence of IoT, IIoT, Cloud computing, AI & machine learning, industry 4.0, etc.

Challenges:

  • The inability of a bug bounty system to eliminate the necessity to run additional software to check for vulnerabilities
  • Fierce competition in the industry
  • Not suitable for small-scale enterprises or start-ups
  • The difficulty of finding a bug is increasing due to high-security measure taken while developing a website

At a time when the globalization process is deepening, the network is gradually integrating the world closer by virtue of its interconnection and intercommunication characteristics. At the same time, there are also some security vulnerabilities in the network. These vulnerabilities can leak personal information and lead to property safety or personal safety. Therefore, more and more companies and government organizations are implementing bug bounty programs. Therefore, this is conducive to the development of the bug bounty platform in the market.

Moreover, the reward mechanism provided by the bug bounty platform is an important factor in promoting the rapid development of the market industry. The amount of this kind of reward ranges from several hundred dollars to several thousand dollars, attracting the attention of many computer technicians. They are becoming more and more active on the bug bounty platform. Therefore, this is conducive to the positive development of the industry in the market.

Nonetheless, the bug bounty system fails to capture the revenue from small-scale enterprises. The huge bonuses paid for finding bugs will increase the financial burden of small and medium enterprises. Therefore, in order to reduce investment costs, some Internet companies often weaken their investment in security, which is not conducive to the long-term development of bug bounty platforms in the market. Moreover, due to the advancement of technology, many companies and governments have become more and more perfect in network maintenance, so it is more and more difficult and pressure to find bugs. Finding bugs in web applications in large Internet companies has become more difficult, which undoubtedly increases the pressure on network security technicians. Therefore, this is an unfavorable factor in the development of the industry.

The report also provides an in-depth analysis of key Bug Bounty market trends:

Sr. No. Trends Impact
1 As COVID-19 reduces the opportunities for offline communication, the bug bounty platform industry has developed rapidly during the epidemic. Online work and online services are the future development trend. In addition, this epidemic has given the bounty industry more time to develop new technologies and products. Positive
2 The current international environment is relatively stable, and the bug bounty industry is developing rapidly. In recent years, because criminals use network bugs to carry out network attacks, they have attracted the attention of governments all over the world. The governments have increased network security construction and actively encouraged the implementation of bug bounty programs, which is conducive to the global bug bounty industry. Positive

The report also provides an in-depth analysis of recent News Developments and Investments:

Sr. No. Type of Development Year News and Developments in the Bug Bounty market
1 Acquisition 2018 HackerOne has acquired Breaker 101, an online web security course designed to educate the next generation of ethical hackers. The interactive content and coursework, now known as Hacker101. HackerOne is committed to empowering ethical hackers by providing access to world-class training material
2 Product Launch 2020 MoonPay-the payments infrastructure provider for cryptocurrency announced an invite-only bug bounty program in alliance with Bugcrowd to strengthen their platforms’ security measures.
3 Program Launch 2021 Cobalt announced the launch of its partner programs that offer new opportunities for its partners. The program provides two partner options – reseller and referral partners.

Company Profiles and Competitive Intelligence

The key players operating in the market are:

  1. HackerOne
  2. Bugcrowd
  3. Synack
  4. Cobalt
  5. Praetorian Diana
  6. Zerocopter
  7. Intigriti
  8. Yes We Hack
  9. SafeHats
  10. Yogosha
  11. Monday.com
  12. ClickUp
  13. HackTrophy
  14. HackenProof
  15. Other Major Players
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  1. INTRODUCTION
    1. Engagement Objective
    2. Scope of the Study: Segmentation 
    3. Timeframe, Currency and Limitations
    4. Stakeholders
  2. RESEARCH METHODOLOGY
    1. 3P Research Approach
    2. Market Sizing Approach
    3. Data Sources
    4. Primary Research Coverage
    5. 3P Research Approach
    6. Market Sizing Approach
    7. Data Sources
    8. Primary Research Coverage
  3. Executive Summary
    1. Market Summary
    2. Market Snapshot
    3. Regional Snapshot
    4. Country Snapshot
  4. Premium Insights
    1. Key Trend Analysis
    2. Pain Point Analysis
    3. Detailed Insights on Notable Bug Bounty Programs
    4. Strategies Adopted-Benchmarking Heat Map
    5. Regulatory Implications
    6. Investment Scenario
    7. Use Cases
    8. PESTEL Analysis
    9. Value Chain Analysis
  5. Qualitative Assessment of COVID-19 Impact
    1. Pre and Post Pandemic Era of Mobile Attendance Tracking Software
    2. Key Trends Analysis
    3. Financial Outlook
    4. Key Opportunities (Post 5 Years)
  6. Market Overview & Competitive Landscape
    1. Competitive Landscape
    2. Investment Scenario by key Players
    3. Key Player Overview
    4. Product comparison
    5. Player Wise Geographic Presence
    6. Player Wise Target Customer Segment
    7. Recent News
  7. Market Dynamics
    1. Market Drivers
    2. Restraints
    3. Key Opportunities
    4. Challenges
    5. DROC Impact Analysis
  8. Mobile Attendance Tracking Software Market by End User
    1. IT Firms
      1. Software Developers
      2. Technology Integrators/Platform Providers
      3. Social Media Platform Providers
      4. Others
    2. Telecommunication Services Providers
    3. Government Institutes
    4. Others
  9. Regional Market Analysis
    1. Global Market Size & Historic Growth
    2. North America
      1. Market Overview
      2. Market Outlook
      3. Market Size and Forecast, by End User
      4. Key Countries & Market Estimates
    3. Europe
      1. Market Overview
      2. Market Outlook
      3. Market Size and Forecast, by End User
      4. Key Countries & Market Estimates
    4. Asia Pacific
      1. Market Overview
      2. Market Outlook
      3. Market Size and Forecast, by End User
      4. Key Countries & Market Estimates
    5. Latin America
      1. Market Overview
      2. Market Outlook
      3. Market Size and Forecast, by End User
      4. Key Countries & Market Estimates
    6. MEA
      1. Market Overview
      2. Market Outlook
      3. Market Size and Forecast, by End User
      4. Key Countries & Market Estimates
  10. Company Profiles
    1. HackerOne
      1. Company Fundamentals
      2. Financial Analysis (Subject to Availability)
      3. Product Portfolio
      4. Key Strategic Moves and Developments
      5. SWOT Analysis
    2. Bugcrowd
    3. Synack
    4. Cobalt
    5. Praetorian Diana
    6. Zerocopter
    7. Intigriti
    8. Yes We Hack
    9. SafeHats
    10. Yogosha
    11. HackTrophy
    12. HackenProof
    13. Other Major Players

Note*- Similar pointers are applicable to all the listed companies.


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