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 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.
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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.
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.
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.
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.
|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|
|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.|
The key players operating in the market are:
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Note*- Similar pointers are applicable to all the listed companies.