Bug Bounty Platforms Market Size, Share, Growth, And Industry Analysis, By Type (Cloud, SaaS Web, Mobile-Android Native, Mobile-iOS Native, Host), By Application (Finance & Banking, Software Development, Retail, Government, Other), Regional Forecast By 2031

Updated On: 20 November 2023

Bug Bounty Platforms Market Report Overview

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The global bug bounty platforms market size is expected to be USD 973.1 million in 2021. As per our research, the market is expected to reach USD 4,969.61 million in 2031, exhibiting a CAGR of 15.94% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with bug bounty platforms experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

IT applications and systems are constantly evolving, and security risks are no exception. System outages can be expensive, and a hacker could potentially destroy a company's reputation in a matter of minutes. As a result, companies need to regularly test their IT infrastructure. By using the strength of crowdsourcing security, a bug bounty is a way for your business to increase security. Platforms that offer bug bounties compensate ethical hackers who report vulnerabilities. Platforms for bug bounties assist businesses in identifying potential risks and in reducing the dangers of hacking attempts.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in bug bounty platforms market share and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The market growth is expected to rebound from the shock over the forecast period.

Latest Trends

"Software Development Industry to Intensify Market Magnification "

The market was dominated by the software development industry. This is caused by the increase in security flaws that developers from different sectors are finding and reporting. Since they aid in locating and resolving crucial security flaws before they are made public or patched, bug bounty platforms have grown to be an essential component of the life cycle of software development. Over time, the bug bounty platforms market growth has also been fueled by large corporations' and governments' growing utilization bug bounty platforms for testing.

Bug Bounty Platforms Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into cloud, SaaS, web, mobile-android native, mobile-iOS native, host

Cloud is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into finance & banking, software development, retail, government, other

Finance & banking are the leading part of the application segment

Driving Factors

"Increasing Hacking Attempts and Cyber-Crime to Boost Market Share"

Hacking attempts are occurring more frequently than ever, taking advantage of system flaws to continuously try to penetrate the system, which can harm a company's reputation. Using vulnerabilities, cybercriminals have started committing crimes against people, companies, and international organizations. Governments from different nations have taken note of this and place an emphasis on enhancing network security and actively promoting the implementation of bug bounty platforms. Major Internet companies like Google have increased the rate of bug bounties, that will help platforms for bug bounties develop in the future.

"Intensifying Cloud Technology to Expand Market Forwarding "

Over the course of the forecast period, usage of Web, SaaS, and Cloud is anticipated to increase significantly in the bug bounty platforms market growth. Due to advantages like the on-demand accessibility of computing resources followed by low cost of operation cloud technology is increasingly being adopted by startups and businesses, which is a factor in the bug bounty platforms market growth.

Restraining Factors

"Ignorance of Lower-Value Flaws to Deplete Market Advancement "

Exploratory testing a product versus testing for defects can differ greatly. Bug bounty hunters are interested in locating high-value issues, as opposed to internal testers who might concentrate on a particular product or feature and test it merely to see what occurs. These are two distinct viewpoints, and both can differ from the perspective of the customer, who should only use a product as necessary.

Higher payouts are frequently the result of severe defects. This initially appears to be a win-win situation. However, they will overlook lower-value flaws if a sizable portion of bug bounty hunters only look for critical vulnerabilities. The user experience may suffer as a result of the accumulation of these problems. Therefore, the overlook of lower-value flaws which can be important from the customer viewpoint will cause a hindrance in the market growth.

Bug Bounty Platforms Market Regional Insights

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"Appealing Marketing Tactics to Foster Market Growth in North America and Asia Pacific "

In regards to revenue share, North America dominates the world market. Due to the high penetration of web users, rising security threats, and rising use of cloud-based applications, the region is anticipated to maintain its dominant position throughout the forecast period. Additionally, more bug bounty programs are being offered in government, banking and financial services, telecom and information technology, media and entertainment (M&E), and numerous industries as a result of the growing use of smartphones and other mobile devices.

Due to an increase in requirement for bug bounty platforms in several Asian nations, including China and India, as well as increasing awareness about online safety, the Asia Pacific is predicted to experience substantial growth over the course of the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Synack (U.S.)
• Intigriti (Europe)
• HackenProof (Europe)
• HackerOne (Europe)
• Bugcrowd (Australia)
• HackTrophy (U.S.)
• Cobalt (U.S.)
• PlugBounty (U.S.)
• SafeHats (U.S.)
• Yes We Hack (France)
• Zerocopter (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.