Breaking down the priorities and growth paths of the industry's largest vendors. This is a deep dive into the strategies the market leaders are leveraging for their next big moves.
Hmm.. looking at the market share of Cisco and Splunk, now dat Cisco acquired Splunk, does that give Cisco a market share of 8.2% making it the 2nd biggest Cybersecurity company?
Francis, thanks for the broad review! I hadn't been watching Cyberark and it put it on my radar. Surprised you didn't include Cloudflare in this list, which I would consider a pure-play security co (core app/network security pivoted to SASE). Would have liked to hear your take on Fortinet too, which wasn't covered as deeply as the others.
One issue in Palo Alto part ... "Over 1,000 customers (out of 5000 of their largest customers) have adopted the platform model" . That wasn't 1000 customers, it was 1000 deals (aka product lines adopted). See the definition of what they are calling "platformization" in the fine print on those 2 IR slides. I just wrote about this in my last HHHYPERGROWTH piece on CNAPP. https://hhhypergrowth.com/premium-cnapp-moves/
Thanks for pointing this out - Muji! Cloudflare doesn't generate as much revenue from pure-play security like the vendors above. We can say the same for Datadog, Splunk etc. I consider them tech companies with security businesses, not as pure play. Thanks for the Palo pointers. Corrected
It was included in the first "Key Takeaway points", may have been a mistake?
"Among the seven public companies with a market cap greater than $10B, Palo Alto Networks leads with a 9% market share, followed by Fortinet (7%) and Microsoft (6%)."
Hmm.. looking at the market share of Cisco and Splunk, now dat Cisco acquired Splunk, does that give Cisco a market share of 8.2% making it the 2nd biggest Cybersecurity company?
Francis, thanks for the broad review! I hadn't been watching Cyberark and it put it on my radar. Surprised you didn't include Cloudflare in this list, which I would consider a pure-play security co (core app/network security pivoted to SASE). Would have liked to hear your take on Fortinet too, which wasn't covered as deeply as the others.
One issue in Palo Alto part ... "Over 1,000 customers (out of 5000 of their largest customers) have adopted the platform model" . That wasn't 1000 customers, it was 1000 deals (aka product lines adopted). See the definition of what they are calling "platformization" in the fine print on those 2 IR slides. I just wrote about this in my last HHHYPERGROWTH piece on CNAPP. https://hhhypergrowth.com/premium-cnapp-moves/
Thanks for pointing this out - Muji! Cloudflare doesn't generate as much revenue from pure-play security like the vendors above. We can say the same for Datadog, Splunk etc. I consider them tech companies with security businesses, not as pure play. Thanks for the Palo pointers. Corrected
Great article btw!
Why was Microsoft ranked 3rd? Its cybersecurity rev was 20B, far higher than any of these.
I decided not to do any analysis on Microsoft in this report. Purposely excluded them as we dont clearly know the recent revenues or growth metrics.
It was included in the first "Key Takeaway points", may have been a mistake?
"Among the seven public companies with a market cap greater than $10B, Palo Alto Networks leads with a 9% market share, followed by Fortinet (7%) and Microsoft (6%)."
See this report to understand why i ranked it as 3rd: https://canalys.com/newsroom/worldwide-cybersecurity-technology-market-Q2-2024
I just didn't do a full analysis of their report is what I meant to say.