These are the 20 biggest names in cybersecurity

The global cybersecurity market was worth twenty billion dollars in the first quarter of 2024. Growth is expected to accelerate in the coming quarters, with major cybersecurity players continuing to expand.

This is according to an update from research firm Canalys, which reported an 8.6 percent growth in the security market for the past quarter. “And this while IT budgets worldwide are being critically examined,” said CEO Steven Kiernan, who sees favorable prospects for the rest of 2024. “With a projected growth of 10.6 percent in the second half, leading to a 9.7 percent growth for the entire year.”

Note, these are global figures. In Europe, the Middle East, and Africa, the security market grew by 8.2 percent; less than North America but more than the regions of South America and Asia-Pacific. Globally, 92 percent of corporate security spending goes through the channel.

It is notable that the larger the customers, the more their budgets increase proportionally. Large companies (more than five hundred employees) saw their budgets increase by ten percent. Meanwhile, the so-called micro-enterprises (up to nine employees) were the only customer segment that shrank, with a decrease of 0.3 percent.

Growing Larger
The top 20 cybersecurity vendors collectively grew by 10.8 percent during the past quarter. They now account for 63.0 percent of total expenditures, up from 61.7 percent a year ago. “The big players are getting bigger,” Kiernan noted.

Below are the twenty largest cybersecurity vendors worldwide, ranked by market share according to Canalys:

1. Palo Alto Networks
2.  Fortinet
3. Microsoft
4. Cisco
5. CrowdStrike
6. Okta
7. Check Point Software
8. Zscaler
9. Symantec
10. IBM
11. Trellix
12. Trend Micro
13. Proofpoint
14. Splunk (Cisco)
15. Sophos
16. Tenable
17. Forcepoint
18. Rapid 7
19. Mimecast
20.  F5

Source: William Visterin for Computable.nl