20 Biggest Cybersecurity Companies In the World

Published on May 8, 2023 at 5:20 pm by Ramish Cheema in Business, Lists, News

In this piece, we will take a look at the 20 biggest cybersecurity companies in the world. For more companies, head on over to 5 Biggest Cybersecurity Companies In the World.

In just a short time period, two technologies have revolutionized the corporate sector. These are the semiconductor and the Internet, both of which work together to generate vast amounts of computing power and connectivity to enable companies to streamline their operations and overcome geographic limitations.

However, at the same time, the growth in global cyberinfrastructure has also led to a growth in malicious activities. The cost of these activities is likely to stun you when you look at just how much it costs to protect against cyber threats and how much they end up costing the victims. For instance, a report from Cybersecurity Ventures believes that cybercrime cost victims a stunning $6 trillion in 2021 – and it will only grow in the future. The statistics outline that from 2021 until 2025, the costs will grow by no less than 15% annually to sit at an equally stunning $10.5 trillion. To understand the significance of this, consider the fact that the world’s third largest economy – Japan – has a gross domestic product (GDP) of $4.4 trillion. In fact, cybercrime is such a big threat that the legendary Warren Buffett of Berkshire Hathaway Inc. (NYSE:BRK-B) believes that cyber attacks are the biggest problem faced by mankind. Given that Mr. Buffett’s other name is the ‘Oracle of Omaha’, his statements are quite worrisome yet also make sense given the massive costs of cyber attacks that we’ve outlined above.

Building on this, the next step in analyzing the cybersecurity sector is to take a look at what are the costs of fighting the trillion dollar attacks. On this front, the consulting firm McKinsey has some estimates. These show that only a fraction of the costs is currently being spent on developing and operating mitigations against them. McKinsey shares that companies and organizations spent $150 billion in 2021 on cybersecurity, but it adds that the threat sector is quite dynamic. The firm’s survey of 4,000 companies reveals that 80% of the threat groups and 40% of malware in 2021 were completely new. McKinsey adds that the $150 billion is just a hairline fraction of the total addressable market (TAM) in cybersecurity, and even if there was a ten percent penetration, then the market can blossom to $1.5 trillion.

Estimates provided by the International Monetary Fund (IMF) show that rogue nations such as North Korea have stolen billions of dollars from dozens of countries through malicious cyber activities. The IMF believes that the global financial system can play a crucial role in securing the world against these threats, since it is the most exposed to criminal activities and has the potential to lead the battle from the front.

So, it’s clear that the market for cybersecurity is huge and underdeveloped at the same time. The next step in our analysis is to understand whether the growing attention to cybersecurity is also translating into the income statement performance of some of the largest players in the sector. Taking a look at the financials of Cloudflare, Inc. (NYSE:NET), one of the predominant players in protecting websites against cyberattacks, reveals that between 2019 and 2022, the firm’s revenue has more than doubled. Cloudflare brought in $287 million in revenue in 2019 and by 2022 end, the firm had grown this by a stunning 239% to a whopping $975 million. Mind you, this growth took place during some of the most turbulent economic conditions in recent history, with the coronavirus pandemic impacting the business environment and 2022 straining budgets.

Yet, it looks as if the bump in cyber demand during the pandemic due to remote working and remote leisure seems to have provided a permanent stimulus to the sector. However, still, all might not be well for Cloudflare as the firm’s shares tanked by a massive 25% in aftermarket trading on April 27, 2023, as it projected $305 million in revenue for the second quarter compared to the rosier analyst estimates of $320 million.

Finally, adding another look at what’s in store for this year, the management of Palo Alto Networks, Inc. (NASDAQ:PANW), one of the largest cybersecurity companies in terms of market capitalization, shared during the firm’s earnings call for the second quarter of fiscal year 2023:

While there has been discussion on moderation and cloud consumption in the market, we believe the relatively early stage of cloud security adoption has and will continue to shelter us from this headwind. Before I move on to Cortex and talk about continuing signs of optimism I see in that category, I feel compelled to take a detour towards AI. Clearly, AI has been on everyone’s mind given the continued conversation in the tech industry. Most of you know the story of arrival with the Palo Alto Networks. I talked about fragmentation and the need for a solution there, which we have talked a lot about. I also talked about automation and AI. We counted, I used the word AI more time than my first six months in Palo Alto Networks than platform or consolidation.

The challenges you all know is that AI has been a data problem and continues to be so. Unlike consumer AI, where we can talk about Sonnets and ChatGPT’s creative capabilities and the revolution that is going to drive in search or advertising, its ability to summarize data and continue to amuse and inform us, the demands from AI and enterprise are far more exacting and so are the returns. An enterprise AI needs to be clean. It has to have comprehensive data. And in security, especially it needs to be real time. So not only do you need to have the best data to create great security outcomes, you also need to be positioned in line to block threats. Let me make a case why with petabytes of data from trillions of events, billions of sessions, hundreds of millions of URLs and tens of millions of flies flowing — files, not flies — flowing through our product across cloud, network and endpoints daily, we are best positioned to deliver security outcomes using AI machine learning.

With these details in mind, let’s take a look at the biggest cybersecurity companies in the world, with the top picks being Fortinet, Inc. (NASDAQ:FTNT), Palo Alto Networks, Inc. (NASDAQ:PANW), and CrowdStrike Holdings, Inc. (NASDAQ:CRWD).

Photo by Kaur Kristjan on Unsplash

Our Methodology

To compile our list of the biggest cybersecurity firms in the world, we first made a list of all companies that provide these services. Then, they were ranked by their market capitalization and the top twenty largest cybersecurity firms are listed below.

Biggest Cybersecurity Companies In the World

20. Commvault Systems, Inc. (NASDAQ:CVLT)

Latest Market Capitalization: $2.66 billion

Commvault Systems, Inc. (NASDAQ:CVLT) is an American firm headquartered in Tinton Falls, New Jersey. The company provides data protection, recovery, and backup products and services.

As of last year’s fourth quarter, 24 of the 943 hedge funds profiled by Insider Monkey had held a stake in Commvault Systems, Inc. (NASDAQ:CVLT). Out of these, the firm’s largest investor is Jim Simons’ Renaissance Technologies which owns 1.5 million shares that are worth $99 million.

Along with Palo Alto Networks, Inc. (NASDAQ:PANW), Fortinet, Inc. (NASDAQ:FTNT), and CrowdStrike Holdings, Inc. (NASDAQ:CRWD), Commvault Systems, Inc. (NASDAQ:CVLT) is one of the largest cybersecurity providers in the world.

19. PagerDuty, Inc. (NYSE:PD)

Latest Market Capitalization: $2.94 billion

PagerDuty, Inc. (NYSE:PD) provides incident response and identification software which also uses artificial intelligence to sift out threats. The firm is based in San Francisco, California.

By the end of December 2022, 16 of the 943 hedge funds part of Insider Monkey’s database had bought the firm’s shares. PagerDuty, Inc. (NYSE:PD)’s largest hedge fund investor is Catherine D. Wood’s ARK Investment Management with a $268 million stake.

18. Rapid7, Inc. (NASDAQ:RPD)

Latest Market Capitalization: $2.77 billion

Rapid7, Inc. (NASDAQ:RPD) operates a cloud platform that lets users detect incidents and respond to them. The company operates out of Boston, Massachusetts.

26 of the 943 hedge funds part of Insider Monkey’s fourth quarter of 2022 survey had held a stake in Rapid7, Inc. (NASDAQ:RPD).

17. Softcat plc (LON:SCT.L)

Latest Market Capitalization: $3.27 billion (1GBP = 1.25USD)

Softcat plc (LON:SCT.L) is a British firm based in Marlow. It acts as a third party software design and product provider for infrastructure security.

16. Qualys, Inc. (NASDAQ:QLYS)

Latest Market Capitalization: $4.71 billion

Qualys, Inc. (NASDAQ:QLYS) provides a variety of platforms for cybersecurity, which include detection, management, and monitoring systems.

Insider Monkey took a look at 943 hedge funds for their December quarter of 2022 investments and found 26 investors in the firm. Out of these, Qualys, Inc. (NASDAQ:QLYS)’s largest shareholder is Terry Smith’s Fundsmith LLP with a $73.8 million stake.

15. Tenable Holdings, Inc. (NASDAQ:TENB)

Latest Market Capitalization: $4.25 billion

Tenable Holdings, Inc. (NASDAQ:TENB) is a software firm providing deep dive threat management capabilities, making it one of the biggest cybersecurity companies in the world.

After digging through 943 hedge fund holdings for Q4 2022, Insider Monkey found out that 30 had bought a stake in Tenable Holdings, Inc. (NASDAQ:TENB). The firm’s largest hedge fund investor is Bruce Emery’s Greenvale Capital since it owns $200 million worth of shares.

14. SentinelOne, Inc. (NYSE:S)

Latest Market Capitalization: $4.77 billion

SentinelOne, Inc. (NYSE:S) is a pureplay cybersecurity provider with an artificial intelligence-based platform.

As of December 2022, 38 of the 943 hedge funds surveyed by Insider Monkey had held a stake in the firm. Out of these, the largest shareholder is Dan Loeb’s Third Point since it owns 14.7 million shares that are worth $214 million.

13. CyberArk Software Ltd. (NASDAQ:CYBR)

Latest Market Capitalization: $5.44 billion

CyberArk Software Ltd. (NASDAQ:CYBR) is a global cybersecurity product and software provider. It is based in Petah Tikvah, Israel.

Insider Monkey’s Q4 2022 survey covering 943 hedge funds outlined that 31 had investments in CyberArk Software Ltd. (NASDAQ:CYBR). The firm’s largest shareholder is Robert G. Moses’ RGM Capital with a $150 million stake.

12. Trend Micro Incorporated (TYO:4704.T)

Latest Market Capitalization: $6.8 billion (1YEN = 0.0075USD)

Trend Micro Incorporated (TYO:4704.T) is a Japanese company that provides cloud, 5G, data center, and connected vehicle security platforms.

11. F5, Inc. (NASDAQ:FFIV)

Latest Market Capitalization: $8.24 billion

F5, Inc. (NASDAQ:FFIV) allows customers to secure all types of networks, from on site data centers to cloud platforms.

By the end of December 2022, 33 of the 943 hedge funds profiled by Insider Monkey had owned the firm’s shares. Out of these, Jim Simons’ Renaissance Technologies is the largest investor with a $161 million stake.

10. Okta, Inc. (NASDAQ:OKTA)

Latest Market Capitalization: $12.62 billion

Okta, Inc. (NASDAQ:OKTA) provides identity management and other cybersecurity platforms and services.

59 of the 943 hedge funds part of Insider Monkey’s fourth quarter of 2022 database had invested in Okta, Inc. (NASDAQ:OKTA). The firm’s largest investor is Brandon Haley’s Holocene Advisors with a $120 million stake.

9. Gen Digital Inc. (NASDAQ:GEN)

Latest Market Capitalization: $11.36 billion

Gen Digital Inc. (NASDAQ:GEN) is a global cybersecurity software provider, known best for its Norton antivirus.

As of Q4 2022,34 of the 943 hedge funds profiled by Insider Monkey had bought the firm’s shares. Gen Digital Inc. (NASDAQ:GEN)’s largest shareholder is Jeffrey Smith’s Starboard Value LP since it owns 18.9 million shares that are worth $405 million.

8. Leidos Holdings, Inc. (NYSE:LDOS)

Latest Market Capitalization: $12.66 billion

Leidos Holdings, Inc. (NYSE:LDOS) is a cybersecurity provider to the Department of Defense and the armed forces.

After digging through 943 hedge funds for their fourth quarter of 2022 shareholdings, Insider Monkey found out that 37 had invested in the company. Out of these, Leidos Holdings, Inc. (NYSE:LDOS)’s largest investor is Israel Englander’s Millennium Management with a $117 million stake.

7. Akamai Technologies, Inc. (NASDAQ:AKAM)

Latest Market Capitalization: $12.62 billion

Akamai Technologies, Inc. (NASDAQ:AKAM) provides a cloud security platform enabling users to secure their products through the Internet.

Insider Monkey’s December quarter of 2022 study of 943 hedge funds outlined that 29 had held a stake in Akamai Technologies, Inc. (NASDAQ:AKAM). Its largest investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital since it owns 1.3 million shares that are worth $110 million.

6. Zscaler, Inc. (NASDAQ:ZS)

Latest Market Capitalization: $15.38 billion

Zscaler, Inc. (NASDAQ:ZS) is a pureplay security firm that provides SaaS based cybersecurity software.

As of Q4 2022, 42 of the 943 hedge funds part of Insider Monkey’s database had bought the firm’s shares. Zscaler, Inc. (NASDAQ:ZS)’s largest investor is Jim Simons’ Renaissance Technologies with a $96 million stake.

Fortinet, Inc. (NASDAQ:FTNT), Zscaler, Inc. (NASDAQ:ZS), Palo Alto Networks, Inc. (NASDAQ:PANW), and CrowdStrike Holdings, Inc. (NASDAQ:CRWD) are some of the largest cybersecurity companies in the world.

Click to continue reading and see 5 Biggest Cybersecurity Companies In the World.

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