Leading cybersecurity companies worldwide 2024, by market cap

In recent years, cybersecurity has become a topic of crucial importance. This trend has brought with it the emergence of multibillion-dollar companies such as Palo Alto Networks, CrowdStrike, and Fortinet. In 2024, California-based Palo Alto was the most valuable company in the cybersecurity sector, with a market capitalization exceeding 87 billion U.S. dollars. Among the 10 leading cybersecurity firms in terms of market capitalization, nine were based in the United States.

A booming market

Information Technology (IT) security, more commonly known as cybersecurity, refers to the practice of managing access to information, whether that is securing information from unauthorized access or verifying the identity of those who claim to have authority to access information. In 2023, the cybersecurity products and services market was estimated to be worth almost 190 billion U.S. dollars, with most of the global spending concentrated on security services - a segment comprising consulting, hardware support, and implementation, among other services.

Outsourcing security services

Companies worldwide continue to migrate their data to the cloud. While this allows them to increase their business capacity and reduce costs, it also leaves them exposed to innumerable risks. Hence, the Security as a Service (SECaaS) market was estimated at 20 billion U.S. dollars in 2023 and was forecast to be four times larger by 2032. This business model is based on a service provider that incorporates their security services into business infrastructure based on a subscription that individuals or corporations can purchase, without requiring additional on-premises hardware.