In the ever-evolving landscape of digital threats, choosing the right IT security partner is pivotal for safeguarding your organization.
We all know that with the growth of future digital space, the doors for cybercrime have opened wide.
Although, when there is something bad there must be some positive side too. It is when the IT Cybersecurity Companies come into play.
As we set our sights on 2024, a new era of cyber challenges and defenses unfolds. With the escalating threats, companies are pouring billions into the outburst of Cybersecurity measures. Let's delve into the realm of cybersecurity and explore the top 15 IT security companies that stand as sentinels against the rising tide of cyber threats.
The global cybersecurity market is expected to develop at a robust compound annual growth rate (CAGR) of 13.8%, from $172.32 billion in 2023 to an outstanding $424.97 billion by 2030, reflecting the urgency of the situation.
- Best Used For Comprehensive Security
- Founded In The Year 2005
- Annual Revenue Stocks- $8.18 Billion
Palo Alto Networks (PANW) is at the top obviously for good reason. It positively demands independent security tests, whether they are related to endpoint detection and response (EDR), next-generation firewalls (NGFW), or any other topic.
Palo Alto is most recognized for its all-encompassing cybersecurity solutions. Not just that, it also demonstrates its strength in security services by following MITRE-managed security tests. Its security product testing has always been quite good; these include the most recent CyberRatings firewall and MITRE endpoint security tests.
Over the next five years, analysts project that this 18-year-old Santa Clara company will have an annual sales growth rate of 27%.
For its cybersecurity announcement, this company has a huge history of developing automated threat response, DevSecOps, vulnerability and configuration management, and other areas of cyber resilience.
While Palo Alto is identified for the robustness of security measures, this year the company has made unexpected improvements in user-friendliness, cost, and user perceptions of value, indicating that it is actively seeking to increase its client base.
The only thing to regret about Palo Alto is once-exciting venture into home office security, Okyo, has been shelved, while rival Fortinet continues to collaborate with Linksys on Wi-Fi security.
Apart from this, Palo Alto excels in the following other enterprise security domains in addition to NGFW, EDR, and DevSecOps:
- Enterprise VPNs
- Email gateways
- Small business security
- IoT security
- Network security
- Cybersecurity products
- Zero trust
- Email security
- Best Used For Network Security
- Founded In the year 2000
- Annual Revenue Stocks $6.37 billion
Fortinet (FTNT), is a network security firm that earned a spot on 18 as the best cybersecurity gear and software because it doesn't back down from rigorous testing. Fortinet excels in several important security domains, including SIEM and EDR, but its primary strength lies in network security.
Not unexpectedly, Fortinet has leveraged its experience in networking to take the lead in related areas such as SD-WAN. Because of its strong customer satisfaction scores in important categories including product capabilities, value, ease of use, and support, it has also gained traction in small company markets.
Unlike Palo Alto, Fortinet also helps with the same security domains, making it a preferred choice.
- Best Used For Distributed Network Security
- Founded In The Year 1984
- Annual Revenue Stocks $54.53 billion
Another enduring favorite cybersecurity company that will bloom in 2024 is Cisco (CISCO). The industry pioneer in networking has expanded into related sectors like network security by leveraging its market supremacy. The $4 billion security division of Cisco is expanding at a robust 9% annual rate, outpacing the company's overall growth.
Although customers frequently gravitate toward Cisco products for firewalls, endpoints, and other security solutions. It is hence recognized as a company with annual sales of over $50 billion with a sizable client base of its own.
Cisco has also achieved success in other markets.
Identity and access management (IAM), web gateways, network detection and response (NDR), SASE, SD-WAN, NGFW, IDPS, CASB, NAC, IoT, cybersecurity software, XDR, network security, and zero trust are among the 14 top security product lists that Cisco has made.
Cisco made two notable accomplishments with an expanding array of network security solutions and early leadership in the crucial zero-trust industry.
- Best Used For Endpoint Security and Services
- Founded In The Year 2011
- Annual Revenue Stocks $3.04
EDR, XDR, MDR, vulnerability management as a service (VMaaS), CSPM, and cybersecurity are the six categories in which CrowdStrike (CRWD) has appeared. Given its competitive advantages in the highly competitive EDR industry and the burgeoning XDR sector, it is well-positioned for the future.
Analysts project that revenue will increase from $3 billion to $3.9 billion over the next year, with a remarkable 40.4% annual growth rate over the following five years. This analytics indicates a strong customer interest in CrowdStrike's goods and services.
The 12-year-old Sunnyvale business demonstrated its spunk by thwarting an assault linked to SolarWinds. It also shares a feat with Palo Alto Networks. Additionally, earning the highest rating in the MITRE MSSP assessments indicates that this business is well-positioned for the rapidly expanding MDR market.
- Best Used For Access Management
- Founded In The Year 2009
- Annual Revenue Stocks $2.22 billion
Despite various difficulties, such as security breaches, Okta is still in a strong position for the zero trust and identity and access management (IAM) sectors.
It provides a distinct value proposition as a quick and simple means for businesses to begin implementing zero trust. With technologies that are simple to use, deploy, and maintain, Okta is drawing in security purchasers. This year, revenues are predicted to reach $2.22 billion, with a 25% long-term growth rate.
This 14-year-old San Francisco-based company made the list for excellent network security and single sign-on in addition to IAM and zero trust.
- Best Used For Firewalls
- Founded In The Year 1993
- Annual Revenue Stocks $2.52 billion
The 30-year-old firewall pioneer offers a comprehensive security portfolio. This delivers high protection and value, Check Point's (CHKP) 7% revenue increase may not get much attention. The organization excels in several areas, including threat intelligence, incident response, encryption, firewalls, gateways, UTM, EDR, and data loss prevention.
It is one of just three Leaders in the critical network firewall market on Gartner's Magic Quadrant. The other two leaders include Palo Alto and Fortinet.
Check Point has consistently received excellent marks for customer satisfaction and has performed well in independent security tests conducted by MITRE, Cyber Ratings, and others.
- Best Used for Cloud Security
- Founded In The Year 2007
- Annual Revenue Stocks $2.07 billion
This year, 2023, Zscaler (ZS) rose more points for being the best cybersecurity company. With a long-term growth rate of 47.8% and anticipated revenue of $1.53 billion in 2023, Zscaler, a San Jose-based firm, is well-positioned for significant upcoming trends including edge security, zero trust, and secure access service edge (SASE). This is due to the company's comprehensive cloud security platform. The further lists for SD-WAN, zero trust, web gateway, deception tools, cloud security, and SASE were also created by Zscaler.
- Best Used For Research & Development
- Founded In The Year 1911
- Annual Revenue Stocks $60.69 billion
Once IBM was the popular stock for cyber defense. Although, with time the growth has decreased. Even if IBM isn't as much of a growth as it once was, it's superior to R&D skills. These skills keep it relevant in a variety of IT areas, including security.
It offers the best security solutions featuring Big Blue: patch management, managed security services, encryption, database security, threat intelligence, SOAR, SIEM, patch management, patch management, and cybersecurity tools.
- Best Used For Small Businesses
- Founded In The Year 1988
- Annual Revenue: $1.77 billion
Trend Micro also called TMICY includes a strong and independent test result history. It performs strong test results, including assembling an amazing portfolio with unusually strong appeal for SMBs. It also rectifies and builds any security team that values good security and ease of use.
As per analysis, the future appears bright too, with $1.77 billion in revenues and a 12% long-term growth rate anticipated. Trend Micro, one of the pioneers of antivirus software, is arguably the best at endpoint security—Gartner has ranked it as a Leader in this space for over 15 years—but it also has a robust XDR, application, cloud, and network security business.
The value, usability, and capabilities of TMICY further give strong customer satisfaction ratings, making it an appealing choice for SMBs and other organizations that value such characteristics.
- Best Used For Privacy and Compliance
- Founded In The Year 2016
- Annual Revenue Stocks Approx $508.9 million
OneTrust has, with revenue up around 200% since our previous report. With projected yearly sales of $508.9 million, OneTrust's $933 million investment from venture capitalists is starting to appear like a good deal, and its $5.3 billion "unicorn" valuation is fair.
In the wild world of cybersecurity startup capital, OneTrust is beginning to look like a big-time corporation. The seven-year-old privacy compliance firm has soared to prominence by offering risk management, and third-party risk management by riding the wave of data privacy rules like the CCPA and GDPR.
- Best Used ForEase of Use and Value Calculation
- Founded In the Year: 2000
- Annual Revenue Stocks $873.4 million
Wall Street analysts say that Rapid7 (RPD) is achieving long-term growth of 52% annually by combining a robust vulnerability management platform with SIEM and threat detection capabilities, all with an emphasis on value and ease of use.
Rapid7's mix of SIEM, SOAR, MDR, vulnerability management, VMaaS, vulnerability scanning, breach and attack simulation, application security, UEBA, and DevSecOps has landed them on ten of our top product lists. Regarding pricing, Rapid7 has been one of the more transparent cybersecurity vendors—something the sector could use more of.
- Best Used For Ease Of Use and Value Calculation
- Founded In The Year 2002
- Annual Revenue Stocks $1.2 billion
Before going private in 2021, Proofpoint achieved $1 billion in revenue. Thomas Bravo acquired the company. Although we no longer have the same level of information about the company's financial growth rate, Proofpoint's 20%+ sales growth in 2021 was a solid reason to go private.
The Sunnyvale, California-based business Proofpoint has made end-user security its primary focus. Its SECaaS product portfolio includes CASB, data loss prevention (DLP), zero trust, threat intelligence, email security, and email gateways.
Proofpoint provides cloud protection, security awareness training, network sandboxing, email protection, and other services. The company's 2018 acquisition of Wombat Security enabled it to expand into security awareness training, which has placed it in a strong position to handle the largest security vulnerability of all: errors caused by an organization's own end users.
- Best Used For Security Awareness Training
- Founded In The Year 2010
- Annual Revenue Stocks $226.3 million
KnowBe4 was a pioneer in the cybersecurity awareness training industry, giving them an advantage over competitors in the crucial market for employee safety training. That judgment might sound a little harsh, but the majority of cyberattacks, especially the most destructive ones, are still caused by employee mistakes like clicking on malicious links and downloads. This is a crucial technique for lowering cyberattacks: limiting staff error through initiatives like email gateways and training.
Favorable feedback from users and similarly favorable comments from staff members imply that KnowBe4 can be among the greatest places to work in the sector.
After being purchased by Vista Equity Partners for $4.6 billion last year, KnowBe4 went private, making it more difficult to track the company's future development.
- Best Used For Small Office Security
- Founded In The Year 1985
- Annual Revenue Stocks $851 million
Sophos was founded in the 1980s, making Sophos one of the oldest security providers on this list. After being purchased by Thomas Bravo in 2020, the business went private. Since then, it seems that revenues have increased, with services being a key area of focus for the new owners.
Strong security is provided by Sophos in many places, frequently at a discount. Combining WAF, NGFW, UTM, EDR, encryption, XDR, MDR, ransomware eradication, CWPP, and even antivirus has been put forward by Sophos.
In fact, Sophos provides an excellent consumer solution that even makes use of some of its corporate EDR artificial intelligence (AI) capabilities. Sophos has a strong foundation for the developing XDR market because of its other strong points, which include firewalls, network security, and cloud security.
The finest reviews on this list are from customers, demonstrating the high demand for items with superior security, affordability, and usability.
- Best Used For Endpoint Management
- Founded In The Year 1991
- Annual Revenue Stocks $36.5 billion
With the purchase of Symantec's enterprise security division three years ago, Broadcom (AVGO) made a significant entry into the security sector. If it can persuade EU and US regulators to approve its acquisition of VMware, Broadcom plans to expand its security operations even further.
The only cloud now looming over Broadcom's security business is the proposed acquisition, which would give the company access to two of the best EDR products, Carbon Black and Symantec. It remains to be seen how that plays out, but security clients of both firms will undoubtedly be keeping an eye on it.
Symantec with its products comes in the top list. The products include web gateways, managed services, CASB, WAF, endpoint security, encryption, XDR, access management, DLP, and zero trust.
The seasoned security leader, with robust R&D and product teams, isn't willing to sit back and take it all in, instead placing a strategic emphasis on innovation.
As we embark on the journey through 2024, these top 15 IT security companies stand as beacons of innovation and resilience. Whether it's autonomous endpoint protection, cloud-native security, or advanced threat intelligence, each company contributes to shaping a secure digital future. These companies form the best security measures by following digital technology like AI, Cybersecurity, Web 3.0 Technology, and more.
Stay vigilant, stay secure, and let the cybersecurity guardians of 2024 lead the way!