Cybersecurity

Cybersecurity Market by Company

Track enterprise cybersecurity as a consolidation race. Palo Alto, CrowdStrike, Fortinet, and Cisco (plus Splunk) are pulling the stack into platforms, while Microsoft Entra/Defender and Google (Wiz) take wallet as attach. The investment question is who owns the CISO budget versus who is bundled into the cloud and network bill.

Data updated 2026-08-26

The Cybersecurity sector on Sterling tracks 33 companies.

Cybersecurity at a Glance

Disclosed annual recurring revenue, Cisco Security, a Gartner press-release market-size figure, and the two megadeals that changed who is on this page. Not like-for-like metrics.

PANW NGS ARR

$5.58B

FY2025, +32% YoY

Palo Alto FY2025 PR

CRWD ending ARR

$5.25B

FY2026, +24%; $1.01B net new

CrowdStrike FY2026 PR

Cisco Security

$8.23B

FY2026, +2%; Q4 +14%

Cisco FY2026 earnings

ZS ARR

$3.02B

FY2025; billings $3.25B

Zscaler FY2025 PR

Gartner infosec 2025

$213B

End-user spend; 2026 $240B (PR)

Gartner 29 Jul 2025 PR

Wiz deal

~$32B

Google close 11 Mar 2026. Wiz is Alphabet.

Deal PRs

CyberArk close

11 Feb 2026

PANW identity pillar. Not a roster row.

Palo Alto 11 Feb 2026 PR

FTNT billings

$7.55B

FY2025; product revenue $2.22B

Fortinet FY2025 EX-99.1

Disclosed annual recurring revenue and security revenue

Who is actually large. Labels say whether the bar is ARR or revenue. Do not sum them.

Scale by type of business

Platform consolidators versus the rest of the public roster versus consumer. Hyperscaler attach has no disclosed cyber P&L and is omitted.

Companies grouped by type of business

Seventeen newly public companies, eight that also appear on other pages, eight private companies. Wiz is Alphabet. CyberArk is Palo Alto. Splunk is Cisco.

Company	Ticker	Archetype	Watch
Cisco	CSCO	Platform consolidator	Security $8.23B FY2026 after Splunk
Palo Alto Networks	PANW	Platform consolidator	NGS ARR $5.58B; CyberArk closed
CrowdStrike	CRWD	Category leader	ARR $5.25B; Flex $1.69B
Fortinet	FTNT	Category leader	Product $2.22B; SASE Q4 billings +40%
Zscaler	ZS	Category leader	ARR $3.02B; independent SSE
Okta	OKTA	Category leader	RPO $4.83B vs Entra attach
Check Point	CHKP	Category leader	Subscriptions $1.22B
SentinelOne	S	Category leader	ARR $1.06B
Cloudflare	NET	Category leader	FY2025 $2.17B; security not GAAP-split
Rubrik	RBRK	Category leader	Sub ARR $1.35B
SailPoint	SAIL	Category leader	Re-IPO; ARR $925M
Gen Digital	GEN	Consumer	Cyber Safety $3.34B FY2026
F5	FFIV	Category leader	FY2025 $3.09B
Akamai	AKAM	Category leader	Security $2.24B
Qualys	QLYS	Category leader	FY2025 $669M
Varonis	VRNS	Category leader	ARR $745M, 86% SaaS
Tenable	TENB	Category leader	FY2025 $999M
Microsoft	MSFT	Hyperscaler attach	Entra/Defender; no security segment
Alphabet	GOOGL	Hyperscaler attach	Wiz + Mandiant
Amazon	AMZN	Hyperscaler attach	AWS security services
IBM	IBM	Hyperscaler attach	QRadar / consulting
Broadcom	AVGO	Hyperscaler attach	Symantec enterprise
Oracle	ORCL	Hyperscaler attach	OCI / identity bundle
ServiceNow	NOW	Hyperscaler attach	SecOps; Armis process
Palantir	PLTR	Hyperscaler attach	Gotham/AIP; Defense dual-home
Netskope	private	Private	SASE peer to Zscaler
Snyk	private	Private	AppSec IPO candidate
Tanium	private	Private	Endpoint operations
Cyera	private	Private	DSPM
Abnormal AI	private	Private	Email security
Island	private	Private	Enterprise browser
Armis	private	Private	OT/IoT; NOW overlay
Arctic Wolf	private	Private	MDR

Gartner Infosec Spend (Press Release)

Worldwide end-user spending $213B in 2025 and $240B in 2026 per the 29 July 2025 Gartner PR. No Magic Quadrant positions.

How public and private companies make money

How these companies make money: platforms, SASE, XDR, identity, data, consumer, hyperscaler attach, and the privates.

Platform consolidators

Buying the stack. Splunk is Cisco. CyberArk is Palo Alto.

Cisco$CSCOUS

Palo Alto Networks$PANWUS

Network / SASE / firewall

Appliance cash plus cloud SSE.

Fortinet$FTNTUS

Zscaler$ZSUS

Check Point$CHKPIL

F5$FFIVUS

Cloudflare$NETUS

Akamai$AKAMUS

Endpoint / XDR

EDR-out platforms.

CrowdStrike$CRWDUS

SentinelOne$SUS

Identity

Independent IAM/IGA. PAM is inside PANW.

Okta$OKTAUS

SailPoint$SAILUS

Data / exposure

Cyber resilience, DSPM, VM.

Rubrik$RBRKUS

Varonis$VRNSUS

Tenable$TENBUS

Qualys$QLYSUS

Consumer

Different wallet.

Gen Digital$GENUS

Hyperscaler attach (dual-home)

No disclosed cyber segment except Cisco, which is listed above. Wiz is Alphabet.

Microsoft$MSFTUS

Alphabet$GOOGLUS

Amazon$AMZNUS

IBM$IBMUS

Broadcom$AVGOUS

Oracle$ORCLUS

ServiceNow$NOWUS

Palantir$PLTRUS

Private

On the roster, no FMP.

NetskopeprivateUS

SnykprivateUS

TaniumprivateUS

CyeraprivateUS

Abnormal AIprivateUS

IslandprivateUS

ArmisprivateUS

Arctic WolfprivateUS

Companies in the Cybersecurity sector (33)

Frequently asked questions

What is the Cybersecurity sector?

Which companies lead the Cybersecurity sector?

Sterling tracks 33 companies in Cybersecurity, led by Cisco (CSCO), Palo Alto Networks (PANW), CrowdStrike (CRWD), Fortinet (FTNT), Zscaler (ZS) and Okta (OKTA).

How can I invest in the Cybersecurity sector?

Publicly traded names in Cybersecurity include Cisco (CSCO), Palo Alto Networks (PANW), CrowdStrike (CRWD), Fortinet (FTNT) and Zscaler (ZS). Compare them side by side on Sterling. Data last updated August 26, 2026.

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