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Global Cybersecurity Becoming Increasingly Vital as Market Revenues are Now Part of a Multi-Billion Dollar Industry Opportunity
Globe Newswire 11-Oct-2024 9:00 AM
PALM BEACH, Fla., Oct. 11, 2024 (GLOBE NEWSWIRE) -- FN Media GroupNews Commentary - The global cyber security market size, which was estimated at USD 222.66 Billion in 2023 is projected to grow at a compound annual growth rate (CAGR) of 12.3% through 2030 according to a report from Grand View Research. The report said: "A growing number of cyber-attacks owing to the proliferation of e-commerce platforms, emergence of smart devices, and deployment of cloud are some key factors propelling market growth. Moreover, increasing usage of devices equipped with the Internet of Things (IoT) and intelligent technologies is expected to increase cases of cyber threats. As such, end-user organizations are anticipated to integrate advanced cyber security solutions to mitigate cyber-attack risk, supporting the cyber security market growth. With cyber environment emerging as a highly integrated system, need for an adaptive, multi-layered, and self-learning security system has become imperative. In addition, factors such as emergence of mobile-networked devices, prevalence of electronic communications, growth of social media, and an increasing reliance on Big Data have created a need for defense cybersecurity system to be updated with the changing cyber threat scenario. Governments have increased their spending on cybersecurity solutions to protect devices and confidential data from cyberattacks, supporting market growth." Active Companies in the industry includes: Plurilock Security Inc. (OTCQB:PLCKF) (TSXV:PLUR), BlackBerry Limited (NYSE:BB), Palo Alto Networks (NASDAQ:PANW), Zscaler, Inc. (NASDAQ:ZS), Palantir Technologies Inc. (NYSE:PLTR).
The article continued: "Advancements in emerging technologies, such as AI in cyber security, Machine Learning (ML), big data analytics, IoT, 5G, edge computing, and cloud computing, are allowing market players to introduce new solutions based on these technologies, attract potential business clients, and expand their revenue streams. Stringent regulations being drafted by various governments regarding data security and privacy protection & compliance are particularly expected to drive demand for enterprise cybersecurity solutions. The surge in cyber threats has propelled the demand for cyber security jobs globally, driving the expansion in the cyber security market as organizations seek for skilled professionals to fortify their digital defenses and protect against evolving cyber risks. Services segment accounted for the largest revenue share (in recent years). Strong preference of organizations for deploying suitable cyber security solutions based on organizational structure is driving the adoption of cyber security services across several industries and sectors."
Plurilock Security Inc. (OTCQB:PLCKF) (TSXV:PLUR) and CrowdStrike Partner to Secure Critical Infrastructure and Organizations - Plurilock Critical Services team to leverage the CrowdStrike Falcon platform, securing infrastructure critical to democratic nations and economies with industry-leading AI-native protection - Plurilock Security Inc. ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, and CrowdStrike (NASDAQ:CRWD) are pleased to announce a new partnership to secure critical infrastructure in democratic nations and economies against modern threats. Plurilock will provide sales and support of the AI-native CrowdStrike Falcon® cybersecurity platform to help power Plurilock's Critical Services business unit.
Through the partnership, Plurilock will collaborate with CrowdStrike to deploy the Falcon platform and related Plurilock Critical Services to key Plurilock customers that are seeking to modernize or optimize their security operations for today's surging threat environment. Both companies have deep expertise in AI and cybersecurity, with Plurilock having been founded on AI as a cybersecurity research spin-out, and CrowdStrike providing the world's most advanced AI-native cybersecurity platform.
"Plurilock Critical Services secures enterprise customers that are of key importance to the world's democracies—and that are increasingly targeted by sophisticated attacks," said Ian L. Paterson, CEO of Plurilock. "The CrowdStrike Falcon platform enables our Critical Services team to consolidate point products, remove complexity, and deliver comprehensive visibility and real-time protection across the enterprise. This partnership enables us to provide some of the most demanding customers in existence with the solution best able to address the threats they currently face."
"Collaborating with innovative partners like Plurilock is core to CrowdStrike's mission of stopping breaches," said Daniel Bernard, chief business officer, CrowdStrike. "Plurilock customers are targeted by the world's most sophisticated adversaries, and require the most advanced technology and elite services to safeguard their critical assets. We look forward to leveraging the power of the Falcon platform to achieve our shared objectives and stop advanced threats." CONTINUED…Read this and more news for Plurilock Security at:https://plurilock.com/company/press-and-coverage/
In other industry news of interest:
BlackBerry Limited (NYSE:BB) recently reported financial results for the three months ended August 31, 2024 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated). "BlackBerry reached a significant milestone on our path to profitability by recording breakeven adjusted EBITDA and non-GAAP EPS. This result was achieved through a combination of stronger than expected, double-digit revenue growth for both IoT and Cybersecurity, as well as tremendous ongoing progress in rationalizing our cost structure. Operating expenses for the quarter were 24% lower than the baseline for the prior year," said John J. Giamatteo, CEO, BlackBerry. "QNX delivered strong royalty revenue again this quarter, and there was year-over-year revenue growth for the secure communications products in our Cybersecurity division."
The Second Quarter Fiscal 2025 Financial Highlights Were: Total company revenue was $145 million; Total company non-GAAP gross margin was 66% and GAAP gross margin was 65%; IoT revenue grew 12% year-over-year and exceeded previously-provided guidance at $55 million; IoT gross margin increased by 1 percentage point to 82%; Cybersecurity revenue grew 10% year-over-year and exceeded previously-provided guidance at $87 million; Cybersecurity gross margin increased by 1 percentage point year-over-year to 55%; Cybersecurity ARR was flat year-over-year at $279 million; DBNRR increased by 7 percentage points year-over-year and sequentially for the fourth consecutive quarter to 88%; Licensing revenue was $3 million; Non-GAAP operating loss was $4 million and GAAP operating loss was $21 million; Non-GAAP earnings per share improved by $0.04 year-over-year to breakeven, beating the previously-provided guidance. GAAP basic loss per share also improved by $0.04 year-over-year to $0.03; Adjusted EBITDA improved by $22 million to breakeven for the quarter; and Total cash, cash equivalents, short-term and long-term investments was $265 million; Operating cash usage beat expectations and improved by $43 million year-over-year to $13 million.
Palo Alto Networks (NASDAQ:PANW) and Deloitte recently announced an expansion of their strategic alliance into EMEA and JAPAC regions, making Palo Alto Networks® AI-powered cybersecurity solutions and joint offerings available to Deloitte clients globally. The new agreement builds on the long-standing collaboration between the two organizations, accelerating the adoption of leading cybersecurity capabilities and helping clients realize the benefits of platformization.
Many organizations struggle to manage an increasing number of cybersecurity products to secure their business. This can create a heterogeneous environment that may increase operational complexity and difficulty to achieve essential security outcomes. Platformization, the shift to an integrated platform as opposed to incompatible point solutions, helps reduce the boundaries of these disparate solutions to help organizations enhance security posture while driving operational efficiencies. Embracing this, Deloitte has consolidated multiple point solutions by adopting Palo Alto Networks Cloud and Network Security platforms.
Zscaler, Inc. (NASDAQ:ZS), the leader in cloud security, recently announced that the Zscaler Zero Trust Exchange™ cloud security platform has surpassed half a trillion daily transactions which is nearly 60 times greater than the total number of Google searches per day. This milestone underscores the unparalleled scalability, resilience, and trust customers have placed in the Zscaler platform, which enables organizations to secure users and applications, simplify operations, and advance their business. By extracting security signals from the half a trillion daily transactions and analyzing them with advanced AI models in real-time, Zscaler has the ability to gain a comprehensive understanding of the evolving threat landscape. This advancement delivers customers superior threat detection, prevention, and response capabilities.
The Zscaler Zero Trust Exchange is the world's largest security cloud that delivers comprehensive security for users, devices, workloads and applications. The platform is built on the principle of least-privileged access to establish trust based on user identity and context—including location, device, application, and content—and then creates secure, direct user-to-app, app-to-app, and machine-to-machine connections. Zscaler services 8,600+ customers and 47+ million users, processing over half a trillion daily transactions and health performance and security metrics. Building a cloud of this magnitude and capacity takes deep experience and investment across four key areas: Scale, Resilience, Performance, and Zero Trust Connectivity.
Palantir Technologies Inc. (NYSE:PLTR), a leading builder of artificial intelligence systems, and APA Corporation (APA), a leading oil and gas company, recently announced a multi-year, multi-million-dollar extension to their enterprise agreement originally signed in 2021. The agreement builds on the work deployed across APA's global portfolio over the past three years and introduces new artificial intelligence capabilities with Palantir's Artificial Intelligence Platform (AIP) software.
Over the past three years, Palantir has partnered with APA to deploy the software across use-cases as varied as operational planning, supply chain management, maintenance planning, production optimization, and contract management. Palantir's AIP software has enabled APA to move quickly against opportunities across their portfolio, including newly acquired assets. Palantir has helped APA improve production equipment reliability via real-time monitoring, optimize raw material logistics, and leverage AIP across contract and invoice documents to detect anomalies against source systems.
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