# Cybersecurity Spend

Everything enterprises and governments spend to secure their systems: network, endpoint, identity, cloud, data, security operations, services and hardware.

Theme: Cybersecurity (Technology). Page: https://thematiq.io/themes/cybersecurity/cybersecurity-spend/

## Key facts

- **The build: 21** parts in the Cybersecurity bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 26** companies worth $1.0 trillion, earning on average 85% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the Cybersecurity bill of materials, each read from its own reports.

| Part | Covers |
|---|---|
| Firewall subscriptions and virtual firewalls | ngfw security subscriptions, virtual cloud firewalls, intrusion prevention software, firewall policy management |
| Secure Access Service Edge / Security Service Edge | secure web gateway, casb, ztna, firewall as a service, sase platforms |
| Web application, API, DDoS and bot protection | web application firewall waap, api security, ddos mitigation, bot management |
| Email and messaging security | email security gateways, cloud email security, collaboration messaging security |
| OT/IoT security and network access control | ot ICs security, iot device security, network access control |
| Endpoint protection and EDR | endpoint protection platforms, edr xdr endpoint, mobile threat defense |
| Access management | workforce access management, mfa authentication software, customer iam |
| Privileged access, identity governance and machine identity | privileged access management, identity governance administration, identity threat detection, pki certificate lifecycle |
| Cloud and workload security | data center security software, cnapp cspm, cloud workload protection, container kubernetes security |
| Data security and privacy | data loss prevention, dspm, encryption key management software, database security, data privacy management |
| Application security | application security testing, software composition analysis, software supply chain security, runtime app protection |
| SIEM, SOAR and security analytics | siem platforms, soar automation, ueba security analytics, security data lake |
| Threat intelligence and digital risk protection | threat intelligence platforms, digital risk protection |
| Exposure and vulnerability management | vulnerability management, attack surface management, breach attack simulation |
| Security GRC and awareness training | security grc software, security awareness training, third party risk ratings |
| Managed security services and MDR | managed security services, managed detection response, managed soc |
| Security consulting, integration and incident response | security consulting, security integration services, penetration testing services, incident response forensics |
| Network security appliances | firewall appliances, utm appliances, cross domain data diodes, appliance support maintenance |
| Hardware security modules and authenticators | hardware security modules, authentication tokens smart cards |
| Security silicon | fpgas, DPU SmartNIC, ethernet switch silicon, embedded mpus dsp, security network processors, secure element ICs |
| Security distribution and resale | security value added distribution, security reselling var |

## Largest companies

| Company | Listing | Market value |
|---|---|---|
| Varonis Systems | VRNS.XNAS | $6 billion |
| DBAPPSecurity | 688023.SHG | $753 million |
| Qi An Xin Technology Group | 688561.SHG | $3 billion |
| Telos | TLS.XNAS | $441 million |
| Climb Global Solutions | CLMB.XNAS | $618 million |
| Check Point Software Technologies | CHKP.XNAS | $16 billion |
| OneSpan | OSPN.XNAS | $740 million |
| Qualys | QLYS.XNAS | $8 billion |
| Fortinet | FTNT.XNAS | $128 billion |
| Palo Alto Networks | PANW.XNAS | $323 billion |
| CrowdStrike Holdings | CRWD.XNAS | $273 billion |
| Rapid7 | RPD.XNAS | $1 billion |
| SailPoint | SAIL.XNAS | $13 billion |
| Netskope | NTSK.XNAS | $11 billion |
| SentinelOne | S.XNYS | $9 billion |

By listing country: United States 79%, China 21%.

### What is Cybersecurity Spend?

Everything enterprises and governments spend to secure their systems: network, endpoint, identity, cloud, data, security operations, services and hardware.

### What does Cybersecurity Spend hold?

Listed companies that earn their revenue from the parts it takes to build Cybersecurity: Firewall subscriptions and virtual firewalls, Secure Access Service Edge / Security Service Edge, Web application, API, DDoS and bot protection, Email and messaging security, OT/IoT security and network access control, Endpoint protection and EDR. 26 companies as of 2026-10-28.

### What is not in Cybersecurity Spend?

XDR: Endpoint protection and EDR when priced per endpoint agent, SIEM, SOAR and security analytics when priced by data ingest, not the other; classify by vendor's primary price metric Reseller and distributor margin: Security distribution and resale, not the product bucket; product buckets are weighted at vendor net sell-in price Managed operation fees: Managed security services and MDR, not product buckets; separable licences stay in product bucket

## What it is not

- XDR: Endpoint protection and EDR when priced per endpoint agent, SIEM, SOAR and security analytics when priced by data ingest, not the other; classify by vendor's primary price metric
- Reseller and distributor margin: Security distribution and resale, not the product bucket; product buckets are weighted at vendor net sell-in price
- Managed operation fees: Managed security services and MDR, not product buckets; separable licences stay in product bucket
- Installation and deployment labour: Security consulting, integration and incident response, not the product bucket or Security distribution and resale, unless included in vendor product price
- Vendor-hosted firewall-as-a-service: Secure Access Service Edge / Security Service Edge, not Firewall subscriptions and virtual firewalls; customer-deployed virtual firewalls in VPCs: Firewall subscriptions and virtual firewalls, not Cloud and workload security; datacenter microsegmentation: Cloud and workload security
- Threat intelligence: Threat intelligence and digital risk protection only when sold as a separate SKU, Firewall subscriptions and virtual firewalls or Endpoint protection and EDR when bundled in subscription
- Appliance hardware support and maintenance: Network security appliances, not Firewall subscriptions and virtual firewalls; security service subscriptions: Firewall subscriptions and virtual firewalls, not Network security appliances
- ITDR: Privileged access, identity governance and machine identity, not Endpoint protection and EDR or SIEM, SOAR and security analytics
- Cloud HSM appliance and dedicated HSM: Hardware security modules and authenticators; software or SaaS key management: Data security and privacy, not Hardware security modules and authenticators
- Human-led PTaaS: Security consulting, integration and incident response, not Exposure and vulnerability management or Managed security services and MDR; automated BAS and scanning platforms: Exposure and vulnerability management
- Recurring government SOC contracts: Managed security services and MDR, not Security consulting, integration and incident response; time-bound programs: Security consulting, integration and incident response
- Runtime API protection and discovery: Web application, API, DDoS and bot protection, not Application security; pre-production API testing: Application security
- Content DLP policy on email: Data security and privacy, not Email and messaging security; threat and phishing filtering: Email and messaging security
- ZTNA: Secure Access Service Edge / Security Service Edge, not OT/IoT security and network access control or Access management; on-premises NAC and device posture: OT/IoT security and network access control

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.