As the COVID-19 pandemic led to a rapid shift to digitization with remote working gaining traction, firms also had to focus on the protection of their data and information. Toward that end, cybersecurity emerged as a focal point for organizations to ensure that their information remains safe from various cyber threats like hacking, phishing or other malicious practices.
Notably, the International Data Corporation (“IDC”) mentioned in a
report that worldwide security spending is expected to reach $174.7 billion in 2024 at a CAGR of 8.1% from 2020 to 2024. Moreover, IDC mentioned that security services is set to emerge as “the largest and fastest growing segment of the security market” and it will account for almost half of all spending throughout the forecast with “a 10.5% five-year CAGR.”
Meanwhile, per another estimate by ReportLinker, the global cybersecurity market is expected to witness a CAGR of 10.34% during the forecast period of 2021-2028, as quoted in a
GlobeNewswire article. The article mentioned that the adoption of cloud-based technologies has driven the demand for cloud-based security solutions. Furthermore, the article stated that North America is predicted to be the largest cybersecurity market by 2028, in terms of market share. Notably, remote working has become a trend in the United States, which in turn, is driving the need for digitization, and is also expected to sustain beyond the pandemic. Gartner predicted in a press release that in 2021, the United States will lead in terms of remote workers and account for 52% of the total workforce in the country. Hence, cybersecurity can be expected to remain an integral part of their operations.
Meanwhile, banks and other financial institutions also expect cybersecurity costs to rise further in 2021. Notably, a survey conducted by Deloitte & Touche highlighted that cybersecurity was topping the list of expected budget increases on technology spending, as mentioned in a
Bloomberg article. The article stated that 64% of executives at financial firms globally forecast a rise. This is because the financial institutions want to ensure further safety of their digital financial services which gained popularity during the COVID-19 pandemic. 3 Top Cybersecurity Stocks to Buy Now
The cybersecurity market seems poised to sustain its robust growth going forward as the trend of digitization looks set to continue even beyond the pandemic. This makes it a good time to invest in companies focused on cybersecurity that can make the most of this trend going forward. Notably, we have selected three such stocks that carry a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zscaler, Inc. ( ZS Quick Quote ZS - Free Report) operates as a cloud security company worldwide. The company provides Zscaler Internet Access solution that provides users, servers, operational technology, internet of things, and device secure access to externally managed applications, including software-as-a-service applications and internet destinations. The Zacks Consensus Estimate for its current-year earnings increased 27.6% over the past 60 days. The company’s expected earnings growth rate for the current year is 54.2%. CrowdStrike Holdings, Inc. ( CRWD Quick Quote CRWD - Free Report) provides cloud-delivered solutions for next-generation endpoint protection in the United States. It offers 11 cloud modules on its Falcon platform through the software-as-a-service subscription-based model that covers various security markets. The Zacks Consensus Estimate for its next-year earnings increased 39.1% over the past 60 days. The company’s expected earnings growth rate for next year is 45.5%. Cisco Systems, Inc. ( CSCO Quick Quote CSCO - Free Report) designs, manufactures and sells Internet Protocol based networking and other products related to the communications and information technology industry in the United States. The company provides security products, such as network security, cloud and email security, identity and access management, advanced threat protection and unified threat management products, among others. The Zacks Consensus Estimate for its current-year earnings increased 2.3% over the past 90 days. The company’s expected earnings growth rate for next year is 6.6%. Legal Marijuana: An Investor’s Dream
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