Cybersecurity’s importance is immense in today’s online world. The growing demand for network security services has increased the potential of cybersecurity firms.
Cyberattacks and online security threats are hovering as the attackers are looking for weak links to get access to your database. Whether it’s a small scale or a large-scale enterprise, cyberattacks have taken down various firms in recent times.
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With the evolution of the Internet of Things (IoT), the cybersecurity industry has developed into a massive market. The companies utilize cybersecurity services—both software and hardware—to ensure that the firm’s data and computing devices are secure. Moreover, governments and defense organizations are also using cybersecurity services to secure their national assets from hackers.
The importance of cybersecurity has increased over the past few years. According to Statista, spending on cybersecurity solutions will increase to approximately $250 billion by 2023. So, let’s have a look at three of the best cybersecurity stocks to watch for in 2021.
CrowdStrike (CRWD) has been a hot cybersecurity firm in the market. CRWD stock rallied in 2020—especially in December following the Sunburst hack. CrowdStrike is leading the cybersecurity industry towards cloud-based computing. The could ecosystem provides endpoint security which protects data at the device level.
In that premise, CrowdStrike and the shareholders of the company tend to benefit from the remote work trend. The firm is also focused on IoT and uses machine learning, AI, and behavioral analytics to support its threat detection system.
The technological background allows the company to provide different tools to its customers to benefit from valuable network effects. As the ecosystem of CrowdStrike expands, it enhances the threat detection system of the company. So, this helps in strengthening the cyberdefenses of companies that are part of the CrowdStrike network.
With all the basics covered, advanced technology dynamics have helped CrowdStrike’s growth. In the third quarter of 2020, the company reported its revenue at $232.5 million, up by 86% from the past year. The increase in revenue was driven by strong customer gains.
Most importantly, CrowdStrike (CRWD) stands tall with potential long-term growth. In the coming year, the demand for CrowdStrike’s endpoint services will skyrocket—as IoT devices are expected to soar up to 75 billion by 2025, as per Statista. So, CrowdStrike stock leads among the cybersecurity space.
SailPoint Technologies (SAIL)
SailPoint Technologies (SAIL) is a tech company that provides identity management and governance solutions to the corporate world. The company specializes in pre-packaged software solutions to minimize risks in sensitive data for governments, education, healthcare, and various other sectors.
SailPoint through its pre-packaged software allows its customers to secure their data from going into the wrong hands. The company has established itself as a prominent cybersecurity solution provider in the market. In third-quarter 2020, the company reported notable growth in the number of sizable SaaS wins.
The net revenue was reported at $94 million, up by 24% year-over-year, and was 12% ahead of the guidance range. The subscription revenue increased by a whopping 36% and the company expects the subscription revenue to grow in the following quarter as well.
The growth of SaaS-based services will be beneficial for SailPoint Technologies (SAIL) in the long-term and will attract new customers in the coming years.
Fortinet (FTNT) is a leading firm that develops and markets cybersecurity products and services like intrusion prevention, anti-virus, and endpoint security. The company provides its services to enterprises, government organizations, and other service providers.
Fortinet is a well-known cybersecurity solutions distributor in both hardware networking and software endpoints.
Early in December 2020, the company announced that it had acquired Panopta, a SaaS-based innovation platform. Recently, the company announced that its self-paced advanced security courses will remain free beyond 2021. The basic objective of the company is to develop a diverse cybersecurity workforce and provide free security training to everyone worldwide.
Fortinet already holds a strong position in the cybersecurity industry and this will help the company as the market of cybersecurity expands over time. In the first three quarters of 2020, the product-based revenue increased by 14% to $628 million year-over-year.
Fortinet (FTNT) stock has massive potential and in the coming years, its services and product revenue will increase further. So, FTNT is a reasonable cybersecurity stock that can turn you into a millionaire.