The cybersecurity industry looks to be one of the best in terms of future growth rates. Statista estimates the worldwide market will growth from $184 billion in 2020 to $248 billion in 2023. That a 35% increase. Good, but I have better.
The average revenue growth of my six cyber stocks is estimated to be 41% — this year alone.
This group of rapid-growers is lead by Crowdstrike (CRWD) at 56%, with Zscaler (ZS) close behind at 54%. Next up, login password security company Okta (OKTA) is expected to deliver 46% revenue growth, with edge computing/cybersecurity company Cloudflare (NET) at 43%. Rounding out the list are the two biggest in network security, Palo Alto Networks (PANW) and Fortinet (FTNT) at 24% and 25% respectively.
But revenue growth is one thing, and stock growth is another. So in this month’s newsletter we look at where I think these top cybersecurity stocks headed, both this year and next.