Dell'Oro Group predicted the cloud-native application protection platform (CNAPP) market will see substantial growth over the coming years and projected revene to rise from $2 B in 2023 to $6 B in 2028, representing a 25 percent compounded annual growth rate (CAGR).
This surge is primarily driven by enterprises playing catch-up in securing their cloud deployments and the emergence of CNAPPs as the go-to solution for securing cloud workloads. CNAPP solutions provide comprehensive features that span the application lifecycle of development, deployment, and runtime.
Highlights from the July 2024 Cloud Workload Security Advanced Research Report include the following stats:
- On a quarterly basis, CNAPP revenue rose 40 percent in 1Q 2024, surpassing $600 M. This marked the 17th consecutive quarter of revenue growth exceeding 40 percent.
- Palo Alto Networks maintained its leading revenue position with a 17 percent revenue share in 1Q 2024.
- Wiz experienced the most substantial revenue growth among all vendors in 1Q 2024, achieving a remarkable 105 percent increase. It is the only vendor to consistently achieve triple-digit revenue growth every quarter since we began tracking in 1Q 2019.
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