Industry Overview - Cybercrime costs are rapidly increasing as reliance on digital systems grows, leading to more opportunities for cybercriminals to attack [1][4] - The global cybersecurity market is projected to grow from $193.7 billion in 2024 to nearly $563 billion by 2032, reflecting a compound annual growth rate of 14.4% [2] - Cybercrime is expected to cost the world $10.5 trillion annually by 2025, a significant increase from $3 trillion in 2015, indicating the escalating financial impact of cyber threats [5] Cybercrime Trends - Cybercrime encompasses various attacks, including ransomware, data theft, online fraud, identity theft, and email scams, affecting not only large companies but also small businesses and individuals [3] - The complexity of digital networks and the growing number of connected devices have expanded the attack surface, making security management more challenging [4][6] Key Cybersecurity Players - CrowdStrike Holdings offers its solutions through the Falcon platform, which is a cloud-native security solution that protects various environments and endpoints [8][10] - Fortinet is a leader in network security, providing solutions through its unified FortiOS platform, which integrates security across multiple systems [13][14] - Zscaler specializes in cloud-based security solutions, with significant growth in areas such as AI Security, Zero Trust, and Data Security, each surpassing $1 billion in annual recurring revenue [17][19] Company Performance - CrowdStrike's Falcon Flex subscription model has driven significant growth, with annual recurring revenue from Flex customers reaching $1.35 billion in Q3 fiscal 2026, more than tripling from the previous year [9][12] - Fortinet's FortiSASE billings grew over 100% year over year in Q3 2025, indicating strong momentum in its security offerings [15] - Zscaler's AI Security segment alone reached $400 million in annual recurring revenue, with expectations to exceed $500 million in fiscal 2026 [18]