CFRA Research believes cybersecurity is now at least a $20 billion business for Microsoft (NASDAQ:MSFT), the firm's analysts said in a research note Thursday.
The analysts stated that Microsoft is the largest cybersecurity player in the market and is gaining market share.
"Back in late January 2023, the company's CEO Satya Nadella highlighted that its security revenue had exceeded $20 billion over the last twelve months, implying an approximately 33% growth from the previous year, and up 50% from the year before," wrote the analysts. "According to MSFT, the company is taking share in the industry as customers consolidate their security needs with the tech giant. The number of customers with four or more workloads increased 36% Y/Y in Microsoft's March quarter."
They added that the tech giant's security suite is "one of the most comprehensive in the market today."
"Not surprisingly, most cybersecurity pure-play vendors count MSFT as a rival as they vie from the same pool of enterprise customers. The performance of MSFT's products has been competitive, as they rank well in many industry assessment reports. For example, technology research firm Gartner positioned MSFT in the Leader quadrant for Endpoint Protection Platforms (EPP), SIEM, Access Management, Enterprise Information Archiving, and Unified Endpoint Management," wrote the analysts.