The cloud-native application protection platform (CNAPP) market is poised for substantial growth, projected to rise from $2-billion in 2023 to $6-billion in 2028, representing a 25% 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, according to a recent report from Dell’Oro Group.
“The rapid expansion of the CNAPP market underscores the critical need for robust security solutions as enterprises accelerate their cloud adoption,” says Mauricio Sanchez, senior director: enterprise security and networking at Dell’Oro Group.
“It’s clear enterprises are recognizing the value of CNAPP solutions, and we see significant opportunities for vendors to innovate and capture market share,” adds Sanchez.
Additional highlights from the July 2024 Cloud Workload Security Advanced Research Report:
* CNAPP revenue hit $2-billion in 2023, representing an impressive 48% rise.
* On a quarterly basis, CNAPP revenue rose 40% in 1Q 2024, surpassing $600-million. This marked the 17th consecutive quarter of revenue growth exceeding 40%.
* Palo Alto Networks maintained its leading revenue position with a 17% revenue share in 1Q 2024.
* Wiz experienced the most substantial revenue growth among all vendors in 1Q 2024, achieving a remarkable 105% increase. It is the only vendor to consistently achieve triple-digit revenue growth every quarter since we began tracking in 1Q 2019.