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1 / 29 2021 02 18 - -2021.2.7 - -2021.1.31 - -2021.1.24 S0790520080001 S0790520090001 CASB CSPM CWPP SASE IT IDC 2020 IT 1.1% 5% 2020 53.2 2023 108.9 Palo Alto Prisma CWPP CSPM CASB SASE + Palo Alto Networks Evident.io RedLock PureSec Twistlock McAfee Skyhigh 2019 1334.5 38.6% 2020-2022 2023 3754.2 3%-5% 2023 112.6 -187.7 CWPP CASB CSPM CASB SCPM SASE -31% -15% 0% 15% 31% 46% 2020-02 2020-06 2020-10 2021-02 3002 / 29 1 . 4 1.1 . 4 1.2 CASB CSPM SASE . 8 1.3 . 16 2 . 17 2.1 . 17 2.2 + . 20 3 . 23 4 . 27 5 . 27 1 . 5 2 . 6 3 . 6 4 . 7 5 AWS Azure . 7 6 CASB CSPM . 9 7 Gartner 2020 . 9 8 CASB . 10 9 CASB . 11 10 2018-2023 CASB 49.0% . 11 11 Gartner 2020 CASB . 12 12 CSPM IaaS PaaS . 13 13 . 14 14 CWPP . 14 15 SASE . 15 16 2027 209 . 16 17 Zscaler . 17 18 Zscaler Internet Access . 18 19 Zscaler Private Access . 18 20 2017-2020 Zscaler 50% . 18 21 2019Q2-2021Q1 Zscaler . 18 22 CrowdStrike Falcon . 19 23 CrowdStrike . 19 24 2019 120% . 19 25 2018-2020 CrowdStrike 100%. 20 26 Zscaler PS . 20 27 CrowdStrike PS . 20 28 Palo Alto . 21 29 Prisma Access SASE . 22 30 Prisma Cloud . 223 / 29 31 Palo Alto . 22 32 . 23 33 2020 ICT . 24 34 . 25 35 Gartner CWPP . 26 36 Gartner CWPP . 26 37 SASE . 27 1 Gartner . 4 2 AWS . 8 3 IT . 16 4 Palo Alto . 21 5 MVISION Cloud . 23 6 . 24 7 2021.2.18 . 274 / 29 1 1.1 Gartner secure-access-service-edge Gartner 2021 18.4% 3049 2020 2575 COVID-19 IT Gartner 2024 IT 14.2% 2020 9.1% 1 Gartner 2019 2020 2021E 2020E Cloud Business Process Services (BPaaS) 45,212 44,741 47,521 50,336 Cloud Application Infrastructure Services (PaaS) 37,512 43,823 55,486 68,964 Cloud Application Services (SaaS) 102,064 101,480 117,773 138,261 Cloud Management and Security Services 12,836 14,880 17,001 19,934 Cloud System Infrastructure Services (laaS) 44,457 51,421 65,264 82,225 Desktop as a Service (DaaS) 616 1,204 1,945 1,542 Total Market 242,696 257,549 304,990 362,263 Gartner BPaaS = business process as a service IaaS = infrastructure as a service PaaS = platform as a service SaaS = software as a service Note Totals may not add up due to rounding IDC 2019 RSA5 / 29 1 IDC IT IT IT/OT IT/CT 5G Docker/Kubernetes Kubernetes Docker Hub Azure Kubernetes Graboid6 / 29 2 CNCF CSA 20 concerns 12 : API APT DoS 3 CSA AWS Azure IaaS CSP7 / 29 PaaS CSP SaaS CSP (CSP) 4 CSP AWS Azure 5 AWS Azure Forrester AWS AWS ID8 / 29 2 AWS AWS Identity & Access Management AWS Identity & Access Management (IAM) (SSO) AWS Single Sign-On Microsoft Active Directory AWS Directory Service Amazon Cognito AWS Secrets Manager AWS AWS Resource Access Manager AWS Security Hub Amazon GuardDuty Amazon Inspector Amazon Macie Amazon Detective DDoS AWS Shield Web AWS Web (W AF) AWS Firewall Manager AWS Key Management Service (KMS) AWS Cloud HSM SSL/TLS AWS Certificate Manager AWS McAfee Palo Alto + Zscalar Crowstrike 1.2 CASB CSPM SASE IDS IPS IDS IPS CSP API CASB CSPM CWPP SASE CASB CSPM CWPP9 / 29 IaaS 6 CASB CSPM Gartner 2020 2019 CASB CSPM CWPP SASE 7 Gartner 2020 Gartner10 / 29 CASB Gartner CASB CASB 8 CASB Gartner McAfee CASB (1) CASB IT (2) CASB DLP (3) CASB AAC CASB UEBA (4) CASB CASB CASB11 / 29 9 CASB CASB Gartner 2022 60% CASB 2018 CASB Apps Run The World CASB 2018 21 2023 157 49.0% 10 2018-2023 CASB 49.0% Apps Run The World CASB McAfee Netskope Symantec Microsoft Oracle Forcepoint Cisco CASB Gartner 2020 CASB CASB McAfee Netskope Microsoft Bitglass12 / 29 11 Gartner 2020 CASB Gartner CSPM CWPP Cloud Workload Protection Platforms CWSS CWSS CSPM CWSS CSPM IaaS PaaS SaaS CSPM13 / 29 12 CSPM IaaS PaaS Gartner (CSPM) CSPM IP CSPM CSPM CSPM DevSecOps CSPM DevOps Gartner 2019 CWPP 12.5 2023 25 CWPP Gartner CWPP 2016 Gartner CWPP CWPP 2020 Gartner CWPP 14 / 29 & & IT IDC Serverless run-time - 13 McAfee CWPP Gartner 8 HIPS EDR / / / 14 CWPP Gartner15 / 29 SASE Gartner SASE / / SASE ( SD-W AN) ( SWG CASB FWaaS) 15 SASE Gartner Gartner SASE 1 IP 2 SASE 3 SASE (SD-WAN) 416 / 29 SASE Gartner Gartner 2024 SASE 2019 19 110 2024 40% SASE 2018 1% SASE IT CDN VMware Palo Alto Networks Cato Networks Akamai 1.3 IT IDC 2020 IT 1.1% 5% 2020 53.2 2023 108.9 3 IT 2020 2023E Cloud IT Spend IaaS and PaaS Vendor Revenue Estimate IDC $106.4 Billion $217.7 Billion Cloud Security Spend Worldwide Hybrid Cloud Security Revenue Eatimate IDC $1.2 Billion $2.0 Billion Cloud Security Spend as of Cloud IT Spend 1.1% 0.9% IDC Million Insights 2020 2027 14.6 2027 209 16 2027 209 Million Insights17 / 29 2 Palo Alto Prisma CWPP CSPM CASB SASE Cloud Passage CWPP CSPM CASB + Palo Alto Networks Evident.io RedLock PureSec Twistlock Check Point Dome9 McAfee Skyhigh 2.1 Zscaler Crowstrike Okta Zscalar Zscaler 2008 4500 185 2000 450 Zscaler Internet Access ZIA Zscaler Private Access ZPA Zscaler Digital Experience ZDX Workload Segmentation 17 Zscaler Zscaler Zscaler Zscaler Internet Access ZIA Zscaler Private Access ZPA Zscaler Internet Access Zscaler Private Access18 / 29 18 Zscaler Internet Access 19 Zscaler Private Access Zscaler Zscaler 2017-2020 Zscaler 50% FY21Q1 122% 20 2017-2020 Zscaler 50% 21 2019Q2-2021Q1 Zscaler Zscaler Zscaler Crowstrike CrowdStrike 2011 CrowdStrike Falcon Falcon Falcon SaaS 11 IT 51% 59% 42% 0% 10% 20% 30% 40% 50% 60% 70% 0.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 YOY 65% 61% 53% 48% 36% 40% 46% 52% 0% 10% 20% 30% 40% 50% 60% 70% 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 YOY19 / 29 22 CrowdStrike Falcon CrowdStrike 2017-2020 100% 2021 Q3 8416 100 49 2019 120% 23 CrowdStrike 24 2019 120% CrowdStrike CrowdStrike 2018-2020 100% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 123% 127% 127% 147% 142% 133% 131% 124% 110% 115% 120% 125% 130% 135% 140% 145% 15020 / 29 25 2018-2020 CrowdStrike 100% CrowdStrike Zscaler CrowdStrike PS 1 2 Zscaler CrowdStrike ARUP 3 Zscaler CrowdStrike 26 Zscaler PS 27 CrowdStrike PS Wind Wind 2.2 + Palo Alto McAfee Palo Alto Palo Alto 2005 Palo Alto App-ID User-ID Content-ID 92.6 219.4 436.3 26.2 30.4 45.1 0.00 100.00 200.00 300.00 400.00 500.00 600.00 58.02 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 PS(TTM PS(TTM 63.18 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 PS(TTM) PS(TTM21 / 29 28 Palo Alto Gartner Palo Alto 2018-2020 Evident.io Red Lock PureSec Twistlock CloudGenix 4 Palo Alto 2018.3 Evident.io 3 API 2018.8 Red Lock 1.73 AI 2019.5 PureSec - PureSec 2019.5 Twistlock 4.2 2019.11 Aporeto 1.5 2020.4 CloudGenix 4.2 SD-WAN CloudGenix 2020.8 Crysis 2.65 2020.11 Expanse 8 Palo Alto 2019 6 Prisma Prisma SaaS Prisma 1 Prisma Access SASE22 / 29 2 Prisma Cloud 2020 10 Palo Alto Prisma Cloud 2.0 CNSP Palo Alto Networks Prisma Cloud Web API IAM 3 Prisma SaaS CASB SaaS 4 VM-Series Palo Alto Networks 29 Prisma Access SASE 30 Prisma Cloud Palo Alto Palo Alto Palo Alto Prisma Cortex VM 2018 8% 2020 20% 31 Palo Alto Palo Alto McAfee 239 452 928 89.1% 105.3% 80.0% 85.0% 90.0% 95.0% 100.0% 105.0% 110.0% 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00 1,000.00 YOY23 / 29 McAfee MVISION Cloud 2017 CASB Skyhigh MVISION Cloud MVISION Cloud CASB CSPM CWPP SSPM SWG McAfee CASB 2020 Gartner Peer Insights Customer Choice 5 MVISION Cloud MVISION Unified Cloud Edge MVISION Unified Cloud Edge Web Secure Access Service Edge (SASE) MVISION CNAPP MVISION CNAPP (CSPM) (CWPP) MVISION Cloud (CASB) Next-gen Secure Web Gateway McAfee Next-gen Secure Web Gateway SASE MVISION Cloud for Container Security McAfee Cloud Workload Security McAfee CWS McAfee Virtual Network Security Platform McAfee vNSP (IPS) McAfee 3 2019 1334.5 38.6% 2020-2022 2023 3754.2 3%-5% 2023 112.6 -187.7 32 Gartner 2020 ICT 691.6 962.8 1334.5 1781.8 2308.2 2951.5 3754.2 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 0.00 500.00 1,000.00 1,500.00 2,000.00 2,500.00 3,000.00 3,500.00 4,000.00 YOY24 / 29 33 2020 ICT Gartner ICT 5 Gartner 1 IaaS Openstack EasyStack Openstack VLAN 2 Gartner CWPP CASB SaaS CSPM CASB SCPM SASE 625 / 29 NCSS-C WCP CCSS PAWSS NCSS Web WAF SaaS SaaS Web ( ) DDOS 7*24 ( ) WAF IDS IPS IDC 2019 7960 78.3% 34 IDC CWPP Gartner CloudHive Gartner CWPP Gartner26 / 29 & & & / EDR& / K8S CWPP CloudHive & 35 Gartner CWPP 36 Gartner CWPP SASE 2020 9 10 SASE Sangfor Access SIA SPA SAP Sangfor Internet Access SIA SaaS SD-W AN URL / Sangfor Private Access SPA SDP VPN POP Sangfor Analytics Platform SAP UEBA27 / 29 37 SASE 4 IT 7 2021.2.18 PE PS 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 300454.SZ 1305 8.03 10.84 14.60 164 122 90 24 17 13 688561.SH 733 -3.28 0.06 4.85 -223 12901 151 17 13 10 688023.SH 190 1.37 1.91 2.56 138 99 74 14 10 8 002439.SZ 292 8.54 11.09 14.02 34 26 21 7 6 5 300369.SZ 102 3.05 4.30 5.82 33 24 18 5 3 3 002212.SZ 226 5.70 7.97 10.77 40 28 21 - - - - 300188.SZ 148 4.08 5.33 6.67 36 28 22 6 4 4 688030.SH 61 1.07 1.37 1.74 40 28 21 7 5 4 - Wind Wind 528 / 29 2017 7 1 R4 C4 C5 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50029 / 29 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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