2Q Cyber Resilience Survey: Threat Landscape Driving Healthy Demand

Research evidence excerpt

2Q Cyber Resilience Survey: Threat Landscape Driving Healthy Demand

Software

Equity Research

July 13, 2026

Positive Skew on 2H26 Spend Acceleration. 38% of CVLT VARs expect Chart 34 - 38% of CVLT VARs Expect 2H26 Spend Growth Acceleration

CVLT spending growth to accelerate in 2H26 vs 1H26. 44% expect growth to 50%

remain stable, while 19% expect a deceleration. 45% 44%

40% 38%

35%

30%

25%

19% 20%

15%

10%

5%

0%

Expect it to accelerate Expect it to stay the same Expect it to decelerate

.

Source: Jefferies Proprietary Cyber Resilience VAR Survey (Jul '26, N=16)

VAR Commentary on CVLT Demand Trends

Key Themes

Mixed Demand: CVLT VARs saw the strongest demand for cyber resilience offerings, and refresh•

projects, while new logos were more pressured.

Variable Deal Timing: VARs reported mixed deal timing, with security-driven projects and AI-related•

concerns accelerating some opportunities, while budget scrutiny, supply chain and shifting customer

priorities contributed to deal delays and project pushouts.

Competitive Pressure / Channel Weakness: VARs noted signs of competitive pressures from Rubrik,•

Cohesity, Veeam, and large cloud providers, driving more competitive evaluations, increased pricing

pressure, and alternative deployment considerations among customers.

Mixed Demand

“Commvault has shown a mixed performance in demand trends over the last three months.•

Commvault has experienced steady demand for its data protection and cyber resilience software

however we have seen a slowdown in SaaS annual recurring revenue growth. Discounting has been

fair but not significant.”

“Customers have remained, but new customer acquisition is down compared to previous years.”•

“Metallic SaaS saw consistent growth, driven by Microsoft 365 protection and cyber resilience•

needs.