Cyber Survey - Budgets Appear to Be Inflecting

研报英文原文证据摘录

Cyber Survey - Budgets Appear to Be Inflecting

erformance to plan

deltas and 2H spend expectations that are now net neutral (improved vs expects for decel). Chart 2 - MSFT & OKTA Overtake CyberArk as

Favorite to Win Agentic Security

2026 Cyber Growth Revised Upward. Our survey cohort suggests 2026 growth of 9.6% yoy, which Who has the right to win the agentic identity

security market?

is an upward revision from the previous expectation for 7.1% yoy growth, and would be roughly in 50%

line with the 9.8% yoy growth seen in 2025. We believe these results indicate some benefit post 45%40% 36% 36% 44%

Mythos release and potential better visibility into pipelines. SASE remains the area of cyber expected 35%30% 32% 32% 32%

to grow fastest in 2026, followed by Identity and Cloud (all in-line with 1Q survey). 25%20% 16% 16% 24% 16% 16% 16%

15% 12% 12%

10%

Change at the Identity Podium. MSFT and OKTA overtook CyberArk as the leader for the right to 5%0%

win the agentic identity security market, both garnering 36% of selections, as opposed to CyberArk's Microsoft Okta CyberArk HashiCorp)IBM (incl SailPoint Amazon Google

32% (note respondents could select up to three vendors). We see these results as particularly . 2Q26 1Q26

Source: Jefferies Security VAR Survey (Jul '26 (N=25), Apr '26

noteworthy for OKTA considering it previously received 16% of responses and could be an indication (N=25))

of agentic messaging and product releases taking hold with customers. Note that CyberArk, which

was recently acquired by PANW, also had the largest qoq decline vs plan (though they were arguably Chart 3 - 80% expect budget benefit from

Mythos induced worries in CY26

the best performer in 1Q, thus setting up a tough comp).