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September 2024 Cybersecurity Market Update & Trends
Stay informed on September 2024's cybersecurity market trends, investments, major acquisitions, and key insights in this monthly wrap-up.
Mike Privette
October 14, 2024 • Reading Time: 5 minutes
Welcome to the monthly wrap-up issue of Return on Security, where I’ll cover this month’s most relevant cybersecurity market and funding updates. I spend hours collecting, curating, and analyzing this information every week, so you don’t need to - here we go👇
If you want more detailed insights like these and a ton more delivered straight to your inbox each week, you should sign up for the weekly newsletter.
Table of Contents
⚠️ Important: All of the charts are interactive, so you can click around, filter, hover over, and even download the data to get the most out of it. |
By the Numbers
September 2024 saw another billion-dollar month in the cybersecurity industry. Funding for September again reached $1.2 billion, just like in August.
While August 2024 had a 54% reduction in transaction volume, things snapped back to normal for September 2024 with 55 total events across 36 unique product categories.
Most notably, this is the first time in the history of Return on Security that services-based businesses like Professional Services and Managed Security Services Providers (MSSPs) have surpassed funding for product-based cybersecurity companies. Services-based businesses are often overlooked aspects of the cybersecurity industry but make up a majority of the companies in the industry globally.
Here is a breakdown of funding events by product category:
Global Distribution
In September 2024, the cybersecurity sector saw more global variation than in August, with companies from 13 countries securing funding.
America led funding again this month but didn’t dominate the space like it usually does, accounting for just over 46% of the $1.2 billion in funding across 55 events. Canada, Israel, and the United Kingdom accounted for a combined 50% of funding for the month.
Mergers & Acquisitions
September brought with it more high-profile M&A transactions, with the Recorded Future and OwnBackup leading the headlines. Merger and acquisition activity in September saw another slight uptick from August after a slower summer.
Headlines aside, however, Professional Services firms and Managed Security Services Providers (MSSPs), still led the way for cybersecurity M&A in September, making up 44% of transaction volume.
Top Content For the Month
Some of my favorite Great Reads and other content from this past month that you might have missed.
Here are the past weekly newsletters from last month.
Data Methodology and Sources
All of the data is captured point-in-time from publicly available sources.
All financial figures are converted to U.S. dollars (USD) when collected.
Company country locations are pulled from publicly available sources.
Companies are categorized using our own system at Return on Security, and we write all of the company descriptions.
Sometimes, the details about deals, like who led the round, how much money was raised, or the deal stage, might get updated after the issue is first published.
Let us know if you spot any errors, and we’ll fix them.
About Return on Security
Return on Security is all about breaking down the cybersecurity industry for you with expert analysis, hard facts, and real-life stories. The goal? To keep security pros, entrepreneurs, and investors ahead in a fast-moving field. Read more about the “Why” here.
Feel free to borrow any data, charts, or advice you find here. Just make sure to give a shoutout to Return on Security when you do.
Thank you for reading. If you liked this summary, please share it with your friends, colleagues, and anyone interested in the cybersecurity market.