Microsoft has grown its security business to over $20 billion per year, and the new effort might help the software maker reach $100 billion by 2030.
"This is the potentially the largest and last major cybersecurity market that Microsoft has yet to enter and it is now competing with cloud network security providers, mainly ZS, NET, PANW," Morgan Stanley analysts led by Hamza Fodderwala wrote in a Tuesday note. Still, they said gaining meaningful market share in SSE could prove more difficult than in other parts of security because of a lack of structural tie-ins with Microsoft software.
The same presence doesn't exist for network security/SASE, which we think is more complex given the need to enforce policy in heterogeneous environments," wrote the analysts, who have the equivalent of a buy rating on Microsoft shares. Analysts at UBS, with a hold rating on the stock, said Zscaler's 4.5% downward move on Tuesday appeared to be " overdone, especially when considering ZS's near-exclusive focus on the enterprise segment and the expectation that the initial Microsoft Security Edge solution will be primarily aimed at SMBs."
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