The Fastest Growing Software Sectors in 2024
Tomasz TunguzVenture Capitalist If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. The Fastest Growing Software Sectors in 2024
The fastest growing software category in the public markets is security. Data follows. Security companies as a group average 29% expected revenue growth in 2024, compared to 23% for Data (or DaaS which stands for data-as-a-service). Fintech & SaaS (horizontal) average ten percentage points fewer expected growth. Anticipation of this growth propels multiples. Security & data top the charts at on average 10x enterprise-value-to-forward-revenue, compared to 5x for the others. These two software categories lead buyers’ priorities & are expected to grow at twice the pace of the overall software market. Reviewing the data deeper, CrowdStrike, Palo Alto, SentinelOne, & ZScaler have seen significant multiple improvement. Only Okta lags a bit which is likely due to some of their internal security challenges. For now, software buyers view security & data products as highest priority. As a result, these businesses project higher growth rates & fetch more attractive valuations in early 2024. This dynamic will very likely cascade into the private markets as well with both acquisitions and financings in these categories priced at a premium. |
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