As per the IDC's Semiannual Software Tracker, Cohesity, a leader in AI-powered data security and management, has been touted as the fastest-growing company among the top ten largest players in the Data Replication and Protection Software sector for H1 2023. Notably, these rankings follow the highest year-over-year revenue growth amongst the top 10 market competitors recorded by Cohesity in 2022 and the first half of 2023.
Almost every organisation on globe now sees security, the cloud, and AI as mission-critical imperatives, thereby creating a market with high growth potential. Helping any industry navigate this new landscape, Cohesity secures data against a rising number of cyber threats, including ransomware attacks. The company's growth verifies its dominance in the field, as industries require speedy and comprehensive data insights to make better decisions.
With a unique market position, Cohesity consistently replaces its competitors thanks to its reputation for replacing legacy and point solutions. As a testament to its industry leadership, six of the Fortune top ten and 42 of the Fortune 100 companies have now adopted Cohesity solutions.
Cohesity’s rapid and effective pivot into cyber resilience, alongside its robust core data protection capabilities, has been a major factor in its sustained growth. "Cohesity's product portfolio is designed to assist customers in cyber preparedness, including vulnerability scanning, early detection, incident response, and forensic analysis for orchestrated recovery," explained Phil Goodwin, Research Vice President, Infrastructure Systems, Platforms and Technologies Group, IDC. He further added that the company’s AI-based anomaly detection analyses backup data to calculate the possibility of an anomaly and pinpoint new or emergent threats.
Cohesity's CEO and President, Sanjay Poonen, showed his confidence in the company's growth trajectory, stating that "all our key metrics indicate we are building a category leader." He noted that the sustained success has largely been driven by the company's focussed expansion of its data security and Generative AI technologies, a strategy that has earned the company praise from industry analysts. The company also boasts a robust network of strategic partnerships. Poonen affirmed that Cohesity. aims to become cash flow positive within the current fiscal year.