PitchBook年一季度网络安全风险投资趋势（英）

EMERGING TECH RESEARCHCybersecurity VC TrendsVC activity across the cybersecurity ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Cybersecurity VC TrendsInstitutional Research GroupAnalysisDimitri Zabelin Senior Research Analyst, AI & ML and Cybersecurity dimitri.zabelin@pitchbook.comDataMatthew Nacionales Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig, Josie Doan, and Megan WoodardPublished on July 22, 2025Cybersecurity landscape 3Cybersecurity VC ecosystem market map 4VC activity 5Cybersecurity VC deal summary 23CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Cybersecurity VC TrendsCybersecurity landscape34512Application securityData securityEndpoint securityIdentity & access managementNetwork securitySecurity operations34512CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Qx 202x [Vertical] VC TrendsCybersecurity VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q1 2025 Cybersecurity VC TrendsVC activityDespite a modest pullback in Q1, the long-term outlook for cybersecurity remains strong, driven by platform risk and evolving threat surfaces. Market consolidation and public sector tailwinds are expected to create openings for new entrants and specialized solutions.Cybersecurity spending is projected to grow at a forward five-year CAGR of 12%. The broader IT category is expected to grow at 9% over the same period. Growth is fueled by expanding enterprise attack surface and heightened demand for ever more advanced security protocols. Cloud environments introduce more access points that require tighter coordination across users, systems, and vendors.US federal government spending is also playing a key role. The US Cybersecurity and Infrastructure Security Agency is budgeted to receive $3 billion in fiscal year 2025—the agency’s highest allocation to date. This is up slightly from $2.9 billion in both 2024 and 2023, and up from $2.6 billion in 2022.1 While annual increases have moderated, funding levels remain elevated, signaling sustained federal commitment to cyber readiness. At the market level, consolidation is expected to accelerate as larger firms pursue acquisitions to fill product gaps and extend platform coverage. Customers are increasingly shifting toward vendors that offer broad security suites rather than stitching together point solutions from multiple providers.Source: PitchBook • Geography: Global • As of March 31, 2025Cybersecurity VC deal activity$5.1$5.2$6.5$9.2$10.1$12.3$28.5$19.4$12.0$12.5$3.35986397939019781,0491,3361,19997484718220152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of March 31, 2025Cybersecurity VC exit activity $4.5$3.9$6.1$9.9$18.0$18.5$31.5$5.0$4.9$11.4$0.8605367859993162110931093420152016201720182019202020212022202320242025Exit value ($B)Exit count1: “Cybersecurity and Infra