Gigamon, a global deep observability vendor, has announced a significant leap in its cloud business in 2023. It reported more than 100 percent year-over-year (YoY) cloud revenue growth due to strong international customer demand for the Gigamon Deep Observability Pipeline. The company’s recurring revenue also grew by more than 20 percent year-on-year, now accounting for more than 70 percent of total revenue.
This progress underscores Gigamon’s consistent record of profitability, with the most recent quarter marking 38 consecutive quarters of profit. The robust growth demonstrates the growing use of Gigamon’s offerings by organizations around the world to secure and manage their hybrid cloud infrastructure. Celebrating its 20th anniversary in 2023, Gigamon has expanded its leadership position in the deep observability market, which is expected to reach $2 billion by 2027. A new 650 Group report puts Gigamon’s market share at 67 percent in the first half of 2023.
The growing adoption of hybrid cloud infrastructure is not without challenges, especially when it comes to its security. Gigamon’s Hybrid Cloud Security 2023 survey revealed some significant insights. It found that 90 percent of 1,000 IT and security respondents admitted to having suffered a data breach in the past 18 months. In addition, traditional security and observability tools left one in three breaches undetected. The survey also found that 70 percent of organizations are unaware of their blind spots and potential risks in encrypted traffic.
Alan Weckel, founder and technology analyst at 650 Research, emphasized the importance of deep observability and Gigamon’s pioneering role. “Deep observability is a game-changer for operations teams, significantly reducing the complexity of multi-cloud environments and the rapidly evolving threat landscape,” he said. “As a consequence, the deep observability market is experiencing rapid growth, making it one of the fastest-growing market segments. With its leading market share and innovative value-added features such as Precryption™ technology and Application Metadata Intelligence, Gigamon is uniquely positioned to capitalize on this growth trajectory .”
Shane Buckley, president and CEO of Gigamon, highlighted the growing threat landscape and how deep observability is a cost-effective and efficient approach to securing hybrid cloud infrastructure. In addition, Gigamon launched Precryption technology in 2023, an innovative approach to gaining visibility into encrypted traffic. It has also seen strong growth across all industries globally and has seen notable growth in the US public sector.
In addition to credibility, Gigamon has received a customer satisfaction rating of 4.8 with a global customer base of over 4,000. Gigamon’s other significant milestones include a tie-up with global distributor TD SYNNEX, successfully integrating key technologies such as AWS’s Amazon Security Lake, and participating in Microsoft Security Copilot Partner Private Preview. The company has also been honored with numerous awards, including Global Company of the Year 2023 from Frost & Sullivan and DEI STAR from the Technology & Services Industry Association (TSIA). Gigamon’s Application Metadata Intelligence product won Best of VMware Explore at the VMware Explore 2023 conference and ended the year by winning the InfoSec Top Innovator award for Precryption technology.