"I think we're just seeing the beginnings of more consolidation in cybersecurity. The space is too crowded," said Rama Sekhar, a partner at Norwest Venture Partners, based in Palo Alto, Calif. Deal value in the information-security market reached $21.6 billion in the first nine months of 2019, according to data from Statista Inc., exceeding 2018's total of $15 billion. Most of the consolidation is expected to affect companies that specialize in one aspect of cybersecurity and cannot scale to become a platform with multiple capabilities, Mr. Sekhar said. Some deal making will come from larger vendors picking off smaller competitors or seeking to add capabilities to their offerings.