ALSO Holding Boston Consulting Group Matrix

The cybersecurity market is a rapidly expanding sector, with projections indicating it could reach approximately €70 billion in Europe by 2030 and a global market size of USD 549.96 billion by 2033. This robust growth trajectory positions cybersecurity as a star in the BCG Matrix.

ALSO is strategically capitalizing on this trend by enhancing its cybersecurity platform. Recent initiatives, including partnerships with companies like CYE, aim to broaden access to sophisticated cybersecurity tools for Managed Service Providers (MSPs) and Small and Medium-sized Businesses (SMBs). This expansion into a high-growth, high-potential market segment is a key driver for its star status.

ALSO's cloud and digital platforms are performing exceptionally well, making them clear stars in the BCG Matrix. Their cloud platform revenue saw a substantial 28% increase, reaching €845 million in the first half of 2025, driven by a 34% rise in unique users to 5.5 million. This strong market adoption and engagement place these offerings in a high-growth, high-market-share position.

The company's AI solutions are also positioned as stars, benefiting from the booming AI market and its integration into areas like IoT. In 2024, AI-powered solutions were a significant contributor to the strong revenue growth in ALSO's cloud and digital services, indicating high demand and successful delivery.

Cybersecurity is another star, with the European market projected to reach €70 billion by 2030. ALSO's efforts to expand its cybersecurity platform, including partnerships with firms like CYE, are designed to capture this high-growth segment, particularly by serving MSPs and SMBs.

The Internet of Things (IoT) market, expected to grow from USD 76.97 billion in 2025 to USD 356.23 billion by 2034, is also a star. ALSO's strategic focus on IoT within its Solutions and Service business models, bolstered by partnerships, aims to secure a significant market share in this rapidly expanding area.

Within ALSO Holding's portfolio, their Established IT Services represent a classic Cash Cow. These are services that have achieved significant market penetration and are now generating consistent, reliable revenue streams.

These mature services, integrated into ALSO's Solutions and Service segments, likely require minimal ongoing investment for growth. Their established market position allows them to capture a substantial share, translating into strong profitability and cash flow for the company.

For instance, in 2023, ALSO Holding reported a gross profit of €1,384.7 million, with their Services segment contributing significantly to this. This demonstrates the financial muscle of their established service offerings.

ALSO's established IT services and logistics operations are prime examples of cash cows. These mature offerings benefit from strong market positions and consistent demand, generating reliable cash flow with minimal need for further investment. This stability is crucial for funding growth initiatives in other parts of the business.

The company's European distribution network, a significant revenue driver, consistently delivers robust cash flow due to its extensive reach and market penetration. Similarly, managed services and Infrastructure as a Service (IaaS) leverage recurring revenue models, ensuring a predictable and stable income stream.

In 2023, ALSO's services segment saw a notable 12.8% revenue increase to EUR 2.1 billion, highlighting the financial strength of these established operations. This consistent performance underscores their role as dependable cash generators within the ALSO Holding portfolio.

Underperforming regional operations or niche markets within ALSO Holding could be classified as Dogs in the BCG Matrix. These segments might represent areas where the company has a low market share and faces limited growth opportunities. For instance, if a specific country's IT distribution market is saturated with strong local competitors, ALSO's presence there might be minimal, and future expansion could be challenging.

These Dog segments, while potentially consuming valuable resources and management attention, often contribute little to the company's overall revenue or profit. In 2024, it’s crucial for companies like ALSO to identify such underperforming units. For example, if a particular niche market, like specialized industrial software distribution in a less developed region, shows declining sales and minimal market penetration for ALSO, it would fit the Dog profile.

Products classified as Dogs in the BCG Matrix, such as legacy IT hardware or outdated software, are characterized by low market share and low growth prospects. These offerings often require minimal investment but also generate negligible returns, consuming resources that could be better utilized elsewhere. For instance, in early 2024, the market for older model printers saw a significant drop in demand as businesses increasingly adopted multifunction devices and digital workflows, making them a prime example of a Dog product.

Companies like ALSO Holding must strategically manage these Dog products, which can include underperforming regional operations or niche services that no longer align with market trends. The focus for these items is typically on minimizing losses and eventually divesting or phasing them out. For example, a specialized IT support service for a particular legacy operating system, with only a handful of remaining clients by mid-2024, would fit this profile.

Commoditized IT items, like basic cables or unbranded memory sticks, also fall into the Dog category due to intense price competition and low differentiation. These products, while still present in the market, offer very slim profit margins, often in the 1-3% range, and can tie up capital in inventory without significant upside. The challenge lies in efficiently managing their lifecycle to avoid becoming a drain on overall profitability.

Within the broader Internet of Things (IoT) landscape, advanced verticals like Industrial IoT (IIoT) and Smart City Infrastructure represent significant growth opportunities for ALSO Holding. These segments, while part of a strong overall IoT market, can be considered Question Marks. The global IIoT market was valued at approximately $231.4 billion in 2023 and is projected to reach $1,021.2 billion by 2030, demonstrating a compound annual growth rate of 23.7%.

Similarly, the smart city market is expanding rapidly, with an estimated global market size of $1.5 trillion in 2024, expected to grow to $3.2 trillion by 2030, at a CAGR of 13.1%. These advanced areas require substantial upfront investment in specialized hardware, software, and integration services, as well as significant market education to drive adoption.

For ALSO to capture a dominant position in these complex sectors, strategic investment and a focused approach to building expertise and customer relationships are crucial. The high growth potential is undeniable, but the initial investment and market development needed place them in the Question Mark quadrant of the BCG matrix.

New geographic market entries with low initial penetration, such as ALSO's recent foray into the US cloud market, are classic examples of question marks in the BCG matrix. These markets are characterized by high growth potential but also by a low current market share for the company. For instance, in 2024, the global cloud computing market was projected to reach over $600 billion, indicating significant opportunity, yet ALSO's initial penetration in the US was minimal.

Entering these markets requires substantial investment to build brand awareness, establish distribution channels, and gain customer adoption. The US cloud market, in particular, is highly competitive, with established players dominating. ALSO's strategy here involves significant capital expenditure to carve out a niche and drive future growth, aiming to transform these question marks into stars over time.

Emerging AI/ML niche applications for ALSO, such as AI-powered cybersecurity threat intelligence or specialized AI for industrial automation diagnostics, represent potential stars in the BCG matrix. These areas are characterized by high growth potential within the rapidly expanding AI market. For instance, the global AI in cybersecurity market was projected to reach $38.9 billion in 2024, indicating substantial opportunity.

However, these nascent offerings currently hold a low market share for ALSO. Significant upfront investment in research, development, and talent acquisition is necessary to establish a strong foothold and gain traction in these specialized niches. This investment is crucial for developing proprietary algorithms and building a competitive edge against established players.