The cybersecurity market has grown by 15.9% year-on-year in the third quarter of 2022, a period in which according to Canalys has entered 17,800 million dollars, despite the fact that the current economic conditions in most countries and regions of the world are not adequate.
Palo Alto Networks has been the main cybersecurity provider in the period, with year-on-year sales growth of 24.9% and an improvement in its market share, which has gone from 7.8% to 8.4% in one year. The second provider of security solutions in the period has been Ciscowith a growth of 16.7% and a market share of 6.9%. fortinet has been in third position, after growing 29.9% in one year to achieve a market share of 6.7%, compared to 6% a year ago.
The security category that has grown the most in a year has been endpoint security (final point), with 18.7% to 2,700 million dollars. The second growing category has been network security: it has entered 5,100 million dollars after growing by 14.8%.
Of course, Canalys already warns that the economic situation is going to have a significant influence on the forecasts of companies in the sector. Drops in new business, reductions in spending commitments, and delays in subscription start dates are worse than expected, which will trickle down to future results.
Matthew Ball, Head of Analysts at Canalysnotes that “many cybersecurity vendors have moved to subscription-based business models, which has also helped shield them from the immediate impact of the economic downturn. Shift to subscription-based platforms and focus on account enhancement will sustain revenue growth for cybersecurity vendors over the next 12 months«.
Channel sales have accounted for 90.6% of the total market, while 9.4% have been made in sales made directly with customers. Channel sales grew by 15.9% year-on-year, surpassing direct sales. A total of $9.6 billion in sales were closed in North America, which remains by far the largest market for cybersecurity. It was also the fastest growing market in the quarter: 17.1%.
Meanwhile, the cybersecurity revenue in the quarter in EMEA have reached the 5.200 million of dollars. In Asia-Pacific they have remained at 2,400 million dollars, and in Latin America, at 600 million dollars.