The global cybersecurity market has grown by 15.9% year-on-year in the third quarter of 2022, reaching 17.8 billion dollars, despite the delicate macroeconomic situation worldwide.
According to the data handled by Canalys, investment in cybersecurity continues to rise this year. According to the data corresponding to the third quarter, the market has grown globally by almost 16% despite the economic conditions that are experienced worldwide.
Palo Alto Networks has been the main provider during this third quarter after experiencing a year-on-year growth of 24.9% and an increase in its market share from 7.8% in the third quarter of 2021 to 8.4%.
It has followed him, in second position, Cisco, which has also experienced strong growth of 16.7% and boasting a market share of 6.9%. Fortinet has occupied third place in this ranking of providers, achieving growth of 29.9% to reach a market share of 6.7%, compared to 6% the previous year.
Endpoint security is the fastest growing category
The safety of the endpoints it is the market category that has had the fastest growth, 18.7% more than the previous year, reaching 2,700 million dollars. However, network security has been the largest category, growing 14.8% to $5.1 billion.
Good prospects for the cybersecurity market
These good numbers come at a time when the technology sector is grappling with deteriorating economic conditions, heightened uncertainty and heightened scrutiny of the market. IT spendfactors that most providers consider key to further advancing their businesses.
New business declines, spending reductions and subscription start date delays were worse than expected, which will impact future results.
As Matthew Ball, chief analyst at Canalys, points out, many cybersecurity vendors have moved toward business models based on subscriptionswhich also helps shield them from the immediate impact of the economic slowdown.
“The shift to subscription-based platforms and an increased focus on selling existing accounts will sustain revenue growth for cybersecurity vendors over the next 12 months.”
IT channel sales represented 90.6% of the overall market, with the other 9.4% of sales being made directly to customers. channel sales they grew by 15.9% year-on-year, exceeding direct sales.
With all this, channel partners remain optimistic about the opportunities they can take advantage of in this field, and even more so in the future. According to the Canalys report, 27% expected their cybersecurity revenue to grow more than 20% by 2023.
This is revealed by a Canalys survey of 393 managers surveyed between November 21 and December 9 of this year. Another 27% expected growth of between 11% and 20% for next year. Only 10% of partners say they expect cybersecurity sales may experience a decline.
However, everything indicates that, given the proliferation of cyberthreats, companies will continue to invest in cybersecurity.
Of these 17.8 billion dollars that the cybersecurity market has reached in the third quarter, 9.6 billion have come from North America, which has continued to be the largest cybersecurity market with 53.8% of total spending.
It has also been the fastest growing market at 17.1%. EMEA sales reached $5.2 billion; while in Asia Pacific they have reached 2,400 million dollars. Latin America has been the smallest market with 600 million dollars.
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