Cybersecurity Market: The worldwide cybersecurity market grew 16% to $17.8 billion in Q3

The worldwide cybersecurity market grew 15.9 p.c 12 months on 12 months to $17.8 billion within the third quarter of this 12 months, regardless of deteriorating financial circumstances, a report exhibits.

Palo Alto Networks was the main supplier for the quarter, rising 24.9 p.c and growing its market share to eight.4 p.c, up from 7.8 p.c within the third quarter of 2021.

Cisco was the second largest cybersecurity vendor with development of 16.7 p.c and an unchanged 6.9 p.c market share.

Fortinet ranked third, in response to market analysis agency Canalys, and achieved 29.9 p.c development to a 6.7 p.c market share, up from 6 p.c a 12 months in the past.

Endpoint safety was the quickest rising class, up 18.7 p.c year-on-year to $2.7 billion.

Community safety was the most important class at $5.1 billion and rising 14.8 p.c.

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“Many cybersecurity distributors have shifted to subscription-based enterprise fashions, which has additionally helped shield them from the instant results of the financial slowdown,” mentioned Matthew Ball, chief analyst at Canalys. “The shift to subscription-based platforms and elevated give attention to upselling current accounts will maintain income development for cybersecurity distributors over the subsequent 12 months,” Ball added.

Channel gross sales accounted for 90.6 p.c of the whole market, whereas the opposite 9.4 p.c of gross sales have been made instantly with prospects, the report mentioned.

Round $9.6 billion in gross sales got here from North America, accounting for 53.8 p.c of worldwide spending.

Gross sales in EMEA reached $5.2 billion, APAC $2.4 billion and Latin America $0.6 billion, the report mentioned.

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