The cybersecurity market grew 15.9 percent in the third quarter of this year, despite worsening economic conditions, analyst firm Canalys said in its latest report. The report points out that although small and medium-sized enterprises are tightening, but the overall size of the network security market in the third quarter still reached $ 17.8 billion.
Palo Alto Networks was the No. 1 supplier this quarter, with a year-on-year increase of 24.9%, and its market share increased from 7.8% in the third quarter of 2021 to 8.4%. Cisco was the second largest cybersecurity vendor with 16.7 percent growth and a flat market share of 6.9 percent. Fortinet came in third with a 29.9 percent increase to 6.7 percent market share, up from 6.0 percent a year ago.
Matthew Ball, the principal analyst at Canalys, said: “Many cybersecurity vendors have shifted to a subscription-led business model, which also helps protect them from the immediate impact of the economic slowdown, shifting to subscription-based platforms and the need to upsell existing Increased focus on accounts will sustain revenue growth for cybersecurity vendors over the next 12 months.”
