Analyst company Canalys revealed that the cybersecurity market grew 15.9 percent year-over-year during the third quarter despite tough economic conditions. Revenue in the sector rose to $17.8 billion during the quarter, but small and medium-sized businesses had to limit their spending, Kanellis said.
According to Matthew Ball, chief analyst at Canalys, revenue in the cybersecurity market should be secured and continue to grow over the next 12 months due to the proliferation of subscription-based models.
Of all regional markets, $9.6 billion in sales came from North America, making it the largest cybersecurity market, representing 53.8% of global spending. The region grew by 17.1 percent. The second largest region was Europe and the Middle East (EMEA), which accounted for $5.2 billion in sales and saw an increase of 15 percent. In third place was Asia Pacific (APAC), which recorded sales of $2.4 billion and an increase of 13.8 percent. Finally, Latin America recorded sales of only $600 million, with a growth rate of 13.1%.
Among all the players in the cybersecurity market, Palo Alto Networks came 8.4% and 24.9% YoY growth at No. 1. Microsoft is ninth on the list with 2.9% market share and 38.6% growth. The company experiencing the highest annual growth was CrowdStrike, which went from 2.4% market share in Q3 2021 to 3.2% in Q3 2022.
It will certainly be interesting to watch the cybersecurity market given its apparent resilience to a deteriorating economic outlook. As businesses look to cut costs, cybersecurity is likely one of the last places where costs will be cut due to its importance.