Canalys: despite the deterioration of the economy, the cyber security market is still growing by 16%

CTOnews.com, December 20 / PRNewswire-FirstCall-Asianet /-- analyst firm Canalys pointed out in its latest report that despite the deteriorating economic situation, the cyber security market grew by 15.9% in the third quarter of this year. The report points out that despite the tightening of small and medium-sized enterprises, the overall size of the cyber security market reached $17.8 billion in the third quarter.

CTOnews.com learned that Palo Alto Networks was the number one supplier in the quarter, up 24.9% from a year earlier, and its market share increased to 8.4% from 7.8% in the third quarter of 2021. Cisco is the second largest network security provider, with a growth rate of 16.7% and a flat market share of 6.9%. Fortinet ranked third, with 29.9 per cent growth and 6.7 per cent market share, up from 6.0 per cent a year ago.

"many cyber security providers have shifted to a subscription-led business model, which also helps protect them from the direct impact of the economic slowdown," said Matthew Ball, chief analyst at Canalys. "the shift to subscription-based platforms and more focus on upselling existing accounts will maintain revenue growth for cyber security providers over the next 12 months."

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Despite the deteriorating economic situation, the cyber security market is still growing by 16%.