The global cybersecurity market grew 15.9 percent during the third quarter of 2022 despite the economy being rubbish.
Research from channel analyst Canalys found the industry earned $17.8 billion with Palo Alto Networks was the number one vendor in the quarter. The vendor grew by 24.9 percent year on year and increased its market share to 8.4 percent, up from 7.8 percent in Q3 2021.
Cisco closely followed with growth of 16.7 percent and a flat market share of 6.9 percent.
Fortinet placed third, climbing 29.9 percent to reach a 6.7 percent market share, up from six percent a year ago.
Canalys analysts said that endpoint security was the fastest-growing category, up 18.7 percent year on year at $2.7 billion.
Network security was the largest category, representing $5.1 billion and increasing 14.8 percent.
Canalys warned the technology sector faced “deteriorating economic conditions”, increasing uncertainty and greater scrutiny of IT spending, factors that most vendors considered in their forecasts.
It added that falls in new business, reductions in spending commitments and delays to subscription start dates were worse than expected, which will filter into future results.
The move to subscription-based platforms and increased focus on upselling existing accounts will sustain revenue growth for cybersecurity vendors over the next 12 months, the report said.
Sales through the channel were up 15.9 percent year on year, outpacing direct sales and accounting for 90.6 percent of the overall market.
The remaining 9.4 percent of sales were done directly with customers.
