The cybersecurity market rose 14.2 percent to $9.7 billion during the first quarter of 2019, according to the latest research from Canalys.
The report said cybersecurity solutions for public cloud and “as a service” grew 46 percent – accounting for 17.6 percent of total cybersecurity market value, up from 13.8 percent in the same period a year ago.
Virtual security appliances and agent solutions grew 18.2 percent. Traditional hardware and software deployments represent almost 75 percent of the total. Both models grew at just over 8 percent.
This highlights the ongoing transition in cybersecurity solutions as organizations look to protect more data assets and workloads based in the public cloud.
“Cyber security vendors have introduced new ways of doing business with channels and enterprise customers in terms of purchasing, consumption and servicing, as well as helping simplify operations in increasingly complex IT environments,” Canalys Principal Analyst Matthew Ball said.
The latest IDC survey indicated that increase in security spending will not lead to lower risk.
“But spending and incidents do not seem to reflect this. Enterprises that are aiming to become more efficient and effective with their security program can start by collecting spending data about their security programs,” said Pete Lindstrom, VP of Security Strategies at IDC.
Cisco, Palo Alto Networks, Symantec, Check Point and Fortinet are the top five cybersecurity market leaders in Q1 2019, according to Canalys.
Cisco has extended its lead in network security. Palo Alto Networks and Fortinet grew faster.
Cisco, Palo Alto Networks and Fortinet have enhanced their market share in the global cyber security market.
McAfee, Symantec and Trend Micro are the market leaders in the endpoint security market, the report said. Crowdstrike, Carbon Black and Cylance made most gains in endpoint security market.
Symantec was the leader in web and email security.
“It will remain difficult for vendors to grow market share without significant investment or acquisitions, due to the current number of vendors active and increasing levels of competition,” said Canalys Research Analyst Claudio Stahnke.