Fortinet challenges Cisco and Palo Alto Networks in cyber security

Palo Alto Networks (with 15.9 percent share), Fortinet (15.8 percent), Cisco (15.8 percent), Check Point (7.7 percent) and SonicWALL (3.2 percent) are the top cyber security solutions providers in the fourth quarter of 2022.
Cyber security companies share 2022
In the fourth quarter of 2021, the global cyber security market share of Palo Alto Networks was 15.1 percent, Fortinet (13.3 percent), Cisco (15.2 percent), Check Point (7.9 percent) and SonicWALL (3.1 percent).

The chart from analyst firm IDC indicates that Check Point has lost share in the cyber security market in 2022. Fortinet has enhanced its share in the worldwide cyber security market significantly. Palo Alto Networks and Cisco have marginally enhanced their share in the global cyber security market.

The Q4 2022 revenue of Palo Alto Networks was $973.75 million vs Fortinet ($966.61 million), Cisco ($921.08 million), Check Point ($473.04 million) and SonicWALL ($194.16 million) in cyber security solutions market.

Vendor revenue in the security appliance market grew 4.7 percent year over year in the fourth quarter of 2022 (4Q22) to $6.1 billion, representing a $274 million increase compared to the same quarter in 2021.

In the same period, security appliance shipments grew by 21.7 percent year over year to more than 1.9 million units.

The growth of the security appliances market in 4Q22 was driven by the UTM market, which delivered growth of 8.9 percent. The combined UTM and Firewall markets accounted for 77.3 percent of the total revenue reported in the last quarter of calendar year 2022.

“The hardware-based market is expected to continue playing a key role within holistic cybersecurity strategies, and as supply chain challenges are showing signs of improvement for the current year, we expect to observe positive growth in the security appliances market across the globe for the upcoming quarters,” said Carlo Davila, research manager, Enterprise Security and Network Trackers at IDC.

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