Palo Alto Networks (8.4 percent share), Cisco (6.9 percent) and Fortinet (6.7 percent) are the top three cyber security vendors during the third quarter of 2022.
The other leading cybersecurity vendors include Check Point (3.8 percent), CrowdStrike (3.2 percent), Okta (3.1 percent), Trellix (3.1 percent), Symantec (2.9 percent), Microsoft (2.9 percent), Trend Micro (2.4 percent), IBM (2.3 percent) and Zscaler (2.1 percent).
Cyber security solutions providers such as Check Point, Trellix, Symantec, Trend Micro, and IBM have lost share in Q3 2022.
The cybersecurity market grew 15.9 percent in Q3 2022 to $17.8 billion, though vendors saw a tightening in the SMB sector.
Palo Alto Networks was the number one cybersecurity vendor, growing 24.9 percent and increasing its market share to 8.4 percent, up from 7.8 percent in Q3 2021.
Cisco was the second-largest cybersecurity vendor, with growth of 16.7 percent and a flat market share of 6.9 percent.
Fortinet placed third in the global cybersecurity market, achieving growth of 29.9 percent to reach a 6.7 percent market share, up from 6.0 percent a year ago.
Endpoint security business rose 18.7 percent to $2.7 billion. Network security business grew 14.8 percent to $5.1 billion.
“Many cybersecurity vendors have shifted toward subscription-led business models, which also helped to shield them from the immediate impact of the economic slowdown,” said Matthew Ball, Chief Analyst at Canalys. “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.”
Channel sales accounted for 90.6 percent of the cybersecurity market, with the other 9.4 percent of sales done directly with customers. Channel sales grew by 15.9 percent year on year, outpacing direct sales.
Channel partners remained optimistic about the opportunities in cybersecurity. 27 percent expected their cybersecurity revenue to grow by more than 20 percent in 2023, according to a Canalys poll of 393 respondents taken between 21 November 2022 and 9 December 2022. Another 27 percent anticipated growth of 11 percent to 20 percent next year. Only 10 percent of partners expected cybersecurity sales to decline.
The size of cybersecurity market was $9.6 billion in North America, $5.2 billion in EMEA, $2.4 billion in Asia Pacific and $0.6 billion in Latin America.