Cybersecurity spending will be immune to a worsening economic and political backdrop, Canalys has claimed as its data showed the market expanding by double digits in Q1.
According to the analyst, global cybersecurity spending boomed 14.2 per cent year on year in the first three months of 2019 to hit $9.7bn, with the channel representing 92.3 per cent of shipment value.
"Investment in cybersecurity shows no sign of slowing down as it remains a priority for all organisations," said Canalys principal analyst Matthew Ball. "Recent high-profile ransomware attacks have resulted in large organisations paying large sums to regain access to critical IT systems and data. Strengthening security strategies across devices, infrastructure, perimeters and applications will continue to be critical. Increasing employee training and gaining more comprehensive cybersecurity insurance will also be important to counter these threats."
Cybersecurity solutions for public cloud and ‘as a service' ballooned 46 per cent year on year, accounting for 17.6 per cent of the overall market, Canalys said.
Virtual security appliances grew 18.2 per cent, while traditional hardware and software deployments - which still represent 75 per cent of the market - swelled at just over eight per cent apiece.
Cisco, Palo Alto Networks, Symantec, Check Point and Fortinet led the way on marketshare, according to the analyst.
In the endpoint security space, the leading trio of McAfee, Symantec and Trend are coming under great threat from fresh-faced rivals such as Crowdstrike, Carbon Black and Cylance, Canalys said.
"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," noted Canalys research analyst Claudio Stahnke.
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