Worldwide cybersecurity spending grew 9.9% in Q2 2024 to US$21.1 billion. This was despite weak economic growth indicators and political disruption. Palo Alto Networks was the leading vendor. It grew at 11.2% year on year to capture 9.7% market share. We’re still waiting for a single vendor to achieve double-digit share - such a fragmented market. PANW was followed by Fortinet, Microsoft ranked third, ahead of Cisco and CrowdStrike. The top 20 cybersecurity vendors collectively grew 12.2%, well above the market average, and accounted for 64.5% of total spending. The remaining 35.5% of the market is populated by literally thousands of smaller cybersecurity ISVs all grappling for market awareness and customer spend.
Maybe a third graph from Canalys is needed showing Cisco+Splunk combined. We are after all, a Cisco company now 🚀 🚀 and maybe that will show you double-digit share :)
Impressive growth! Cybersecurity is clearly a priority even amid economic uncertainty. Steven Kiernan
too Bad CISOs are underfunded and just want to be influencers like their 13 year old daughters #WheWha😮
Hopefully we will see BlackBerry Cylance Inc. On that list soon.
I always enjoy seeing these updates, thank you for sharing!
Great data and insights
whar about Netskope?
Thanks for sharing this Steven, very interesting
Territory Director - Flashpoint
3moThose numbers are interesting. So, global spending will be around $80-100 billion per year? That seems tiny compared to the vast revenue risk that cybersecurity protects worldwide. For some reason, I thought the numbers would be much higher.