WFH Drives 9.7% Growth In Cybersecurity Market
The worldwide cybersecurity market increased by 9.7% year-on-year in the first quarter of 2020, driven by companies investing more in cybersecurity as employees across the globe moved to working remotely during the COVID-19 pandemic. Over the quarter, cybersecurity investment totalled US$10.4 billion, according to market research firm Canalys.
“The unprecedented shift to remote working from March result in strong demand for endpoint security to protect new company-deployed notebooks, as well as consumer-owned devices used as part of business continuity measures,” said Matthew Ball, Chief Analyst at Canalys.
Cisco continued to be the leading cybersecurity vendor, accounting for 9.1% of the global market, followed by Palo Alto Networks (7.8%), Fortinet (5.9%), and Check Point (5.4%).
Looking ahead, however, Canalys expects that cybersecurity firms will come under pressure as IT budgets are reassessed in line with worsening economic conditions. “This is despite the criticality of protecting organisations’ data assets, operations, and employees from increasing threats and vulnerabilities,” Canalys said.
Canalys has forecast cybersecurity growth rates to slow for the rest of the year and into 2021, but does expect there to be some uplift as free trials expire and customers switch to paid subscriptions.
In light of the rapid shift towards working from home, a number of cybersecurity expanded their trial offerings. For instance, Cisco extended free licences for its Umbrella, Duo Security and AnyConnect Secure Mobilities Client products to new and existing customers.
“The vendors that were quick to support existing and new customers during lockdown will stand to gain the most once organisations reassess and reprioritise their cybersecurity strategies,” said Canalys Research Analyst Ketaki Borade. “Workers will be more decentralised and work from multiple workplaces post-COVID-19. This has implications for the type of cybersecurity solutions needed, with greater emphasis on cloud security, zero-trust and policy automation.”