An increase in remote working has boosted the worldwide cybersecurity market, says the report.
The global cybersecurity market recorded a year-on-year increase of 9.7% in Q1 2020, according to the latest report from Canalys. The governments imposed lockdowns due to the COVID-19 pandemic forced companies to shift to remote working to ensure business continuity. This has resulted in the growth of the cybersecurity market as the total investment hit $10.4 billion in the first quarter of 2020.
The work from the home model from March has resulted in strong demand for endpoint security to protect the company as well as employee-owned devices. Web and email security, network security, endpoint security, data security, and security analytics are some of the main sections of the cybersecurity market, notes the report. Endpoint security shipments recorded an increase of 17% to represent 15.4% of the total cyber security market.
With 9.1% of total investment, Cisco was the top cybersecurity vendor in Q1 followed by Palo Alto Networks at 7.8% market share. Fortinet, Check Point, and Symantec was other the vendors in the top five list. Owing to the deteriorating economic conditions, the cybersecurity growth will feel immense pressure as organizations will reevaluate IT budgets
The report further notes that a systematically planned growth in cybersecurity spending will be reduced or halted completely over the next 12 months. The growth in endpoint security was seen in Q2 as well as more and more countries implemented lockdown measures. The majority of organizations were able to use existing network access via service engagements or increase capacity via additional licenses instead of building a new network security infrastructure.
As per the report, web and email security grew 13.8% year on year as enterprises further expanded their use of cloud-based services and software-as-a-service applications, including Office 365. Cybersecurity vendors have responded quickly to the crisis thereby allowing companies to secure a large number of remote working employees temporarily. They have also offered visibility and control after many had bypassed policies to ensure continuity.