The FINANCIAL — The worldwide IT security market maintained momentum in Q3 2017, growing 9% to reach US$8.0 billion, according to the latest Canalys estimates.
“High-profile ransomware attacks and increasingly sophisticated phishing techniques have proved the need for businesses to reinforce their IT security to safeguard data assets and ensure continuity of operation,” said Claudio Stahnke, Research Analyst at Canalys.
Content security was the fastest-growing segment, with investment up 13% year on year. Network security grew 8%, while security management increased 5%.
The top five security vendors accounted for 34% of total spend, with Cisco accounting for the most, at 9%. “Cisco grew 7% year on year, thanks to its strong channel partner focus and a broad product portfolio boosted by acquisitions,” said Stahnke. It was followed by Symantec, Check Point, IBM and McAfee, which all grew year on year. Under new leadership, Symantec maintained strong growth, up 22% following the integration of Blue Coat and LifeLock.
“In 2018, as hackers intensify the use of AI, attacks will become more sophisticated. This will increase demand for comprehensive security solutions, favoring those vendors with broad product portfolios,” said Stahnke.