[London, 17-11-2023] Global cybersecurity spending in the first quarter of the year reached $18.6 billion, marking a 12.5 per cent year-on-year, as reported by Canalys. The results exceeded expectations and outperformed the rest of the tech sector.

IT Spending Increases
Worldwide IT spending is projected to reach $4.6 trillion in 2023, showing a 5.5 per cent increase from 2022, according to a forecast by Gartner. Despite economic turbulence, spending on information technology is expected to grow, with customers prioritising urgent projects and those with high returns. Longer sales cycles, project delays, and downsizing have been observed, while hardware refresh programs have been postponed, according to Matthew Ball, chief analyst at Canalys.

Identity Security
Spending on identity security increased by 14.3 per cent, while investment in security service edge (SSE) for web and email security rose by 16 per cent. Revenue growth ranged from 1.4 per cent to 26.2 per cent in the first quarter of 2022.

Top Cybersecurity Vendors
During the quarter, it was observed that the top 12 cybersecurity vendors accounted for nearly half of the total customer spending. Interestingly, the most remarkable growth was witnessed in companies with 500-plus employees, with a growth rate of 13.3 per cent.

Significant Growth
Similarly, companies with 100 to 499 employees also experienced significant growth, with a rate of 13.5 per cent. Even small- to micro-companies, ranging from 10 to 99 employees and one to nine employees, showed an increase, although at a slightly slower pace of 7.5 per cent and 4.3 per cent, respectively. These findings highlight the varying degrees of growth across different company sizes within the cybersecurity industry.

Enhancing Cyber-Saliency
The study highlighted that enhancing cyber-resiliency continued to be a critical focus for organisations, even amidst macroeconomic challenges and closer scrutiny of IT budgets. This achievement underscores the commitment of cybersecurity companies to providing robust cybersecurity solutions and its ability to meet the evolving needs of businesses in an increasingly complex threat landscape.

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