The Cyber-Security market has grown despite the challenges it faced within the economy

In this fast-moving world, technology is being developed at a rapid rate, however, there is also a bad side to it. That side is combated by cyber-security which is the most important thing these days while working/surfing on the internet, regardless of the scale (individual or corporate). It is through providing security services on the internet that this market has grown to dizzying heights even after facing troubled times in the past two-three years.

This fact has been further supported by the data that was revealed by the analyst company Canalys which stated that the Cybersecurity market has grown 15.9% on a year-by-year basis, during the third quarter of 2022. This feat was nothing short of exceptional as the economic conditions of the market were not favorable at all; they were tougher than the year before or even the first half of this year. The revenues of the market grew to $17.8 billion but this was good news for big businesses only as they got better profit and the smaller, more medium or entirely new startups had to hold back from a lot of necessary spending resulting in poor service from their end, thus making keeping the business afloat tougher.

The Chief Analyst at Canalys, Matthew Ball stated that this revenue should be kept secure and at this position at all costs and should be able to grow even more over the next year with the help of the usage of subscription-based plans.

According to the data unveiled, from all of the regional markets, $9.6 billion of the total sales amount was sourced from North America thus giving it the title of the biggest cyber security market. It should not come as a surprise that the region is accountable for more than half (53.8%) of all global spending. Second place was held by Europe and with it the Middle East who together make up $5.2 billion in sales.

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