"Cybersecurity Market Grew 12.5% In First Quarter, Outpacing Overall Tech Market"

According to the technology market analyst Canalys, global spending on cybersecurity in the first quarter of 2023 increased by 12.5 percent to $18.6 billion, compared to the same period the previous year. The results released on Monday, June 19, were consistent with the company's best-case forecasts for the cybersecurity market and outpaced the rest of the technology industry. An April forecast by the management consulting company Gartner found that global Information Technology (IT) spending was projected to increase to $4.6 trillion in 2023, a 5.5 percent growth from 2022. Customers prioritized spending on the most critical projects and those with the highest return. Matthew Ball, a principal analyst at Canalys, noted that longer sales cycles, delays, and project downsizing have increased, while hardware refresh programs have been pushed to future quarters. Spending on identity security increased by 14.3 percent, while investments in Security Service Edge (SSE) within web and email security increased by 16 percent. This article continues to discuss new findings regarding cybersecurity spending. 

SC Media reports "Cybersecurity Market Grew 12.5% In First Quarter, Outpacing Overall Tech Market"