Fortinet shines in network security biz with top three position

Network security market reached $3.6 billion, registering flat year-on-year growth in the second quarter of 2020, a report from Dell’Oro Group showed.
Fortinet security business
The largest segment – firewalls — posted two percent revenue increase. Email security revenue rose six percent. Secure Web Gateways revenue increased 14 percent.

The network security market was still in the grips of the pandemic in 2Q20, said Mauricio Sanchez, research director, Network Security and Data Center Appliances at Dell’Oro Group, in a statement.

Cisco, Palo Alto Networks and Fortinet are the top three vendors in the global network security market. The report reveal the specific market share of Cisco, Palo Alto Networks and Fortinet.

Spending on Cloud Security is predicted to increase by 33 percent becoming a $585 million market in 2020, according to a Gartner report.

Security Services is forecast to drive $64.2 billion in revenue this year comprising 51.9 percent of the total market.

Data Security, according to a Gartner report, will grow by 7.2 percent becoming a $2.8 billion market in 2020.

Fortinet revenue

Fortinet reported revenue of $615.5 million, an increase of 18 percent for the second quarter of 2020.

Fortinet generates 42.9 percent of the revenue from Americas, 37.3 percent from EMEA and 19.8 percent from Asia Pacific region.

Fortinet’s product revenue was $211.9 million for the second quarter of 2020, an increase of 11.6 percent compared to $189.9 million for the same quarter of 2019.

Fortinet service revenue was $403.6 million for the second quarter of 2020, an increase of 21.6 percent compared to $331.8 million for the same quarter of 2019.

Fortinet’s billings were $711.5 million for the second quarter of 2020, an increase of 14.3 percent compared to $622.4 million for the same quarter of 2019.

“Demand for secure SD-WAN and work-from-home capabilities helped power 18 percent second quarter revenue growth. Secure SD-WAN billings were approximately 12 percent of second quarter billings,” said Ken Xie, founder, chairman and chief executive officer of Fortinet.