News Summary
“Throughout our over 20-year history, Fortinet’s commitment to continual evolution has enabled us to remain at the forefront of innovation that supports our customers in safeguarding their infrastructure and data,” said
Fortinet’s existing portfolio of integrated and organically developed products and services has a distinct competitive advantage in these three critical markets, making technology the cornerstone of this strategic shift.
- The Secure Networking market is expected to grow at nearly 9 percent annually to
$86 billion in 2027. It consists primarily of network firewalls, secure switches, access points, and 5G gateways. As Fortinet’s firewall business grows, its revenue for attached AI-powered FortiGuard Security Services is expected to grow as well. As Fortinet’s largest addressable market—and one whereFortinet is the leader in both firewall revenues and units shipped—secure networking remains an essential part of its strategy.
- The Universal SASE market is expected to grow nearly 20 percent annually to
$36 billion by 2027. It comprises SD-WAN, SWG, CASB, DLP, ZTNA, SASE, and other cloud-native networking and security technologies designed to simplify the implementation of a zero-trust strategy.Fortinet is the only company with a SASE solution that can perform all functions in the cloud or in an appliance, all supported through a common operating system, networking and security stack, and management console.Fortinet was recently included in the inaugural 2023 Gartner Magic Quadrant for Single-Vendor SASE.
- The Security Operations market is expected to grow just over 14 percent annually to
$78 billion by 2027. Fortinet’s SecOps platform is the most comprehensive, integrated, and broadest in the industry, providing EDR, SIEM, SOAR, NDR, and additional integrated enterprise-grade cybersecurity technologies to help organizations gain control and insight into their distributed operations.
Operational technology (OT) systems differ significantly from traditional IT systems; with that in mind,
In connection with re-focusing its technology investments,
- Secure Networking:
Fortinet made significant strides in network security and secure connectivity innovation, particularly in the evolution of NGFW to Hybrid Mesh Firewall.Fortinet introduced the Security Processor 5 (SP5) ASIC to accelerate networking and security convergence across network edges with the introduction of new higher-performance FortiGate 90G, FortiGate 120G, and FortiGate 900G appliances. ASICs continue to showcase Fortinet’s dedication to sustainability, providing customers with power efficient products with a smaller footprint to minimize environmental impact. Notably, a Forrester Total Economic Impact (TEI) analysis revealed substantial ROI and payback for enterprise data centers utilizing FortiGate appliances with FortiGuard AI-powered security services deployed as a Hybrid Mesh Firewall.Fortinet also announced newer switches to deliver intelligent, scalable connectivity that seamlessly integrates with AIOps to simplify network operations.
- Universal SASE:
Fortinet introduced innovations across SD-WAN and SSE to ensure secure access for hybrid workforces across the internet, SaaS, and private applications. In 2023,Fortinet expanded its network reach to over 100 global locations through strategic partnerships with providers such as Google Cloud and investments in Fortinet’s own SASE locations. These innovations prioritize unified management and end-to-end digital experiences, enabling automated operations and network visibility forFortinet customers. For existing SD-WAN clients,Fortinet enabled seamless integration with FortiSASE to provide secure private access to a broader range of applications.Fortinet also introduced enhancements across ZTNA, DLP, and inline-CASB, reinforcing the company’s commitment to supporting customers in achieving aZero Trust security posture for all applications and data. In addition,Fortinet recently expanded its flexible consumption model usingFortiFlex to extend AI-powered security services across today’s hybrid environments.
- Security Operations: In 2023,
Fortinet announced enhancements across its security operations portfolio to introduce tighter integration and improve its ability to automate detection and response, accelerating discovery and remediation. Significant updates included new AI and machine learning capabilities and additional real-time response and automation capabilities to improve efficacy, increase effectiveness, and accelerate time to resolution of sophisticated attacks. In addition to technology, an expanded set of FortiGuard expert services, including SOC-as-a-Service, were introduced to uplevel the skill and efficiency of SecOps people and processes.
Fortinet’s investments in R&D are complemented by strategic shifts in its GTM investments that will also be centered around Secure Networking, Universal SASE, and Security Operations. Sales will be organized around these three strategic areas, enabled by training and marketing support, to ensure enhanced market penetration and improved customer engagement.
Additional Resources
- Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the
Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs. - Learn more about
FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks. - Learn more about Fortinet’s FortiGuard Security Services portfolio.
- Read about how
Fortinet customers are securing their organizations. - Follow
Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe toFortinet on our blog or YouTube.
About
FTNT-O
Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of
This press release contains forward-looking statements that involve risks and uncertainties that may cause actual future results to differ from the forward-looking statement. These forward-looking statements include all statements regarding future results and predictions, such as any indications related to future market share gains, statements regarding any new focus or strategy accelerating Fortinet’s business expansion, guidance and expectations around future financial results, statements regarding the momentum in our business and future growth expectations, any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; instability in the global banking system; supply chain challenges due to the current global environment; negative impacts from the ongoing war in
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Fortinet Total Addressable Market (TAM)
Fortinet's research & development (R&D) and go-to-market (GTM) strategy will be organized around three markets: Secure Networking, Universal SASE, and Security Operations.
2023 GlobeNewswire, Inc., source