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Fortinet Gains Market Share in Worldwide Security Segment

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Apr. 25 2019, Published 3:46 p.m. ET

Growth in Global Security services

The growing need for cybersecurity has resulted in significant expenditure among enterprises. According to market research firm IDC, the total security market experienced double-digit growth in sales in the fourth quarter of 2018.

Worldwide sales rose 16.7% YoY to $4.5 billion in the fourth quarter of 2018. Unit shipments also rose 20% to $1.1 million. The UTM (unified threat management) segment accounted for the majority of revenue growth. This segment’s sales rose 19.7% and now accounts for 51% of the total worldwide security appliance market.

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The other segments such as Web Security and Messaging Security also rose by 5.5% and 18% YoY. The United States continued to lead the total security market with a share of 36.7% in Q4 2018, up from 36% in Q4 2017.

The APeJ (Asia-Pacific excluding Japan) region experienced sales growth of 19%, while the MEA (the Middle East and Africa) sales rose 31.8%.

IDC’s senior analyst of security products stated, “The fourth quarter closed out the year on a strong note with double-digit sequential and annual growth, largely stemming from increased UTM penetration worldwide and strong regional growth in the Asia/Pacific and Middle East regions.”

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Fortinet’s share stands at 9.9%

Fortinet managed to increase sales by 17.7% in the fourth quarter, which was one percentage point above the global sales growth of 16.7%. The company now has a market share of 9.9%, up from 9.8% among global security solution providers.

Palo Alto Networks (PANW) was the other major player to outperform market growth and managed to increase sales by 32% to $569.6 million in the fourth quarter. As seen in the above table, the global security market was led by Cisco (CSCO) with a share of 14.1%, followed by PANW at 12.8%, FTNT at 9.9%, Check Point (CHKP) at 9.5%, and Symantec (SYMC) at 4.2%.

The top five players account for 50.5% of the total market.

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