Fortinet (NASDAQ:FTNT) executives revealed significant growth in cybersecurity demand driven by artificial intelligence (AI) during the Goldman Sachs Communacopia + Technology Conference. CEO Ken Xie announced that Fortinet has launched over 20 AI-enabled security products and developed proprietary AI models and infrastructure to protect machine-generated traffic.
Fortinet identifies “neocloud” providers as a key customer segment, noting their rapid infrastructure deployment and quick purchasing decisions, often within a single quarter. Xie indicated that while there is a burgeoning demand for AI security, the market is still developing, focusing more on infrastructure protection than on securing AI applications.
The company reported a 52% growth in product sales, with increasing customer interest in larger FortiGate devices, driven by higher traffic volumes and the need for enhanced functionality. CFO Christiane Ohlgart highlighted the focus on expanding services attached to hardware sales and promoting new subscription offerings, with emphasis on sovereign deployments in compliance with data regulations.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
