The COVID-19 pandemic has greatly expanded the work-from-anywhere model. We are confident that this trend, together with the relentless focus on organic innovation, will drive better-than-industry average long-term growth for Fortinet. As organizations continue to consolidate toward a platform approach and as network security expand to local and wide area network to the work-from-anywhere environment and to the cloud, Fortinet is strongly positioned to significantly capture market share of a projected total addressable market of more than $174 billion by 2025. Our organically developed Forti Fabric solution like email, web and endpoint together with FortiGate firewall offers much broader protection, more integration and better automation than other competitive solutions. This results in tightly integrated functionality with better performance, lower cost and power consumption compared with a general CPU. Fortinet is helping customers solve the issue of complexity through our security-driven networking and Security Fabric platform approach.įortinet's unrivaled FortiASIC offers five to 10 times more security computing power. In a recent report, Gartner called out Fortinet Security Fabric as a platform that offers cybersecurity mesh architecture approach. To address this challenge, Gartner is predicting that by 2024, organizations that adopt our cybersecurity mesh architecture will reduce the financial impact of individual security incidents by an average of 90%. According to Gartner, the network parameter is fragmented with many security teams and tools operating in silos, and integrating best-of-breed solution only add to the complexity. With very strong business momentum, we remain focused on growth. Global G2000 billing growth accelerated to over 50% total revenue growth, 33% to $867 million, with product revenue up 51%, our highest quarterly product revenue growth since going public in November 2009.
Billing increased 42% to $1.064 billion, exceeding $1 billion in quarterly billing for the first time in Fortinet history. Thanks, Peter, and thank you to everyone for joining today's call to review our outstanding third quarter 2021 results. Ken Xie - Founder, Chairman of the Board, and Chief Executive Officer Lastly, all references to growth are on a year-over-year basis unless noted otherwise. Our GAAP results and GAAP to non-GAAP reconciliations is located in our earnings press release and in the presentation that accompany today's remarks, both of which are posted on the Investor Relations website. Also, our references to financial metrics that we make today on today's call are non-GAAP unless stated otherwise.
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And we undertake no obligation and specifically disclaim any obligation to update forward-looking statements. All forward-looking statements reflect our opinions only as of the date of this presentation. Please refer to our SEC filings, in particular the risk factors in our most recent Form 10-K and Form 10-Q for more information. īefore we begin, I'd like to remind everyone that on today's call, we will be making forward-looking statements, and these forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected.
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Keith will then follow with the financial and operating results for the third quarter before providing guidance for the fourth quarter and updating the full year. Ken will begin our call today providing a high-level perspective of our business. This is a live call that will be available for replay via webcast on our Investor Relations website. The speakers on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO and Keith Jensen, our Chief Financial Officer. I am pleased to welcome everyone to our call to discuss Fortinet's financial results for the third quarter of 2021. This is Peter Salkowski, Vice President of Investor Relations at Fortinet. Peter Salkowski - Vice President, Investor Relations *Stock Advisor returns as of October 20, 2021 and Fortinet wasn't one of them! That's right - they think these 10 stocks are even better buys. They just revealed what they believe are the ten best stocks for investors to buy right now.
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