The use of artificial intelligence (AI) systems in the cybersecurity industry is growing at a nice clip. Last year, AI-focused cybersecurity spending stood at an estimated $24 billion, but this figure is expected to be nearly $134 billion in 2030, according to a forecast by Statista.

As such, now would be a good time for investors to buy shares of cybersecurity companies that are aggressively integrating AI tools into their platforms. (NASDAQ: FTNT) is one such company, leveraging AI to drive stronger growth in its business.

Fortinet brought in $5.3 billion in revenue in 2023, an increase of 20% over the previous year. However, its deferred revenue increased at a faster pace of 24% to $5.74 billion. Deferred revenue refers to the money collected in advance by a company for services that will be rendered at a later date. It's recognized as revenue only after the services are delivered.

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Source Fool.com