Security giants Symantec and RSA Security have proved there is still life in the sector by announcing impressive financial results.
Symantec said it posted record results for its first quarter ended 2 July 2004. Turnover for the quarter was $577m, almost double the $391m posted in Q1 last year. Profit surged to $131m, more than twice the $59m posted last year.
John Thompson, chief executive of Symantec, said the increase in threats has played a part in its success.
"Our enterprise business continues to gain momentum as we enhance our offerings to protect customers from a broadening array of threats, and the consumer business continues to perform above expectations," he said.
RSA Security saw its Q2 turnover increase by 19 per cent to $75.6m, up from $63.4m in 2003. Profit rocketed by 147 per cent to $8m, compared with $3.2m the previous year.
Art Coviello, chief executive of RSA, said: "Demand for our products has been strong across the board; authenticator shipments remained robust, encryption sales exceeded our target, and web access management revenue reached a record high."
Clive Longbottom, service director at Quocirca, said security "is coming of age".
He added: "Symantec has increased its focus on security in the past two years, and RSA's SecureID has been successful for some time and is now riding the crest of the mobility wave."
However, Longbottom said security vendors lack the ability to widen the market.
"If vendors got together to create a suitable market, the need for security as an enabler could be spelt out and the market would blossom. They could then fight for a 15 per cent share of a $20bn market, rather than a 50 per cent share of a $1bn one," he said.
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