Proofpoint (PFPT - Free Report) recently announced several enhancements across all its product lines, aiming to boost customer engagement and experience.
With the widening threat landscape, companies constantly have to be on their toes to protect customers and employees from security breaches and compliance risks. This is driving companies like Proofpoint to invest in innovations and enhancements to boost security capabilities and better protect their client enterprises.
Customer-Centricity & Strong Product Portfolio Drive Growth
Proofpoint’s constant focus on improving and expanding its capabilities and offerings is noteworthy. The company reinvests about 20% of annual revenues into R&D, which is quite significant.
Notably, most of Proofpoint’s offerings are the adopted by Fortune 100, Fortune 1000, and Global 2000 companies.
Moreover, in the current security scenario, where enterprises are transitioning their workloads and data to the cloud, every point on the network is vulnerable to security breaches.
Focus on domains like cloud application security, information protection, deep threat intelligence, compliance, email authentication and employee training on security awareness are therefore important for companies to keep up with the growing sophistication of attacks.
Notably, the enhancements across Proofpoint’s product portfolio will cover all the aforementioned aspects.
Per a cloud security survey conducted by CyberSecurity Insiders, 39% of IT organizations currently struggle with compliance and 42% have been subject to unauthorized access to cloud data.
The survey also revealed that among operational security issues, compliance was rated the most challenging by 34% of respondents, followed by lack of visibility into infrastructure security as reported by 33%. Importantly, 31% companies said that lack of qualified staff was a major concern.
Last month, Proofpoint announced that its Security Awareness Training has won the Federal Risk and Authorization Management Program (FedRAMP) In Process status. This signifies that the company is actively working with an agency toward achieving a FedRAMP Agency Authorization.
These efforts are not only helping Proofpoint to attract new deals, but are also helping it to expand abroad by dint of its international business, which grew 33% year over year in the second quarter of 2019.
Furthermore, increased interest in new archiving features like supervision, eDiscovery and analytics visualization, particularly from firms in regulated industries such as healthcare and financial services and the features are driving demand for its digital risk products.
Competition Rife in the Evolving Security Scenario
Per a ResearchAndMarkets report, the Global Cloud Security market is expected to hit $241.1 billion by 2025, at a CAGR of 11% from 2019 to 2025.
However, the firm notes that lack of awareness about cloud security the small and medium organizations and fear of losing confidentiality are some factors restraining market growth.
To tap these opportunities in the security market with growing cloud adoption, increasing number of security companies is upping the ante in this area.
Competition from the likes of Fortinet (FTNT - Free Report) , Palo Alto (PANW - Free Report) and Check Point (CHKP - Free Report) is a constant concern.
Nonetheless, Proofpoint’s rich experience in the security space and continued delivery of mission-critical solutions will help it to grow market share.
Moreover, management is optimistic about its progress to increase its total addressable market to more than $13 billion in the coming years, which is encouraging.
Proofpoint currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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