Proofpoint (PFPT - Free Report) is focusing on bolstering its enterprise security offerings by enhancing its Enterprise Archive solution to offset three key challenges, namely legal discovery, regulatory compliance and end user email access.
The Proofpoint Enterprise Archive solution is deployed by numerous organizations to simplify e-discovery and monitoring, and reduce relevant costs.
Notably, Proofpoint is included as a Leader in the Magic Quadrant for Enterprise Information Archiving by Gartner for eight consecutive years, highlighting its achievements and capabilities in modern archiving.
The company added a case management feature for efficient organization and tracking. This will help legal teams efficiently carry out more in-house analyses. Moreover, a new Compliance Risk Dashboard with Intelligent Supervision allows teams to quickly identify major compliance risks and violation trends. The company also updated its regulatory compliance supervision offering.
The massive data explosion in recent years made data archiving mandatory for organizations to run and maintain a host of systems that produce diverse types of data. Per MarketsandMarkets, the global enterprise information archiving market is expected to reach $10.8 billion by 2025, seeing a CAGR of 13.5% during the 2020-2025 forecast period. Reduced storage costs for the enterprise information archiving are one of the pivotal forces of this market.
In this niche market, Proofpoint competes with Alphabet’s (GOOGL - Free Report) Google Vault, CommVault (CVLT - Free Report) Complete Backup & Recovery, IBM (IBM - Free Report) Information Lifecycle Governance and Oracle StorageTek.
Customer-Centric Operations & Strong Product Suite: Tailwinds
Proofpoint’s constant focus on improving and expanding its capabilities and offerings is noteworthy. The company reinvests about 20% of annual revenues in R&D, which is quite significant.
Notably, majority of Proofpoint’s offerings are adopted by Fortune 100, Fortune 1000 and Global 2000 companies.
Moreover, given the current security scenario wherein 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 pace with the growing sophistication of cyber-attacks.
Notably, continued enhancements across Proofpoint’s product portfolio cover all the aforementioned aspects.
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 are driving demand for the company’s digital risk products.
The company 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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