Palo Alto Networks has earned a reputation as the leader in security. You can measure this in revenue, market cap, execution and, most importantly, conversations with CISOs. The company is on track to double its revenues to nearly $7B in FY23 from FY20. This despite macro headwinds which will likely continue through next year. Palo Alto owes its position to a clarity of vision and strong execution of a TAM expansion strategy bolstered by key acquisitions and integrations into its cloud & SaaS offerings.
In this Breaking Analysis, and ahead of Palo Alto Ignite, we bring you the next chapter on top of last week’s cybersecurity update. We’ll dig into the ETR spending data on Palo Alto Networks, provide a glimpse of what to look for at Ignite and posit what Palo Alto needs to do to stay on top of the hill.
The Problem is Clear
The challenges for cybersecurity professionals is dead simple to understand. Solving it is not so easy.
The taxonomic eye test above from Optiv is one of our favorite artifacts to make the point. The cybersecurity landscape is a mosaic of stovepipes. Security professionals have to work with dozens of tools, many legacy, combined with shiny new toys to try and keep up with the relentless pace of innovation, catalyzed by incredibly capable, well-funded and motivated adversaries.
Cybersecurity is an anomalous market in that the leaders have low single digit market shares. Think about that. Cisco at one point held 60% market share in networking and it’s still deep into the 40s. Oracle captures around 30% of database market revenue. EMC at its pea ..
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