Symantec (NASDAQ:SYMC) recently announced the availability of its new cloud based security and backup offerings — Endpoint Protection.cloud and Backup Exec.cloud. [1] Endpoint Protection.cloud is a security application for Windows laptops and desktops which runs as a cloud based hosted service, enabling enterprises to protect their data and users from various threats without installing anything, from a web based console. Backup Exec.cloud is a secure online backup and recovery solution which can be used to protect critical data easily. Symantec competes primarily with Intel (NASDAQ:INTC) via McAfee, Microsoft (NASDAQ:MSFT) and Trend Micro in enterprise security.
Security software for businesses accounts for around 11% of its $20 Trefis price estimate, which stands 15% above its current market price.
Check out our complete analysis of Symantec.
Symantec Focuses on the Cloud to Drive Sales Growth
Symantec has been launching new software quite frequently in the last couple months. It seems to be focusing on enterprise storage and cloud based solutions to drive growth going forward.
It recently launched two new enterprise security offerings, and also upgraded its storage and availability software which now allows customers to create and manage their own virtual, private clouds. It also launched a new cloud security platform — Symantec O3 — and Symantec Data Loss Prevention for tablets, aimed at enterprises.
The cloud computing market is expected to be worth nearly $150 billion by 2014, and Symantec is aiming to be the leader in cloud platform security. [2] With its new cloud-based security and backup applications and other releases, Symantec is betting on the enterprise cloud to drive its revenues in the coming years.
We expect Symantec’s share in the enterprise security market to increase to 18% by the end of the forecast period.
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