At Ignite ’22 cybersecurity conference, Palo Alto Networks looks to capitalize on consolidation

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Aiming to reduce the cost and time constraints that CISOs face in keeping security, network, and cloud operations centers (SOCs) secure, Palo Alto Networks made a compelling case at its conference on Ignite '22 cybersecurity to consolidate security technology stacks. Like CrowdStrike consolidating tech stacks as a growth strategy, Palo Alto Networks' latest financial results, earnings call and announcements at Ignite '22 all reflect a growing focus on building consolidation.

Palo Alto What's Next in Cyber ​​2022 survey finds 77% of C-suite leaders say they are very likely to reduce the number of security solutions and services they rely on . Their responses show that a typical global company has an average of 31 cybersecurity applications, services and tools, and contracts with 13 different vendors. Forty-one percent of organizations work with 10 or more cybersecurity vendors. With security budgets under scrutiny for the business value they provide, CISOs must generate revenue to advance their careers. Consolidating duplicate systems improves the accuracy and intelligence that an integrated technology stack can provide while reducing costs and improving revenue contribution from cybersecurity.

Selling the Consolidation Vision to Ignite ’22

Palo Alto Networks has created a compelling vision that puts consolidation at the heart of its go-to-market strategy. "And customers really agree. They want consolidation because right now customers are going through the three biggest transformations ever: they're going through a network security transformation, they're going through a cloud transformation, and [well] a lot of between them don't know it...they're about to move into a SOC transformation,” said Nikesh Arora, president and CEO of Palo Alto Networks, during his keynote.

Selling the benefits of consolidating applications and cybersecurity tools on a single platform works. Company's fiscal first quarter revenue grew 25% year-over-year to $1.6 billion, and fiscal first-quarter billings grew 27% year-over-year to $1.7 billion . “Central to our strategy is the need to drive greater consolidation to bring customers to a better security posture. To that end, we continue to see strong cross-platform buys and grow our millionaire customers at a steady pace,” Arora said on the recent Palo Alto earnings call.

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