Box
BOX
has been persistently working toward strengthening its portfolio of solutions by adding new capabilities to the existing solutions.
The company’s recent introduction of new features to its security control and intelligent threat detection solution namely Box Shield is a testament to the above-mentioned fact.
The recent features use deep learning technology and external threat intelligence to scan files in near real-time, identify ransomware and then stop it before it hampers the business.
Users can also expand protection to analyze content shared from external sources and occasionally override threat verdicts of contents having a low risk for avoiding slowdown in business workflows.
Hence, these features ensure that users have improved security without compromising on productivity. This is likely to increase the adoption rate of Box Shield.
Growing Ransomware Protection Market
With the recent move, Box has expanded its presence in the booming ransomware protection market.
The growth in this market is attributed to the increasing number of ransomware attacks, which rose 288% between the first and second quarters of 2021, per the recent data from NCC Group.
Growing cases of ransomware attacks are leading organizations to adopt ransomware protection solutions, thus creating growth in the market.
Per a
report
by IndustryARC, the ransomware protection market is likely to touch $24.12 billion by 2025, witnessing a CAGR of 14.87% between 2020 and 2025.
Further, this market is expected to witness a CAGR of 16% during the 2021-2026 period, per a
report
by Mordor Intelligence.
Expanding Portfolio of Solutions
Apart from the latest move, the company recently rolled out its e-signature capability named Box Sign to help businesses digitize and modernize agreements in the cloud.
Further, Box integrated with
Microsoft
’s
MSFT
Office Software Suite, Microsoft 365. This includes integrations of Box with Teams and Box Shield with Office 365 as well as new advancements in Box for Microsoft Office Online and Box Connector for Microsoft Graph.
Box also teamed up with
Cisco Webex
CSCO
for the delivery of secured and effective cloud content to customers.
In addition, the company’s launch of Box Shuttle for seamless transfer of large content to Box Content Cloud remains noteworthy.
Zacks Rank & Stock to Consider
Currently, Box carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is
Avnet
AVT
, carrying a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
The long-term earnings growth rate for Avnet is currently projected at 25.4%.
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