In a move to strengthen its foothold in the new arena of corporate computing, Alphabet Inc., Google’s parent firm, has decided to establish a new business unit referred as Chronicle through which it can sell IT security software to Fortune 500 organizations. Tech experts claim that the cyber security software, which works on the principle of machine learning, has the ability to closely examine huge data for determining cyber threats in real time. The chief executive of Chronicle has also asserted that the technical know-how of Google in data analysis automation will offer the firm a competitive edge in IT security sector.
As per the report compiled by a reputed research firm, global cyber security industry is likely to be valued at approximately USD 100 billion. Alphabet’s strategic move and its huge cash reserves & a strong customer relationship management, are together expected to ante up Chronicle’s position in the cyber security industry. Analysts have also claimed that the new initiative taken by the firm is aimed at expanding beyond its core online advertising business activities. Additionally, it has been forecast that Alphabet is trying to establish itself as a major player across the enterprise computing technology industry.
The key officials of Alphabet Inc. have stated that Chronicle, which is based at Mountain View in California, is the company’s third business unit that has been spun out of its ‘X’ research lab into a holding firm. The company sources have claimed that Chronicle follows self-driving vehicle firm Waymo and healthcare entity Verily.
However, market analysts have observed that in the past, internet search & networking firms trying to penetrate a completely different business vertical such as cyber security had incurred huge losses. It remains to be seen though, if Alphabet’s Chronicle would have to traverse through that particular path, or whether it would contrarily emerge successful.
