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Okta (NASDAQ:OKTA) is set to cross the $1 billion revenue mark this year, but in some ways the identity-for-the-cloud specialist still looks like a small fish in a big pond.
That s because the company s market opportunity keeps getting bigger. When Okta had its IPO in 2017, it had identified a total addressable market (TAM) of $18 billion, primarily in workforce identity management, the company s core business, which allows employees to log in and get access smoothly and securely. Later, customer identity access management became a major business for Okta, and it upgraded its overall TAM to $55 billion: $30 billion in workforce identity and $25 billion on the customer side.
Okta s Addressable Market Is Getting Even Bigger
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Gouvernance des identités et PAM rejoignent l offre d Okta
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The cybersecurity company said Wednesday it expects revenue for the fiscal year to grow by 30% as it unveiled two new products, one in privileged access management and another in identity governance and administration.
Privileged access seeks to protect data from being hacked within an organization, while identity governance and administration was designed to streamline how an organization decides what information users have access to on its servers.
The addition of these new tools also increase Okta s business opportunity by more than 20%, CEO Todd McKinnon told CNBC s Jim Cramer. We have a massive addressable market, McKinnon said in a Mad Money interview. As everything moves to the cloud, as companies need to connect with their customers through digital channels, as everyone is worried about security, this massive $80 billion TAM (total addressable market) is the foundation for sustained growth for a long time period.
Okta s Charts Still Suggest Watching and Waiting Signs of aggressive buying have not appeared. Stocks quotes in this article: OKTA
For his second Executive Decision segment of
Mad Money Wednesday night, Jim Cramer spoke with Todd McKinnon, chairman and CEO of Okta (OKTA) , the cybersecurity company.
Okta is gearing up for their annual Oktane user conference. This year s Oktane21 will be virtual. McKinnon said that Okta plants introduce new product categories that will increase its total addressable market from $55 billion to $70 billion.
When asked about the recent SolarWinds attack, McKinnon said it just proves the importance of doubling up the protection on privileged accounts. This is especially important in dynamic cloud environments, he said, where servers and other resources are spinning up and shutting down dynamically to respond to demand.