How Okta Increased Its Addressable Market by $15 Billion
During its April 7 investor day, Okta (NASDAQ: OKTA) confirmed its outlook for fiscal year 2022 (ending on Jan. 31, 2022). The identity specialist also announced new developments that should vastly increase its addressable market and fuel its growth beyond the short term.
Okta has been disrupting the identity market over the last several years with its cloud-native platform. It expanded its core workforce identity business, which manages authentication and authorization of companies' employees, to include customer identity capabilities for companies' customers as well.
Management estimated those two identity areas represent a market of $65 billion, which suggests significant growth potential considering the company's fiscal 2021 revenue totaled just $835 million (up 43% year over year).
Source Fool.com
