Okta, Inc. ( OKTA Quick Quote OKTA - Free Report) expects annual revenues in each of the next three years to grow by 30% as the company announced expansion of its service offerings to two news product classes, per a Bloomberg report. Markedly, Okta projects total revenues to reach as high as $1.09 billion in its current fiscal year 2022. The new areas, namely, privileged access management and identity governance and administration (IGA) are expected to expand the size of Okta’s potential markets to about $80 billion. The market is currently dominated by CyberArk Software ( CYBR Quick Quote CYBR - Free Report) and SailPoint Technologies ( SAIL Quick Quote SAIL - Free Report) . Okta’s new Identity Governance delivers self-service identity governance and administration for all users within the extended enterprise through a single control plane to meet compliance requirements without sacrificing speed in hybrid and multi-cloud environments. Meanwhile, privileged access management seeks to protect data from being hacked within an organization while governing who can view and change an organization’s critical systems. Okta aims to create an extensive cloud infrastructure to provide top independent software clouds needed by business applications with identity and access remaining the company’s core specialty. Robust Adoption of Identity Solutions: Key Growth Driver
Okta’s top line is benefiting from continued adoption and increasing use cases of identity solutions.
Notably, Okta Identity Cloud platform offers a suite of applications that manage and secure identities. Customers use the platform to manage and secure their employees, contractors and partners (workforce identity) as well as enterprise’s own customers (customer identity). In the fourth quarter, Okta announced expanded partnerships with Fortune 500 IT services company DXC Technology, Finance of America, OFX, Renault, State of Iowa, Washington State Board of Community and Technical Colleges, and Zoom Video. The company has also gained significant traction in the financial services industry with new and expanded deployments for Canadian Western Bank, First National of Nebraska, and Nota, powered by M&T Bank. Okta Identity Cloud’s capability to consolidate and easily integrate existing applications, without compromising security or stability, is attracting customers. In the fourth quarter fiscal 2021, Okta added 600 new customers, taking the total customer count to 10,000, up 26% year over year. Moreover, partnership with the likes of salesforce.com ( CRM Quick Quote CRM - Free Report) is helping the company to win customers. Moreover, this Zacks Rank #3 (Hold) company is expected to benefit from an uptick in IT spending backed by the ongoing digital transformation to satisfy remote working, education and new social norms. Per Gartner’s latest report, Enterprise Software-related IT spending is expected to grow 6.2% year over year to $3.9 trillion in 2021, following an estimated 3.2% decline in 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Further, Okta’s integration into the Amazon Web Services (AWS) marketplace is expected to drive top-line growth. Okta prospects are now able to purchase both Customer Identity and Workforce Identity products in AWS Marketplace, while also benefiting from new integrations that take advantage of both Okta and AWS, including AWS Control Tower. Time to Invest in Legal Marijuana
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