Okta Competitors Analysis

Formerly Saasure Inc., Okta is a San Francisco-based company that provides identity management services for cloud-based web applications. Todd McKinnon and Frederic Kerrest founded the company in 2009 to provide a more secure and efficient way for organizations to manage employee access to applications. 

Okta competes in the Identity and Access Management (IAM) market, a fragmented market with various vendors offering on-premises, cloud-based, or hybrid solutions. Its standpoint as a pure-play cloud vendor is a crucial differentiator from its competitors. Okta’s solutions are delivered through a multi-tenant cloud platform that runs on Amazon Web Services (AWS). 

Okta went public in 2017 in an IPO that saw it raise $187 million, valuing it at $6 billion. Data from Crunchbase reveals that Okta has raised $1.2 billion in total funding since its founding. It trades on the NASDAQ stock exchange under the “OKTA” ticker. As of August 28, 2022, Okta’s market capitalization was $14.749 billion

Okta isn’t profitable yet, but I see a company focused on growth, with strong revenue growth and gross margin expansion. In 2020, the company reported $0.586 billion, a 46.79% growth; in 2021, growth was 42.55%, to $0.835 billion, and in 2022, I see another 55.63% growth year-over-year to $1.3 billion.

Even with good financials, Okta still faces tough competition from other players in the market. In this Okta competitors analysis, I will closely examine companies that provide similar services and see how they stack up against Okta. I’ll cover their competitive advantages, financials, market position, and overall company health. 

Bottom Line Up Front

The Identity and Access Management market is highly competitive. Given Okta’s strong market position and growth prospects, it is well-positioned to compete against its main competitors. Microsoft Azure and Ping Identity are Okta’s strongest competitors. Other players like Oracle and Broadcom (Symantec) offer identity management solutions but have a less significant market share. 

Okta Business Strategy and Revenue Model

Okta is a Software as a Service (SaaS) company that believes its future success depends on many factors such as market adoption, the success of continued investments, international expansion, and the continued demand for the company’s external use case. The company’s goal is to have its products used by as many people as possible. It seeks to build a network effect that will make it the de-facto standard for identity management.

Okta is also keen on acquisitions to help it enter new markets or expand its product portfolio. In 2021, it signed a definitive agreement to acquire Auth0, a leading identity-as-a-service platform. The deal, valued at $6.5 billion, is one of the largest in the history of enterprise software and will help Okta expand its customer base and product offering.

The Auth0 acquisition aligns with Okta’s goal of becoming a one-stop shop for all identity management needs. Auth0 is more of a developer-centric platform, complementing Okta’s focus on the end-user. Other acquisitions made by Okta include Azuqua, an integration platform as a service (iPaaS), and atSpoke, a workflow automation company.

Okta’s revenue model is subscription-based, with customers paying for access to the company’s services monthly or annually. The company has a tiered pricing model, with different features and services available at different price points. The company also offers discounts to customers who commit to longer-term contracts. Okta also makes money from professional services and other fees. 

Okta Competitors Analysis

Okta competes in a rapidly growing industry with established players and new entrants all trying to get a piece of the pie. This section will analyze some of these competitors and how they stack against Okta.

1. Microsoft Azure

Microsoft is a giant in the tech industry and offers a comprehensive suite of cloud services under the Azure brand. Azure Active Directory (AAD) is Microsoft’s identity management solution that competes with Okta. The platform offers similar features to Okta, such as multi-factor authentication and single sign-on.

Both companies offer identity as a service (IDaaS) solutions, but Azure focuses on providing a complete set of cloud services, while Okta focuses primarily on identity management. In fact, Okta relies on the Microsoft Active Directory to perform high-level tasks like user provisioning, de-provisioning, and group management. 

Azure is a more comprehensive solution than Okta and offers many more features, but it’s also more expensive. Azure is better suited for organizations already using other Microsoft products and services and who want to keep everything in one place. Okta, on the other hand, is a more specialized solution that is less expensive, and users can integrate it with other products and services more efficiently.

If financials were the only consideration, Azure would be the clear winner. In 2020, Microsoft had revenue of $143.02 billion, while Okta had revenue of just $835 million. However, Okta’s revenue growth has been much more impressive. In 2020, Okta’s revenue increased by 46.79%, while Microsoft’s revenue grew by 13.65% year-over-year. Okta’s revenue increased by another 42.53% the following year, while Microsoft’s revenue only grew by 17.53%.

See also: ADT Business History

2. Ping Identity

Ping Identity is an American software company specializing in identity and access management. Founded in 2002, the company has its headquarters in Denver, Colorado, with development offices in Tel Aviv, Israel, Vancouver, and British Columbia. Ping Identity Corporation is the holding company for the Ping Identity product suite.

Ping Identity’s solutions include single sign-on, multi-factor authentication, API security, and directory services. The company offers a variety of products for different deployment models, including on-premises, cloud-based, hybrid, and mobile. Vista Equity Partners acquired Ping Identity in 2016 for $600 million.

Before the acquisition, the company had already raised $128.3 million in funding from investors such as Bessemer Venture Partners, Grotech Ventures, and Foundry Group. Its latest funding was in 2014, in a Series F round led by Kohlberg Kravis Roberts that raised $35 million. Rather than sell the company outright, Vista Equity Partners took the company public in an initial public offering (IPO) in 2019. The IPO raised $187.5 million and valued the company at $1.16 billion.

On August 3, 2022, Ping Identity announced that Thoma Bravo had agreed to buy Ping Identity for $2.8 billion in cash. The deal will see Ping Identity become a private company again and is expected to close in the fourth quarter of 2022. As of August 29, 2022, the company had a market cap of $2.417 billion. 

Competitively, Okta has better funding, better financials, and a better growth rate than Ping Identity. Ping Identy’s revenue for 2021 was $299.4 million, up from $243.589 million in 2020. Like Okta, it’s also not yet profitable, with a net loss of $64.391 million in 2021. However, its net loss was smaller in 2020, at $11.891 million.

3. OneLogin


Founded in 2009, OneLogin is a cloud-based identity and access management company headquartered in San Francisco, California. The company develops and sells a software-as-a-service product called OneLogin Unified Access Management that provides single sign-on, multi-factor authentication, and directory services.

Thomas Pedersen and Christian Pedersen founded the company intending to make it easier for users to access the increasing number of cloud-based applications they were using. The company’s initial focus was single sign-on for cloud-based applications, but it has since expanded its product offering to include other identity and access management features. 

The company competes with Okta and other identity and access management providers such as Microsoft, Ping Identity, and Auth0. OneLogin is a subsidiary, meaning little of its financial information is publicly available. However, it is known that the company has raised $175.2 million in funding from investors like Scale Venture Partners, Social Capital, and CRV.

Its latest round was a Series D led by Greenspring Associates in 2019 that raised $100 million, valuing the company at $330 million. That’s the last known valuation of the company, as the proceeding information is of an unknown amount. In 2021, Quest’s One Identity acquired OneLogin for an undisclosed amount. Quest likely paid more than the $330 million valuation, as it was a strategic acquisition to bolster its identity and access management offerings. 

Being part of Quest presents a new challenge for Okta, as it is now up against a much larger company with more resources. However, Okta still has the advantage because it’s a publicly traded company with access to capital markets. If anything, the acquisition makes Okta more of a target for Quest.

See also: Daniel Ek Bio

4. Oracle

Oracle is a leading enterprise software company that offers a comprehensive and integrated portfolio of cloud applications, platform services, and engineered systems. More than 430,000 customers in 175 countries use Oracle technologies to seize business opportunities and solve real, tangible challenges.

Okta and Oracle compete for customers in the identity and access management space. Oracle’s Identity Suite provides users with comprehensive identity management, access control, and compliance solution. The suite offers a single control point to manage users, applications, and devices.

Oracle stands out as a worthy opponent to Okta due to its size, scope, and history. Oracle is a much larger company with a market cap of $198.937 billion as of August 29, 2022. The company has the financial muscle to go toe-to-toe with Okta in product development and marketing. If the two companies were to compete head-to-head, Okta would be at a disadvantage because Oracle can offer its products at a lower price point.

Okta has a slight edge over Oracle because it’s a specialized identity and access management company, while Oracle offers identity management as part of its much broader enterprise software portfolio. Despite being an older company, Oracle is a nimble competitor that quickly responds to market trends and customer needs.

In 2021, Oracle reported $40.479 billion in total revenue, up 3.61% from the previous year. If we consider revenue growth a proxy for competitiveness, Okta is way ahead of Oracle, as Okta’s revenue grew by 42.55% in 2021. However, we can’t factor in revenue growth and fail to consider profitability. Okta is a public company; its most recent yearly report showed it’s not yet profitable. As for Oracle, it’s a profitable company with a net income of $13.746 billion in 2021.

5. Broadcom Inc.

Broadcom Inc. is a leading semiconductor device supplier that offers a comprehensive portfolio of products ranging from mobile devices to enterprise networking and storage. The company serves many customers, including original equipment manufacturers, network operators, and enterprise end users.

Broadcom is a major competitor of Okta, as it competes for customers in the enterprise security space. The company’s Symantec Enterprise Security business unit offers a comprehensive portfolio of products, including data loss prevention, advanced threat protection, and web security. Broadcom acquired Symantec’s enterprise security business in 2019 for $10.7 billion.

The acquisition made Broadcom a major player in the enterprise security market and increased its competitiveness against Okta. Broadcom’s user authentication market is a key area of focus as it looks to build on its Symantec acquisition. Its VIP Enterprise Gateway product offers an adaptive authentication solution that leverages machine learning and artificial intelligence. The company also offers anti-malware, firewall, and intrusion prevention products.

Broadcom is a large company with a market cap of $210.937 billion as of August 29, 2022. The company has the financial resources to acquire, develop, and market products that compete with Okta. Broadcom’s scale also allows it to offer its products at a lower price than Okta. In 2021, Broadcom reported $27.45 billion in revenue, up 14.91% from the previous year.

Unlike Okta, Broadcom is a profitable company. Its net income for 2021 was $6.437 billion, up 141.72% from the previous year. Broadcom’s strong financials give it an advantage over Okta in the enterprise security market. I could argue that Broadcom is a more competitive threat to Okta than Oracle.

See also: Stripe Business Model Explained

Okta SWOT Analysis

The following are Okta’s strengths, weaknesses, opportunities, and threats.


  • Strong revenue growth
  • Robust product portfolio 
  • Strong partner ecosystem 
  • Strong brand recognition 
  • Excellent customer satisfaction ratings 


  • Operating at a loss
  • High dependence on the US market
  • Lack of in-house expertise in certain areas


  • Growth in the identity and access management market 
  • Expansion into new geographies and markets 
  • Partnerships and acquisitions with complementary companies 


  • Intense competition from established players 
  • The emergence of new technologies 
  • Changes in government regulations

Okta Competitors Analysis (FAQs)

Answer: Most people use Okta because its adaptive MFA (Multi-Factor Authentication) and SSO (Single Sign On) capabilities make managing user access to different applications easier. Okta is also popular because it integrates with many applications and systems, making it a versatile platform for managing user identity and access.

Question: What are the main competitors of Okta?

Answer: Okta competes with many Identity and Access Management (IAM) companies, including Microsoft, Ping Identity, OneLogin, Oracle, and Broadcom. While some have IAM as the sole focus of their business, others like Microsoft and Oracle have IAM products as part of a larger portfolio of enterprise software offerings.

Question: What is the difference between Okta and its competitors?

Answer: Okta’s main differentiating factor is its focus on providing an easy-to-use solution that integrates with many different types of applications and systems. The company has excellent customer satisfaction ratings and is widely recognized as a leader in the IAM space. Unlike some of its competitors, Okta is not profitable, and its dependence on the US market is a potential weakness.

Bottom Line

The IAM market is a highly competitive space, and Okta faces stiff competition from Microsoft, Ping Identity, OneLogin, Oracle, and Broadcom. While Okta is a recognized leader in the IAM space, it is not profitable yet. Its focus on growth has led to high operating expenses, contributing to its losses. However, it has impressive revenue growth, strong customer satisfaction ratings, and a robust product portfolio. 

These factors give Okta a strong position in the IAM market. Given the competitive landscape, Okta will need to continue to invest in its product and expand its geographical reach to maintain its market share. I can’t say when or if Okta will become profitable, but it’s clear that the company is a strong competitor in the IAM market.

Recommended Reads:

Latest posts by John Hughes (see all)
Scroll to Top