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Identity & Access Management

Identity and access management is a contested, platform-driven corner of cybersecurity where specialist vendors such as Okta and SailPoint compete with Microsoft, IBM, Oracle and large security platforms. The most visible current development is the extension of identity controls to autonomous AI agents at runtime, alongside rising attacker focus on privileged users. The internal record is thin on SailPoint, Clear Secure and CDW for the last 90 days, and carries no major-customer disclosures for any covered company.

Active institutional funds cut a net $5.8 billion in Q2 2026, versus $5.6 billion in Q1 2026 — an outflow 4% larger. 38.9% of companies in this sub-theme saw decreased active positions in Q2 2026.

Overview

Identity and access management covers the technology that decides who or what can authenticate to a system, what that identity is authorized to do, and how privileged accounts are controlled. The sub-theme has three structural layers. The first is specialist identity vendors: Okta in workforce and customer identity and access management, and SailPoint in identity security and governance. They compete directly with each other, and both face Palo Alto Networks, which also competes with SailPoint as an independent vendor offering a mix of security products. The second is platform and large-company competition. Microsoft is identified as Okta's principal competitor, and Microsoft, IBM and Oracle compete with SailPoint by bundling identity into broader portfolios. Clear Secure, a consumer and enterprise identity verification provider, names Meta, Microsoft, Alphabet, Amazon and Apple as large platforms that could build competing offerings. The third is the ecosystem around identity: Okta's partner network spans Palo Alto Networks, Google, Zscaler, Workday and CrowdStrike, with integrations from Box and Netskope. Delivery runs through channel and services partners, with Accenture acting as both a global system integrator and a managed service provider for SailPoint, and CDW as a value-added reseller. Identity products incorporate encryption and handle personal data, so the whole category sits under export-control and privacy regimes.

Investment Thesis

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Bottleneck Tracker

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Related Events

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