ok then let's narrow down to "Authentication/Authorization infrastructure" products like Auth0, AWS Cognito etc.

There are atleast 5-6 startups who came up to this space in the last 3-4 years (after the acquisition of Auth0 by Okta for some $6B).

And whenever such startups launch their product here in HN, most devs are like, what is the need for another product like this.

I think there's some selection bias. There's a huge number of startups getting funded each year, it's a multi billion dollar industry. Do you have data showing a disproportionate amount operating in auth tools were funded recently or are you just going by whatever news reached you lately?

Biden's EO on cyber [0] mandates the agencies move to multifactor auth and zero trust architecture. Requirements on agencies flow through to their contractors, and eventually to the industries they regulate. When most consumer banks don't even do real 2FA (miss me with SMS pls), the TAM is yuuuge.

When the EO came out there were at least five publicly traded identity companies of any size: Okta, CyberArk, Sailpoint, Ping, Forgerock. Thoma Bravo subsequently bought Sailpoint, Ping, and Forgerock at meaningful premiums (~50%). VCs notice things like this.

[0] https://www.whitehouse.gov/briefing-room/presidential-action...

There's also the SOC 2 requirement and SSO makes that a lot easier.