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...