The global identity and access management (IAM) market is expected to grow at 14% CAGR to reach $25.6 billion by 2027 from $13.4 billion this year. San Francisco-based ForgeRock (NYSE: FORG), a key player in the industry, is leveraging AI capabilities to target this market.

ForgeRock’s Financials

ForgeRock recently announced its first-quarter results. Revenues grew 18% to $48.1 million and net loss was $0.12 per share. ARR grew 35% to $193.2 million.

Subscription term license revenues fell 7.2% to $19.7 million. Subscription SaaS, support, and maintenance revenues grew 42.6% to $26.2 million and perpetual licenses revenues fell 84.5% to $86 thousand.

For the second quarter, ForgeRock forecast revenues of $46.5-$47.5 million and a loss per share of $0.23-$0.21. For the full year, it expects revenues of $212-$215 million and a loss per share of $0.45-$0.41.

ForgeRock’s Growth Focus

Recently, ForgeRock announced a new solution called ForgeRock Autonomous Access that expands the use of AI capabilities in its offerings. According to recent reports, the increased adoption of digital technologies during the pandemic has also seen a significant increase in data breach instances. 82% of organizations surveyed believe that they have experienced at least one data breach as a result of their transformation. ForgeRock believes that AI-driven solutions have the ability to protect organizations and their customers from costly security breaches.

The solution uses AI to prevent identity-based cyber attacks and fraud by monitoring login requests in real-time to block malicious attempts, adding authentication steps for anomalous behaviors, and streamlines access for known users. IT admins can design tailored experiences for every login attempt based on the level of risk. For instance, a known user with a low risk score can sail through with options like passwordless authentication, while a known user exhibiting unusual behavior, such as an unusual location or device, can be given added authentication steps. ForgeRock Autonomous Access empowers teams to detect and prevent attacks faster in addition to refining customer access and making online experiences for legitimate users feel more effortless.

It also announced the availability of its next-generation Authenticator App. The redesigned app offers a quicker and simpler login process and provides improved navigation, new biometric lock options. The app integrates with native iOS and Android security. The Authenticator App capabilities are also provided as an SDK for ForgeRock customers to use to enhance their own mobile applications with registration and authentication features that they provide to their consumers. Some of the features that can be embedded by the customers include multi-factor authentication, time-based-one-time-passcodes, passwordless login, and push notifications to the mobile device.

ForgeRock went public in September last year. It raised $275 million through its IPO at a list price of $25 and valuation of $2 billion. Its stock is currently trading at $21.88 with a market capitalization of $1.84 billion. It hit a 52-week high of $48.88 in September last year and a 52-week low of $11.94 in January.

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