Let’s see how this plays out. Ping is actually quite legacy when compared to new-generation players (having worked in the identity and access management space for over 15 years for multiple vendors and system integrators etc.) like Okta, Onelogin and SAASPASS. Centrify is also quite clunky to manage but they are trying to revamp themselves as both Centrify and Idaptive.
The real legacy products are IBM, Oracle and CA and they will be extinct in the next five years. So all Ping has to do is get churn customers from the legacies, while the whole market is growing at a rapid pace.