Palantir Technologies is a software firm founded in 2003 by Nathan Gettings, Alex Karp, Joe Lonsdale, Stephen Cohen, and Peter Thiel. The name 'Palantir' means the Lord of the Rings, which refers to indestructible means of communication. This company has its headquarters in Denver, Colorado, where it offers a wide array of software tools and solutions for preparing, integrating, visualizing, and analyzing data. Some of the company's main products include; Palantir Foundry, Palantir Gotham, and Palantir Apollo.
According to Bstrategyhub, Palantir Gotham is more of an artificial intelligence operating tool mainly used in military duties. Palantir Apollo allows you to easily access several private and public cloud-based platforms for your growing customer base. Palantir Foundry helps you efficiently and securely maximize the data information in your business. However, Palantir Technology faces stiff competition from its competitors in the data mining industry. Read on to learn more about the 10 different companies similar to Palantir.
10. IBM Watson Studio
IBM Watson Studio is a leading software developer that serves about 47 out of 50 businesses on the Fortune 50 list. While Palantir and IBM Watson Studio are data preparation tools, IBM's Watson Studies is engineered to respond more quickly. The company also offers more collaborative data tools and accelerates machines and deep learning workflows, allowing various companies to adopt Artificial Intelligence. This tech giant is reported to have employed approximately 350,000 employees and has garnered $75 billion in profits. The company is best known for offering its users dedicated and effective solutions through various channels, including hybrid, on-premises, and cloud-based platforms. IBM Watson Studio is often considered one of the main competitors to Palantir Technologies.
9. Tyler Technologies
Tyler Technologies provides integrated tech solutions, software tools, and a wide array of tech services to the public sector. By the end of 2021, the company garnered between $1.57 billion and $1.60 billion in revenue. Tyler Technologies has approximately 37,000 successful installations in nearly 12,000 locations in the Caribbean, Australia, Canada, and the USA. Tyler Tech, formerly known as Saturn Industries, was founded by Joseph F. McKinney. In 1968, the company acquired Tyler Pipe, one of the leading iron pipes manufacturers, eventually becoming the firm's primary source of annual profits.
In 1970, the organization changed its name to Tyler Corporation and entered the government software market in 1998. The company's public sector software includes eight categories; integrated software for courts and justice agencies, appraisal and tax software and services, enterprise financial software systems, transportation software for schools, data and insights services, document/records management software, public safety software, and regulatory/maintenance/planning software. As of 2022, Tyler Technologies had employed 5,368 workers and garnered $1.08 billion in profits.
8. Toad Data Point
Toad Data Point from Quest Software is a user-friendly interface that provides users with an insightful and interactive graphical solution that simplifies data preparation and enhances visualization. The platform also allows its users to access data in the cloud and on-premises easily and analyze the data to obtain vital business results. According to Marketing Tutor, the main competitive advantage for Toad Data Point over Palantir Technologies is its better access to more than 50 data sources, allowing to switch between different sources quickly.
7. Altair Monarch
Altair Monarch is a market-leading app that allows businesses to extract and model analytical insights from unstructured and structured data. The company utilizes a desktop report mining tool to extract data from readable report files, such as Excel, HTML, PDF, text, and XPS. The original version of Altair Monarch was first launched in 1990 for DOS, with 'Monarch for Windows in 1994. Math Strategies initially developed the program for Personics Engineering.
This 2018 software was published by Datawatch Corporation and later purchased by Altair Engineering. The software is being used in over 40,000 companies, and approximately 500,000 copies of Monarch have already been licensed. Like Palantir Technologies, Altair Monarch offers users a desktop-based no-code solution in data preparation. But the Monarch platform has more than 80 in-built functions that eliminate time-consuming and error-prone manual data preparation processes through automation.
Altair Monarch is mostly preferred for its no-code data preparation and analysis features. This allows users with different skill sets to use this solution to transform data and obtain insights for data-driven decisions. Monarch also allows you to import business data from OLE DB/ODBC data sources, desktop databases, and spreadsheets. In June 2020, Altair Monarch celebrated its 30th anniversary by launching new intuitive features for obtaining and converting data or information directly from text-based files, Excel spreadsheets, and PDFs. According to comparably, Altair Monarch is one of the most straightforward and user-friendly Palantir alternatives.
Cognizant is America-based multinational I.T. service and consulting company that helps other businesses upgrade their technology, improve customer experiences and redesign their functioning processes. As of 2020, the company has employed about 318,500 employees and has garnered a net annual income of $1.39 billion. In January 1994, Cognizant opened several branches in India, Chennai, Bangalore, Kochi, Pune, Mumbai, Noida, and Tamil Nadu, and named them Cognizant Technology Solutions India Private Limited. The company also has local, regional, and international delivery centers in Hungary, Argentina, Spain, Australia, Mexico, China, Brazil, Canada, and many others.
Cognizant is managed by Brian Humphries (CEO), Rajesh Nambiar (President, Digital Business & Technology), and Jan Siegmund (CFO). In March 2005, the company was registered as a "Charitable Company' under the Indian Companies Act, where the Cognizant Foundation will help the unprivileged members of society gain access to quality healthcare and educational improvement programs. Like Palantir, Cognizant follows a global delivery model based on offshore outsourcing and offshore software R&D. This company effectively functions in several horizontal and vertical units. The horizontal units focus on technologies such as mobile computing, Testing, Analytics, and BPO. The verticals focus on specific industries such as Insurance, Manufacturing, Healthcare, Retail, and Banking & Financial Services.
Like Palantir, Alteryx is a software company that provides data preparation, technology integrations, data analytics, and location intelligence. The company has adopted self-service software that improves data analysis processes and positively transforms business outcomes. Alteryx was formerly known as SRC LLC and was founded by Olivia Duane Adams, Dean Stoecker, and Ned Harding. In 2000, the company partnered with the U.S. Census Bureau, which led to the modification of its software. SRC LLC changed its name to Alteryx in 2010. Palantir has a competitive edge over Alteryx as it offers visualizations, indexing, and integrations all under one roof. However, Alteryx offers its customers more advanced and dedicated analytic tools for data scientists, making it one of the main rivals of Palantir Technologies.
According to Gartner, Alteryx has employed over 1,500 employees with over 8,000 customers. In 2020, the company reported annual revenue of $495.31 million and approximately $580 million in the third quarter of 2021. As of July 2020, Alteryx is offering a number of products as part of an analytics platform; they include; Alteryx Promote, Alteryx Designer, Analytics Hub, Alteryx Connect, Alteryx Intelligence Suite, and Alteryx Server. The company was recognized by Gartner (a research firm) as a leader in the 2018 Magic Quadrant for Data Science and Machine Learning Platforms and named the 2019 APPEALIE SaaS Award winner. In January 2022, Alteryx acquired Trifacta for about $400 million.
Verint Systems is an analytics company that develops and markets hardware and offers software products for data mining, business intelligence, surveillance, customer engagement, and security. This analytical company designs products to help its users analyze large volumes of business data. Its software seamlessly streamlines data analytical processes for large organizations and governmental agencies. Verint's two main products, Cyber Intelligence and Customer Engagement are the main competitors of Palantir's Foundry and Gotham.
The company serves more than 10,000 organizations from about 180 countries globally. In December 2019, Verint Systems launched its plan to split the organization into Cyber Intelligence and Customer Engagement. The company's products include; "smart" video surveillance analysis software, speech analysis software used to analyze call center recordings, and I.P. surveillance cameras. In the third quarter of 2021, Verint employed more than 6500 employees and garnered approximately $225 million in revenue.
Splunk software is an American-based technology company that offers solutions for visualizing, monitoring, and analyzing machine-generated data through a web-style interface. Unlike Palantir, which deals with all data forms, Splunk specializes in machine-generated data. The company also uses machine data to diagnose problems, deliver business information, calculate metrics and identify trends. The company was co-founded by Erik Swan, Rob Das, and Michael Baum. As of 2007, the company had raised $40 million, and by 2012 it had its initial public offering, trading under NASDAQ. In September 2013, Splunk acquired BugSense, a mobile-device data-analytics business that developers use to improve app quality and performance.
In December 2013, the company acquired Cloudmeter, a network data and captured technology provider. By October 2015, the company sealed a cybersecurity alliance with Booz Allen Hamilton Inc., a U.S. government security contractor, to offer combined cyber threat detection. By April 2017, Splunk was listed as the fourth highest-paying organization for workers in the United States. In September 2017, the company acquired SignalSense, which developed cloud-based breach detection and data collection software. In 2020, Splunk was listed as a Leader in the Gartner Magic Quadrant and added to the Fortune 1000 list. Splunk has also launched its corporate venture fund, Splunk Ventures, a $50 million Social Impact Fund, and a $100 million Innovation Fund.
Tableau Software is a self-service analytics platform that offers comprehensive business intelligence tools and interactive data analysis. However, the company is best known for its straightforward and interactive dashboard that suits different entrepreneurs and business leaders. Tableau has a built-in geocoding that allows for U.S. Congressional Districts, postal codes, European Union statistical areas, Airports, Area Codes, and administrative places (district, county, and state/province). Different locations come together to create custom geocoding or custom territories for expanding existing geographic roles. The company founders are Christian Chabot, Chris Stolte, and Pat Hanrahan, who say they plan to launch an auxiliary campus in Kirkland, WA.
In August 2016, the company announced the appointment of Adam Selipsky as the CEO and president, replacing co-founder and CEO Christian Chabot. Tableau offers products such as; Tableau Online, Tableau Vizable, Tableau Desktop, Tableau Prep Builder, Tableau Server, Tableau CRM, Tableau Cloud, Tableau Public, Tableau Mobile, and Tableau Reader. However, the Tableau platform allows users to accomplish complex data analysis tasks using a drag-and-drop interface. In 2020, Tableau and Salesforce integrated their solutions to come up with Einstein Discovery in Tableau. According to Ventureradar, Tableau Software makes approximately $1.16 billion yearly in revenues and has employed 4,200 people globally.
Trifacta is an American-based software company that creates solutions to help other companies unlock the full potential of their data. Like Palantir Technologies, Trifacta offers software for detecting, cleaning, and preparing all business data. The company also combines machine learning, scalable data management, and human-computer interaction to help simplify data preparation. However, dataprep by Trifacta is an intelligent self-service that analyzes unstructured and structured data in the cloud and the business premises. The company offers three main products: Trifacta Wrangler Enterprise, Wrangler Pro, and Trifacta Wrangler. Trifacta Wrangler Enterprise features entail increased sampling flexibility, self-service scheduling, and flow view. Wrangler Pro supports large volumes of data and can plan and operationalize data preparation workflows.
Wrangler Enterprise offers centralized management of governance, operations, and security. Trifacta Wrangler is a connected desktop application that transforms data for downstream visualization and analysis. However, in 2017, the company announced expanded support for Amazon Web Services (AWB). It has the AWS Machine Learning (ML) Competency status award for its success in machine learning deployment on the software. According to Cbinsights, more than 10,000 organizations use Trifacta, including New York Life, PepsiCo, Kaiser Permanente, and Google.
Written by Allen Lee
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