Founded in 2003, Palantir is a tech company that offers a complete suite of software tools for visualizing, integrating, and analyzing data information.
The software company named for objects in “The Lord of Rings” mainly works with governmental agencies and large corporations.
Do you know what makes Palantir an ideal option for large businesses and governmental institutes? Palantir not only provides big data analytic solutions but has a whole team of specialized engineers that can help you customize the software that best fits your business’s needs.
Moreover, the software applications garner information/data from different sources, including cellphone records and internet traffic, and help organizations make sense of voluminous data.
Also, Palantir is serving big names in the private sector, such as Ferrari, JPMorgan Chase, Airbus, and providing software application tools so businesses can employ on their own.
Palantir Gotham, Palantir Apollo, and Palantir Foundry are some of the main products offered by the company that welcomed a revenue of over $1.5 billion in 2021.
What’s more, if you are seeking a software tool that operates at the company level, helping you to efficiently and securely maximize the data information, the foundry tool can be the answer to your woes.
Besides, Palantir Gotham is more like an artificial intelligence operating tool used in military-driven missions.
In addition, if you are looking for a tool that can facilitate you with the needs of your business’s growing customers base that require access to various public and private cloud-based platforms as a part of their infrastructure, Palantir Apollo is what you need.
However, the software faces stiff competition from its top competitors like Cognizant, IBM, Altair, Alteryx, etc.
Let’s find out more about each of them and how they are top competitors to Palantir.
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Top 10 Alternatives & Competitors to Palantir
Although Palantir generated $610.2 million in revenue from governmental agencies and $482.4 million from the commercial sector, the company faced a black lash in 2020 for allowing unauthorized FBI agents to access confidential data for one whole year.
The company is facing tough competition from its rivals in the data mining industry. Here’s a comprehensive analysis that will help you choose the best software for your business requirements:
Splunk
- Founded: 2003.
- Headquarters: San Francisco, California.
Splunk is an American-based software company that provides tools for monitoring, analyzing, and visualizing machine-driven information through a web-style interface.
Did you know that the tech giant is trusted by a whopping 92 of 100 Fortune companies? Yes, the solution enables corporations to ask queries, get answers, take actions, and accomplish business outcomes using the data/information.
Businesses across the globe use market-leading machine learning solutions offered by Splunk to monitor, investigate, and act on all forms of business, including security, IT operations, and IoT (Internet of Things).
Also, the company reported a cloud ARR (annual recurring revenue) of $1.1 billion, up 75 % over last year in the third quarter of 2021.
Splunk’s software help in the collection, indexing, and correlation of real-time information/data in a searchable repository from which reports, alerts, dashboards, graphs, and visualizations can be generated.
Also, the company employs machine data to calculate metrics, diagnose problems, identify trends, and deliver business information.
Splunk focuses more on machine-generated data while Palantir works on all data forms.
Tableau
- Founded: 2003.
- Headquarters: Seattle, Washington.
It is a self-service analytics solution that provides business intelligence and interactive data analytic tools. Tableau was acquired by Salesforce in 2019 for almost $15.7 billion, a strategic move that helps you turn your data into DOING!
Also, the company generated almost $394 million in revenue in the first fiscal quarter of 2021 for Salesforce.
What sets this Business Intelligence platform apart from other competitors is its interactive and easy-to-use dashboard that even caters to the need of business leaders and entrepreneurs who aren’t tech-savvy to turn their voluminous data into an interactive visualization.
Plus, the platform enables users to achieve complex data analytics tasks efficiently and effortlessly using its drop-n-drag tool.
Lenovo, Amazon, Walmart, etc., are some of the big names that use Tableau for data analytics.
Trifacta
- Founded: 2012.
- Headquarters: San Francisco, California.
It is a software company that offers a suite of software tools assisting businesses to unlock their hidden potential using the company’s data.
The tech company combines all; machine learning, scalable data management, human-computer interaction tools to simplify data visualization.
Did you know that over 10,000 companies, including PepsiCo, Google, New York Like, etc., rely on Trifacta software solutions for data preparation?
What’s more, the company also develops data wrangling software for all, exploring, cleaning, and then prepping data. Plus, Trifacta’s data preparation is indeed an intelligent move as it analyzes both structured and unstructured data in the cloud and on-premises.
Also, in September 2021, Trifacta announced to expand its operations in APJ (the Asia Pacific and Japan) to cater to the needs of customers in the region. This, in turn, may help Trifacta fetch Palantir’s market share of this region.
Alteryx
- Founded: 1997.
- Headquarters: Irvine, California.
Based in the outskirts of Irvine, Alteryx is a software company that offers data preparation, data analytics, tech integration, and location intelligence tools, turning your data into something meaningful.
Alteryx is a self-service software application that improves the data analytic process and also drives transformational business outcomes.
Also, Alteryx generated a revenue of almost $578.6 million in the third quarter of 2021, with over 7500 customers.
Albeit both the companies (Palantir & Alteryx) provide data preparation software tools, Palantir has a competitive edge over the latter as it offers integration, indexing, and visualizations – all in one place.
Apart from that, Alteryx comes with dedicated and advanced tools for data scientists and hence, making it one of the top competitors to Palantir.
Tyler Technologies
- Founded: 1966.
- Headquarters: Plano, Texas.
The company is a provider of software tools, integrated tech solutions, and services to the public sector. Tyler technologies, with over 6500 employees, generated revenue of %1.592 billion, almost reporting an increase of 42.5% year-over-year.
Although the company competes with Palantir, Tyler Tech solutions are suitable for local, state, and federal institutes.
Also, the products offered by the company empower businesses/agencies by connecting real-time data and processes information across their company’s systems.
Also, Tyler tech has over 37,000 successful installations in almost 12,000 different locations in Canada, Australia, the USA, and the Caribbean.
Did you know that Tyler Tech has appeared on Forbes’ list of MOST INNOVATIVE GROWTH COMPANIES multiple times? Yes, the solution is ideal for governmental agencies and a great alternative to Palantir.
Toad Data Point
- Founded: 1987.
- Headquarters: Aliso Viejo, California.
Quest Software provides businesses with its Toad Data point solution that helps them connect, ask questions, and prepare data quicker.
The solution provides the users with better accessibility to over 50 data sources, enabling them to switch between different sources in a matter of a few seconds.
What makes it better than Palantir? The platform’s user-friendly interface provides the users with an interactive and insightful graphical that simplifies data prep and improves visualization.
Moreover, users can access data in the cloud as well as on-premises and analyze the data to extract meaningful business outcomes.
Did you know that easy-to-use data profiling and cleaning offered by the Toad Data Point solutions saves almost 50% time of the users?
Also, Quest Software reported revenue of $857.4 million in 2021.
Verint
- Founded: 2002.
- Headquarters: Melville, New York.
It is an analytic company that develops and sells hardware and software products for security, customer engagement, data mining, business intelligence, and surveillance.
The company designs its products that could help clients in analyzing data, particularly voluminous data sets.
Its software seamlessly streamlines data analysis for both large businesses and governmental agencies. Verint has over 6500 employees and generated a revenue of almost $225 million in the third quarter of 2021.
Also, Vernit’s two main products, Customer Engagement, and Cyber Intelligence: are giving a tough time to Planatir’s Foundry and Gotham. Thus, for Palantir to keep up with its dominance in the industry, it has to come up with something innovative; otherwise, Verint is doing fairly great in the data analytic software industry.
Cognizant
- Founded: 1994.
- Headquarters: Teaneck, New Jersey.
It is an American-based multinational information tech services and consulting organization. Cognizant assists companies in reimaging processes, transforming customer experiences, and modernizing tech.
The company has over 330,000 employees and generated revenue of $4.8 billion in the fourth quarter of 2021.
Plus, the multination IT Company since 2019 has spent over $2 billion on acquisitions so it can further expand its dominance in several areas, including IoT (Internet of Things, cloud, data engineering, and Artificial Intelligence).
What’s more, Cognizant has acquired Devbridge (20th acquisition), enhancing its global digital engineering.
IBM Watson Studio
- Founded: 1911.
- Headquarters: Armonk, New York.
IBM is a global tech giant known for developing and selling software products, cloud, and data analytic solutions.
With over 364,700 employees, IBM welcomed $16.7 billion in revenue in the fourth quarter of 2021. Also, the company offers its dedicated solutions via different channels, including cloud-based, on-premises, and hybrid platforms.
Did you know that 47 of the 50 Fortune companies employ IBM-provided software tools for data analytics?
With that, IBM Watson Studio and Palantir are both data prep tools. Nonetheless, IBM’s Watson Studies is designed to respond quickly.
The solution also offers collaborative tools and accelerates deep learning workflows and machine learning, allowing businesses to adopt Artificial Intelligence. Thus, making it one of the top competitors to Palantir’s Foundry.
Altair Monarch
- Founded: 1990.
- Headquarters: Troy, Michigan.
It is a self-service, web-based analytic solution that enables businesses to analyze and extract information from structured and unstructured data.
In terms of data preparation, Altair Monarch, a desktop-based and no-code tool, is one of the top rivals of Palantir. However, the solution comes with 80 pre-built functionalities that automate time-consuming and error-prone manual data prep processes.
Also, users exhibiting different skill sets can use the tools and extract actionable insights because the solution has no-code features.
The company, on its 30th anniversary, launched intuitive features for extracting and converting information/data directly from PDFs, Excel sheets, etc.
The Takeaway
Palantir indeed offers one of the most dedicated software that emphasizes advanced technologies, including IoT, Data Analytics, AI, and whatnot.
However, several companies are now jumping into the bandwagon and offering businesses comprehensive software tools that can take their setup to a whole new level.
In a nutshell, you need to set your priorities in terms of which features or functionalities you are seeking. Once you know that, it will be a lot easier to choose the solution that works out for your company.
