According to IDC, the market for AI platforms software grew 36.8% in 2021, equating to a $14.2 billion industry. A clear indicator of how embedded and pervasive AI has become across all business applications. The report also found that early adopters report 35% improvement in innovation and 33% improvement in sustainability by investing in AI over the past three years.
The increasingly broad adoption of Palantir’s Foundry and Gotham offerings across some the world’s most important organizations has been driven by the willingness of institutions to innovate and adapt with AI enabling platforms.
“In a time where AI is having a profound impact across various industries, the software providers that can continually innovate and drive success for their clients are more important than ever. Palantir has demonstrated its clear leadership in AI on a global scale from both a market share and revenue perspective and are on a trajectory to continue to do so,” said Ritu Jyoti, IDC’s Group VP, AI and Automation. “We predict that the growth of the AI sector is nowhere near slowing down and we’re excited to see how Palantir continues to separate itself from the competition by solving the toughest business challenges out there with their platforms.”
“The most significant arms race of our time is to construct the next generation of AI that is both effective and responsible. While most companies are content with addressing the idiosyncratic needs and inefficiencies of select customers in a subset of industries, the market we seek to address is essentially unlimited,” said Alex Karp, Palantir’s CEO & Co-Founder. “The development of our software is not intended to merely magnify in a linear and direct fashion the output of human labor. Instead, our software aspires to augment and accentuate the productive power of the human mind.”
Palantir Foundry is designed to transform the way organizations operate by creating a central operating system for their data, integrating siloed data sources into a common analytics and operations picture, while supporting critical data privacy and security protections. This can be achieved by implementing stand-alone modules such as the Foundry Data Integration Suite, or by implementing the entire Foundry platform.
Palantir’s software is currently deployed in more than 50 industries, and helps power decisions in some of the most complex data environments in the world, including manufacturing, health sciences, finance, and government.
Learn more about how Palantir’s AI enabled platforms stack up against the competition and how CEO, Alex Karp, views company growth over recent years.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may report to, but are not limited to, Palantir’s expectations regarding the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customers’ ability to modify or terminate their contracts. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.