Palantir Technologies Inc., a US-based software company is dominating the artificial intelligence arena along with machine learning.
As per a report by the Economic Times, Palantir has raised its revenue forecast for the second time this year. Experts attribute this transition to the boom of Generative AI elevating the need for more software systems.
The leading provider of AI systems, Palantir has also been recognized as the top performer in AI and Machine learning by Dresner Advisory Services. The 2024 AI, Data Science and Machine Learning Wisdom of Crowds Market Study revealed this accolade to be the second win in a row for Palantir.
Founded in 2003 by Peter Thiel, Alex Karp, and others, Palantir is a software company that specializes in integration of analytics, deep learning, and visualization. Palantir’s application features include:
Data Integration: Palantir’s software is used to take large amounts of unorganized data sources into a unified platform.
Data Analytics: Palantir provides insights through data visualization, reporting, and predictive analytics leading to an accurate representation of data.
Data Management: Palantir offers data governance, security, and quality control which leads to data management from various sources.
Artificial Intelligence (AI) and Machine Learning (ML): With Palantir’s AI software, it becomes easier to develop, deploy and integrate AI/ML models.
In 2024, Palantir saw a 40% growth from last year, leading to $634.3 million in revenue, according to data from Yahoo Finance. Keeping this in mind, the Palantir growth plan is set to grow 20-fold to take the company to a staggering $1 trillion value.
According to the Dresner Advisory Services 2024 AI, Data Science and Machine Learning Wisdom of Crowds Market Study, Palantir software applications have shown a surge of 17% at small, 20% at medium, 27% at large and 58% at very large organizations.
Let's take a look at Palantir Products, driving this change in the US software industry.
Palantir Gotham: Gotham mainly manages military operations. Its task ranges from mission planning to targeting enemies. This data integration and analytics platform for government and enterprise clients has shown a 50% increase in federal contract awards in 2022, as per the Federal Times.
Palantir Foundry: Palantir Foundry is spread across 40 verticals. These verticals offer support to technical, analytical and decision-makers. Foundry is a data integration and analytics platform for commercial clients. Top clients include Morgan Stanley, Airbus, BP, and 3M. According to Palantir Q4 2022, 40% YoY revenue growth in 2022.
Palantir Apollo: An AI/ML platform for model development and deployment. Apollo works towards empowering large language models (LLMs) to leverage error-free solutions. Its key clients include Merck, JPMorgan Chase and the US Department of Defense.
1. Government: Palantir's government clients utilize its data integration and analytics platform to enhance national security, improve decision-making, and optimize operations. It is currently deployed in the US defence system to navigate terrorist activities, cybersecurity threat detection and border security management and negate them fast.
Key clients include:
a. US Department of Defense (DoD)
b. Central Intelligence Agency (CIA)
c. Federal Bureau of Investigation (FBI)
d. National Security Agency (NSA)
e. UK Ministry of Defence
2. Finance (Banking, Investment, Insurance): Palantir's finance clients leverage its platform to detect financial crimes, optimize investment portfolios, and enhance risk management. It helps in solving money laundering cases, credit risk surveillance and trade surveillance.
The Key Clients include: JPMorgan Chase, Morgan Stanley, Goldman Sachs, Citigroup and Lloyd's of London.
3. Healthcare (Pharmaceuticals, Medical Research, Hospitals: Palantir's healthcare clients utilize its platform to improve patient outcomes, optimize clinical trials, and enhance supply chain management. It is used for patient data analysis, clinical trial optimization and disease management.
Key Clients include: pharmaceutical giants like Merck, Pfizer and Johnson & Johnson. Hospitals like UnitedHealth Group and Mayo Clinic are also key users.
4. Manufacturing (Industrial Automation, Quality Control): Palantir's manufacturing clients utilize its platform to optimize production, improve quality control, and enhance supply chain management. Palantir’s expertise allows them to do predictive maintenance, enhance quality control analytics, production planning and do inventory management.
Key Clients: Airbus, Boeing, General Electric, Siemens and 3M.
As the demand for AI and ML solutions continues to grow, Palantir remains poised to drive innovation, efficiency, and growth for organizations worldwide.