ThoughtSpot Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS TOP 500 Market Report

ThoughtSpot Strengths, Domain Expertise, and Key Differentiators

ThoughtSpot is a next-generation analytics platform powered by the World's first Relational Search engine. ThoughtSpot combines a new relational search engine for data analytics with a custom-built, in-memory relational data cache to provide sub-second response times to search queries run over billions of rows of data. It helps customers bring speed to data analysis by answering natural language questions about the data without having to understand how to formulate a SQL query. As a person enters questions, ThoughtSpot translates that question into SQL, then displays a chart with data related to the question, all almost instantly.

ThoughtSpot Recent Developments

On January 15, 2025, ThoughtSpot introduced Analyst Studio, a new platform designed to empower analytics teams in preparing data for artificial intelligence (AI) and advanced analytics. This tool allows analysts to manage data, perform analysis, and create AI-ready models in a single integrated environment.

On November 13, 2024, ThoughtSpot introduced Spotter, an autonomous analytics agent based on artificial intelligence (AI), which aims to make analytical insights accessible to all business users, regardless of their technical expertise or industry.

ThoughtSpot has demonstrated remarkable momentum over the past two years, showcasing its agility and innovation in response to market demands. The year 2023 has seen ThoughtSpot's transition into a prominent player in the Software-as-a-Service (SaaS) space, the successful launch and scaling of its SaaS offering, and the inception and expansion of a new embedded analytics product line with ThoughtSpot Everywhere.

ThoughtSpot Mergers and Acquisitions (M&A) Activities

In July 2023, ThoughtSpot acquired Mode Analytics. Mode Analytics, renowned for its modern Business Intelligence (BI) platform facilitating collaboration between data teams and business units, was acquired in a $200M cash and equity transaction. This strategic acquisition not only propels ThoughtSpot's Annual Recurring Revenue (ARR) to over $150M but also opens up new avenues for growth, characterized by minimal customer overlap and promising opportunities to expand channel partner alliances and geographic reach.

With this transformative acquisition, ThoughtSpot is poised to enhance its position as a leading player in the analytics space, offering comprehensive solutions that drive impactful business insights and foster collaborative decision-making processes.

In May 2021, ThoughtSpot Acquires Diyotta to Expand Ecosystem for the Modern Analytics Cloud. The acquisition also dramatically expands ThoughtSpot’s R&D team, growing the ThoughtSpot R&D team by 25% globally with more than 60 new employees joining.

ThoughtSpot Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying ThoughtSpot applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of ThoughtSpot and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified SpotIQ, ThoughtSpot Everywhere, Spotter customers.

ThoughtSpot Key Enterprise and Cloud Applications

SpotIQ, ThoughtSpot Everywhere, Spotter

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ThoughtSpot Direct vs Indirect sales

ThoughtSpot Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified ThoughtSpot Customers

No. of ThoughtSpot Customers: 3000

No. of ThoughtSpot Enterprise Applications Customers: 3000

No. of ThoughtSpot Cloud Customers: x

No. of ThoughtSpot Cloud Subscribers: x

The company boasts a customer base of nearly 3,000 large enterprises, comprising prominent brands such as Amway, Scotiabank, Sterling National Bank, Celebrity Cruises, CMC Markets, Miami Children's Hospital, and several other Fortune 500 companies.

ThoughtSpot Market Opportunities, M&A and Geo Expansions

ThoughtSpot achieved over 40% SaaS growth in 2024, with a significant increase in monthly active users. This growth is driven by increased demand for its analytics solutions, such as ThoughtSpot Analytics and ThoughtSpot Embedded, which are used by global companies such as JP Morgan Chase, Rolex, and Electronic Arts, as well as digital companies such as Canopy and Hubspot.

ThoughtSpot Risks and Challenges

In 2024, ThoughtSpot acquired companies SeekWell and Diyotta, and Mode Analytics in 2023. While these acquisitions can bring new technologies and functionality, the integration of different cultures, platforms, and teams can be challenging and lead to operational difficulties if not managed properly.

The financial and accounting details in moving from on-premises and hybrid software models to the cloud are complex.

ThoughtSpot Ecosystem, Partners, Resellers and SI

VoiceBase has embarked on a strategic partnership with ThoughtSpot, a key player in the analytics industry. This collaboration aims to redefine the landscape of enterprise data analytics by introducing innovative search capabilities tailored to voice data. Leveraging ThoughtSpot's expertise in delivering actionable insights and VoiceBase's advanced AI technologies, enterprises can expect to streamline their data analysis processes and gain valuable insights from voice data more efficiently than ever before.

While ThoughtSpot primarily relies on its direct sales team to drive revenue, the company also maintains strategic partnerships with industry-leading organizations such as Keyrus, Informatica, Knowledgent, RichRelevance, Teradata, and Trace3. These partnerships enable ThoughtSpot to extend its reach, enhance its product offerings, and deliver comprehensive solutions that address the diverse needs of its customers."

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link: