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 reported 108% revenue growth for the fiscal year ending January 31, 2020. The company’s growth was driven by significant adoption by organizations in every industry vertical, as enterprises look beyond the rapidly consolidating data visualization market to the next generation of analytics, powered by search, artificial intelligence, and the cloud, to transform their business.
ThoughtSpot Recent Developments
In May 2021, ThoughtSpot has launched ThoughtSpot Everywhere. ThoughtSpot Everywhere is t low-code embedded analytics platform that allows developers and product leaders to build interactive data apps and incorporate any service available in the Modern Analytics Cloud, including search and AI-driven analytics, directly into their apps, products, and services. In doing so, companies can give their customers and partners access to the entire modern data stack through consumer-grade analytics.
In June 2020, ThoughtSpot launched a new offering for Amazon Web Services (AWS) to help enterprises gain faster insights with cloud-based analytics. Now available, ThoughtSpot Embrace for AWS allows users to run search and artificial intelligence (AI)-driven analytics queries directly in Amazon Redshift, without the need to move or cache any data.
In October 2019, ThoughtSpot partnered with Nielsen. The partnership gives global retail brands instant access to Nielsen's industry-leading retail data through search and AI-driven analytics. The Retail Insights solution is part of the ThoughtSpot Atlas Marketplace, which was also announced today. In addition to announcing the Retail Insights solution, ThoughtSpot has officially joined the Nielsen Connect Partner Program.
ThoughtSpot Mergers and Acquisitions (M&A) Activities
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.
In March 2021, ThoughtSpot acquires SeekWell to help customers operationalize analytics in their business apps. With SeekWell, customers will be able to operationalize their analytics and use SQL to push cloud data insights right to where decisions are made—in business applications. As the companies integrate their offerings, the combination of ThoughtSpot and SeekWell will let users use natural language search to pull data from cloud data warehouses, modify it with productivity applications like Google Spreadsheets, then automatically and seamlessly sync it back to business applications like Salesforce.
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 customers.
ThoughtSpot Overview
Ownership: - Silver Lake Waterman, Lightspeed Venture Partners, Khosla Ventures, General Catalyst Partners, Geodesic Capital
Number of Employees: 750
Functional Markets: Analytics and BI, PaaS,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K42, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
ThoughtSpot Key Enterprise and Cloud Applications
SpotIQ, ThoughtSpot Everywhere
ThoughtSpot Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
ThoughtSpot Revenue Breakdown By Type, $M:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
ThoughtSpot Enterprise Applications Revenues By Functional Markets, $M:
ThoughtSpot Enterprise Applications Revenues By Verticals, $M:
ThoughtSpot Revenues By Region, $M
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
ThoughtSpot Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
ThoughtSpot Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified ThoughtSpot Customers
No. of ThoughtSpot Customers: 2000
No. of ThoughtSpot Enterprise Applications Customers: 2000
No. of ThoughtSpot Cloud Customers: x
No. of ThoughtSpot Cloud Subscribers: x
The company has almost 2000 large-company customers include leading brands Amway, Scotiabank, Sterling National Bank, Celebrity Cruises, CMC Markets, Miami Children's Hospital, and several other Fortune 500 customers.
ThoughtSpot Market Opportunities, M&A and Geo Expansions
In November 2021, ThoughtSpot has raised a $100M Series F funding round at a new $4.2B valuation, more than doubling the company’s previous valuation and bringing the company’s total funding to $674M. The round was led by new investor March Capital and joined by existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures, and GIC. The funding gives the company a great deal of flexibility moving forward, including the possibility of acquiring companies to fill in missing pieces or to expand the platform’s capabilities.
In October 2019, ThoughtSpot made its search and AI-driven analytics platform even more intelligent and accessible with the launch of ThoughtSpot 6, which includes a suite of new features that further democratize data access and amplify insights. The same month in 2019, ThoughtSpot launched the Atlas Marketplace, a directory of solutions and technologies built by partners to provide turnkey solutions for customers and prospects looking for fast-time-value from ThoughtSpot.
ThoughtSpot Risks and Challenges
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, AI-Powered Voice Analytics company, went into a strategic partnership with ThoughtSpot, to revolutionize how enterprises gain faster insights from their voice data through innovative search capabilities.
In March 2020, ThoughtSpot entered the French market by opening a Paris office
ThoughtSpot's main channel is its direct sales team. Among its partners are: Keyrus, Informatica, Knowledgent, RichRelevance, Teradata, Trace3.
ThoughtSpot Cloud Infrastructure Insights
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- ThoughtSpot Public Cloud and Infrastructure (IaaS)
- ThoughtSpot Platform (PaaS)
- ThoughtSpot Application Delivery
- ThoughtSpot Private Cloud and Data Centers
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:
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