Palantir (PLTR) Competitors: 2 Rivals In The Data Analytics Sector

Many enterprises and institutions are appreciating the importance of comprehensive data management services especially in the advent of the covid 19 pandemic. Human interactions and conventional paper works are no longer deemed safe and data dependence is critical for all organizations.

Palantir (PLTR) is one of the leading companies providing customized data analytics and management solutions to public, private, and non-profit institutions across the country.

The company differentiates its services from competitors through its ethos of guaranteeing privacy and civil liberties for all clients. Most importantly, Palantir (PLTR) enables its clients to pool fragmented data in silos to facilitate corporate decision-making while warrantying privacy and upholding civil liberties.

Snowflake Inc. (SNOW)

Snowflake Inc. (SNOW) is a major competitor for Palantir (PLTR) with excellence in data sharing, data lakes, data warehouse, data application, and data sharing solutions. Its Software-as-a-Service solutions are taking the market by storm and sales are expected to grow in the short term.

According to the latest financial revenue projection, the company is expected to attract revenues of $592 million for the year ending 2021 compared to the $265 million that was realized in 2020. It is also critical to note that the company had a meteoric growth in 2020 despite the pandemic since the sales for 2019 were $97 million, a strong indicator that the profitability of the company is almost certain in the short term.

SNOW market capitalization is $74.321 billion compared to PLTR's $40.365 billion. Palantir (PLTR) stocks are also expected to be bullish especially because the company has the government as its major client. 2021 is likely to be a year of super-profits as the company managed to rake in $341 million in sales for the first quarter of the year. Which is a 49% increase compared to a similar period in 2020.

Tyler Technologies, Inc. (TYL)

Tyler Technologies, Inc. (TYL) is a leading data services provider with a mission of bringing transparency to the public sector for the benefit of communities being served. It has its core clients as public institutions which shores it from economic shocks that affect the private sector expenditure which gives its stock a slight advantage over Palantir (PLTR) since it is less volatile and ideal for risk-averse investors.

This is proven by the stable 52-week average of 319.58 - 485.56 where the stock price is trading near the upper limit of 473.54. On the other hand, the Palantir (PLTR) 52-week range is 8.90 - 45.00 and the stock price on 16th June 2021 is $21.56. Nonetheless, the market capitalization is much smaller at $19.371 billion in comparison to Snowflake Inc. (SNOW) and Palantir (PLTR).

Despite the Tyler Technologies, Inc. (TYL) stock being more stable, investor sentiments for Palantir (PLTR) are more bullish for the long term and ideal for investors who intend to invest for the long term.