February is named after the Latin word februum, representing a time of purification. For ThoughtSpot, February is a time to reflect and celebrate our achievements from the past year as we close the fiscal books. It’s also a time to prepare for the year ahead.
But for most of us in the analytics space, February has another meaning. It’s the lead-up to Gartner season, and the month when Gartner publishes its highly anticipated updates to the Magic Quadrant for Analytics and BI Platforms.
So how’d we do this year?
A Magic Quadrant Leader, 2 Years in a Row
We are thrilled to share that once again, ThoughtSpot has been named a Leader in the 2020 Magic Quadrant for Analytics and BI Platforms. This is the 4th year that we’ve been recognized in the Magic Quadrant, and the 2nd straight year to be named a Leader. It’s an extremely proud moment for all ThoughtSpotters to once again be recognized with such a distinction. More importantly, we believe it’s a testament to our unwavering dedication to help our customers succeed, our relentless innovation, and the continued traction we’re building within the market.
Same 4 Leaders, But What Else is New?
The biggest news in the world of analytics for 2019 was undoubtedly the consolidation shaking up the biggest players in the market as Salesforce acquired Tableau. In fact, in the span of a few weeks last summer, the industry was shaken by a number of acquisitions. Google bought Looker, Sisense bought Periscope Data, Logi Analytics bought Zoomdata, and Alteryx bought ClearStory Data. So heading into February, the question on everyone’s mind: would these acquisitions have a meaningful impact on this year’s Magic Quadrant?
In this year’s report, out of the 22 vendors that were evaluated, only 4 were named Leaders. If you were paying attention, these are the same 4 vendors that were recognized as Leaders in last year’s report, so really, not a whole lot has changed, which is likely due to the timing of when the acquisitions were formally completed.
That does beg the question though - how will this landscape change in next year’s Magic Quadrant? Would anyone like to venture a guess?
What is clear is that solutions are no longer differentiated by data visualization capabilities. Instead, the emphasis is on augmented analytics capabilities to broaden the adoption of across a diverse set of users, enabling them to not just consume insights passively, but turn them into knowledge and action.
We’re Charting a Course with a Bold Vision
ThoughtSpot’s mission is to help make the world more fact-driven by making analytics as easy as your favorite consumer app. Anyone should be able to ask questions and get answers from their data in seconds, whenever and wherever they’re needed. With a search and AI-driven approach to analytics, it’s orders of magnitude easier for anyone, including data analysts and business people, to find insights hidden in their company data and quickly take action. These technologies have become the prime catalysts to boost analytics adoption more broadly across an organization, which currently stands at only 35%.
But it goes beyond technology. Data and analytics are key drivers of every company’s digital transformation strategy, changing the way they operate, deliver value to their customers, and identify new revenue opportunities. Despite the continued investment, however, many companies have failed to truly transform, shackled by tools predicated on traditional BI reporting data visualization. These tools have been too complex for anyone but the most sophisticated data professional to use. ThoughtSpot breaks these chains for our customers by fundamentally augmenting the way they engage, interact, and leverage their data. It’s why our customers see us as more than an analytics tool, and a strategic partner on their journey towards digital transformation.
Another Banner Year for ThoughtSpot
Being named a Leader once again in the Magic Quadrant is the perfect icing on top of what was an absolutely remarkable year for ThoughtSpot. This past year, we:
- Launched ThoughtSpot 6, with new capabilities to further boost user engagement with analytics
- Launched ThoughtSpot Mobile, letting users find insights on the go, regardless of wherever they are
- Launched ThoughtSpot Embrace to run queries directly in Snowflake and other popular cloud databases
- Expanded our partner ecosystem and launched the Atlas Marketplace with partner-built analytics solutions
- Hired our first ever CFO, and significantly grew and deepened our world-class executive bench
- More than doubled our revenue
- Oh, and we raised a little money. $248M to be exact, making ThoughtSpot the best funded private company in the analytics space, with a valuation of nearly $2B
Our success is only possible because of the trust our customers and partners have in ThoughtSpot, as well as the hard work and dedication of our fellow ThoughtSpotters. Being named a Leader two years running is a significant accomplishment, but it’s not something we take for granted. We look forward with excitement to this coming year, as we deliver even more cutting-edge capabilities that will further transform the way people at all levels of an organization engage with analytics.
To see the full report, you can get a complimentary copy here.
Gartner [Magic Quadrant for Analytics and Business Intelligence Platforms], [James Richardson, Rita Sallam, Kurt Schlegel, Austin Kronz, Julian Sun], [11 February 2020]
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