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Palantir’s Emergence in AI Software Market
Palantir Technologies (NASDAQ: PLTR) is rapidly expanding its presence in the AI software market, with its customer base increasing by 34% year-over-year in Q3 2023. Following the launch of its Artificial Intelligence Platform (AIP) in April 2023, the company signed contracts worth $830 million, including 12 deals over $10 million. Overall, Palantir’s contracts in the quarter reached $2.8 billion, up 151% from the previous year.
Market Outlook and Projections
The AI software platform market is projected to generate over $18 billion in revenue by 2025. Palantir anticipates $4.4 billion in revenue for 2023, which marks a 53% increase from last year. If the company captures 50% of the market by 2030, its revenue could approach $50 billion, significantly surpassing its current valuation concerns.
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