Snowflake is a unique cloud data storage and analytics company that will play an important role in the future of artificial intelligence. Snowflake’s data warehouses help companies organize, report and analyze massive amounts of data quickly and efficiently.
As the amount of data transferred to the cloud grows exponentially, Snowflake expects long-term growth in demand for its services.
Thanks to the worldwide pandemic, the company has been able to enter the market with confidence. At the end of 3Q 2021, Snowflake had 5,416 customers, up 52% from a year earlier. Meanwhile, the number of the most profitable customers, who brought in >$1 million in revenue per year, increased 128% YoY to 148 companies.
As a result, Snowflake’s revenue more than doubled over the past year, up 110% year over year. The company has the all-time record for customer retention (173%) among cloud IT companies, which speaks to the incredibly strong competitive advantages of its product.
Snowflake’s addressable market is $90 billion a year, in which the company currently holds only about 1%. Management recently announced ambitious plans to reach $10 billion in annual revenue by 2028, which assumes an average annual sales growth rate of 40% for another 7 years.