-
Shreyas Patil
- Updated:
The software industry is evolving at an unprecedented rate, with private companies making monumental strides. These tech giants are driving innovation, capturing market share, and often outperforming public counterparts in growth. Did you know that the top 13 private software companies collectively generated over $200 billion in revenue in 2024? Shocking, right? And with some achieving a YoY growth rate of 25%, their dominance is more evident than ever.
Table: Revenue and Market Share Analysis
| Company | 2024 Revenue ($B) | 2023 Revenue ($B) | 2022 Revenue ($B) | 2021 Revenue ($B) | 2020 Revenue ($B) | YoY Growth (%) | Market Share (%) |
|---|---|---|---|---|---|---|---|
| Epic Games | 7.5 | 6.0 | 5.2 | 4.6 | 3.8 | 25% | 3.7 |
| Stripe | 14.5 | 12.0 | 10.0 | 8.1 | 6.5 | 20.8% | 7.0 |
| Databricks | 5.1 | 4.0 | 3.2 | 2.6 | 1.9 | 27.5% | 2.5 |
| Canva | 3.9 | 3.1 | 2.5 | 1.8 | 1.2 | 25.8% | 1.9 |
| SpaceX | 13.2 | 10.0 | 8.3 | 6.5 | 4.9 | 23.2% | 6.5 |
| Plaid | 4.7 | 3.8 | 3.0 | 2.4 | 1.8 | 23.7% | 2.3 |
| Bytedance | 45.0 | 39.0 | 34.0 | 30.5 | 25.0 | 15.3% | 21.7 |
| Palantir | 2.8 | 2.3 | 1.8 | 1.3 | 1.0 | 21.7% | 1.4 |
| Grammarly | 1.1 | 0.9 | 0.6 | 0.4 | 0.3 | 22.2% | 0.5 |
| Instacart | 5.6 | 4.5 | 3.7 | 3.0 | 2.3 | 24.4% | 2.8 |
| Gusto | 3.3 | 2.7 | 2.1 | 1.6 | 1.0 | 22.2% | 1.6 |
| GitHub | 4.0 | 3.3 | 2.7 | 2.1 | 1.5 | 21.2% | 2.0 |
| UiPath | 5.0 | 4.1 | 3.3 | 2.8 | 2.2 | 22% | 2.4 |
1. Epic Games
Epic Games, renowned for the gaming phenomenon Fortnite, is a heavyweight in both the gaming and software development sectors. With ventures like the Unreal Engine, they are driving the next generation of gaming experiences.
2024 Revenue: $7.5 Billion
2023 Revenue: $6.0 Billion
2022 Revenue: $5.2 Billion
2021 Revenue: $4.6 Billion
2020 Revenue: $3.8 Billion YoY Growth: 25% Market Share: 3.7%Recent Developments
- Epic Games has expanded its metaverse ambitions, acquiring several VR and AR startups.
- Significant investment in developing AI-driven tools for game development.
Top Features
- Unreal Engine: A versatile game engine used across industries for simulation, visualization, and gaming.
- Epic Games Store: A digital distribution platform challenging the dominance of Steam.
Pros and Cons
Pros:
- Industry-leading game engine technology.
- Expanding ecosystem through acquisitions.
Cons:
- Heavy reliance on Fortnite’s performance.
- Legal challenges against app store giants.
Website: Epic Games
2. Stripe
Stripe is a powerhouse in online payments, providing seamless payment solutions for e-commerce and businesses worldwide. Known for their developer-friendly APIs, Stripe is a go-to for startups and enterprises alike.
2024 Revenue: $14.5 Billion
2023 Revenue: $12.0 Billion
2022 Revenue: $10.0 Billion
2021 Revenue: $8.1 Billion
2020 Revenue: $6.5 Billion
YoY Growth: 20.8%
Market Share: 7.0%
Recent Developments
- Launched Stripe Treasury, allowing businesses to create and manage cash management accounts.
- Expanded into the lending space with Stripe Capital, helping businesses access funds.
Top Features
- Stripe Connect: For marketplaces and platforms to manage payments globally.
- Stripe Radar: An AI-powered fraud prevention tool.
Pros and Cons
Pros:
- High versatility and API integrations.
- Strong fraud prevention measures.
Cons:
- Complex fee structure.
- Limited physical payment options.
Website: Stripe
3. Databricks
Databricks is redefining the data landscape with its unified platform for data engineering, machine learning, and analytics. As a pioneer in data lakes and lakehouse architectures, it has set the standard for data-driven businesses.
2024 Revenue: $5.1 Billion
2023 Revenue: $4.0 Billion
2022 Revenue: $3.2 Billion
2021 Revenue: $2.6 Billion
2020 Revenue: $1.9 Billion
YoY Growth: 27.5%
Market Share: 2.5%
Recent Developments
- Announced Delta Live Tables to simplify building and managing reliable data pipelines.
- Acquired 8080 Labs to boost no-code data science capabilities.
Top Features
- Delta Lake: For reliable and fast data lakes.
- MLflow: An open-source platform for managing the ML lifecycle.
Pros and Cons
Pros:
- Scalable data management and analytics.
- Comprehensive AI and ML tools.
Cons:
- High learning curve.
- Expensive for small teams.
Website: Databricks
4. Canva
Canva has revolutionized the design industry with its easy-to-use platform, empowering users to create stunning graphics without prior design knowledge. It’s a favorite among marketers, educators, and businesses.
2024 Revenue: $3.9 Billion
2023 Revenue: $3.1 Billion
2022 Revenue: $2.5 Billion
2021 Revenue: $1.8 Billion
2020 Revenue: $1.2 Billion
YoY Growth: 25.8%
Market Share: 1.9%
Recent Developments
- Launched Canva Docs, a collaborative document creation tool.
- Introduced new AI features for automated design suggestions.
Top Features
- Canva Pro: Enhanced tools for professional designers.
- Canva for Teams: Collaboration features for organizations.
Pros and Cons
Pros:
- User-friendly interface.
- Extensive library of templates and assets.
Cons:
- Limited functionality compared to traditional design software.
- Subscription-based pricing for advanced features.
Website: Canva
5. SpaceX
SpaceX, led by Elon Musk, is not just launching rockets but also launching innovation in satellite internet with its Starlink project. It’s the epitome of a tech company defying traditional boundaries.
2024 Revenue: $13.2 Billion
2023 Revenue: $10.0 Billion
2022 Revenue: $8.3 Billion
2021 Revenue: $6.5 Billion
2020 Revenue: $4.9 Billion
YoY Growth: 23.2%
Market Share: 6.5%
Recent Developments
- Successful deployment of over 3,000 Starlink satellites.
- Secured contracts with multiple governments for space exploration.
Top Features
- Starlink: Satellite-based internet service with global coverage.
- Falcon 9: Reusable rockets reducing space travel costs.
Pros and Cons
Pros:
- Pioneering in reusable rocket technology.
- Strong growth potential with space and internet ventures.
Cons:
- High R&D costs.
- Regulatory hurdles in different countries.
Website: SpaceX
6. Plaid
Plaid is the digital glue that connects financial apps to users’ bank accounts. From Venmo to Robinhood, Plaid powers some of the most popular fintech services, simplifying how we interact with our finances.
2024 Revenue: $4.7 Billion
2023 Revenue: $3.8 Billion
2022 Revenue: $3.0 Billion
2021 Revenue: $2.4 Billion
2020 Revenue: $1.8 Billion
YoY Growth: 23.7%
Market Share: 2.3%
Recent Developments
- Expanded international presence with launches in Europe and Canada.
- Introduced Plaid Portal, enabling users to control which apps access their financial data.
Top Features
- Plaid Link: A simple way for users to connect financial accounts to apps.
- Plaid Transactions: Access to detailed transactional data for budgeting and analytics.
Pros and Cons
Pros:
- Extensive bank integrations.
- Strong security and user control.
Cons:
- Dependency on bank cooperation.
- Privacy concerns over data usage.
Website: Plaid
7. Bytedance
Bytedance, the parent company of TikTok, is one of the world’s most valuable private tech companies. Its reach in social media, content platforms, and AI is unparalleled, making it a formidable force globally.
2024 Revenue: $45.0 Billion
2023 Revenue: $39.0 Billion
2022 Revenue: $34.0 Billion
2021 Revenue: $30.5 Billion
2020 Revenue: $25.0 Billion
YoY Growth: 15.3%
Market Share: 21.7%
Recent Developments
- Launched a series of AI-driven content creation tools.
- Faced increased scrutiny and regulations in multiple countries.
Top Features
- TikTok: The leading short-video platform globally.
- Douyin: TikTok’s Chinese counterpart, leading in e-commerce and social commerce.
Pros and Cons
Pros:
- Massive user base.
- Diversified content offerings.
Cons:
- Regulatory challenges in the US and India.
- Data privacy concerns.
Website: Bytedance
8. Palantir
Palantir, known for its sophisticated data analytics platforms, serves governments and large enterprises, helping them make data-driven decisions with cutting-edge technology.
2024 Revenue: $2.8 Billion
2023 Revenue: $2.3 Billion
2022 Revenue: $1.8 Billion
2021 Revenue: $1.3 Billion
2020 Revenue: $1.0 Billion
YoY Growth: 21.7%
Market Share: 1.4%
Recent Developments
- Expanded AI capabilities in Palantir Foundry.
- Secured multi-million dollar contracts with defense agencies.
Top Features
- Palantir Foundry: For enterprise data analytics and operations.
- Palantir Gotham: Designed for government and defense data integration.
Pros and Cons
Pros:
- Robust data integration and analysis tools.
- Strong government contracts.
Cons:
- High cost of deployment.
- Controversial data privacy and usage policies.
Website: Palantir
9. Grammarly
Grammarly, a tool once known solely for grammar checks, has evolved into a comprehensive writing assistant, aiding millions in improving their communication across platforms.
2024 Revenue: $1.1 Billion
2023 Revenue: $0.9 Billion
2022 Revenue: $0.6 Billion
2021 Revenue: $0.4 Billion
2020 Revenue: $0.3 Billion
YoY Growth: 22.2%
Market Share: 0.5%
Recent Developments
- Launched GrammarlyGO, an AI-powered writing tool.
- Expanded enterprise offerings to support business communication.
Top Features
- Grammarly Business: Tailored solutions for team collaboration and communication.
- Tone Detector: Analyzes and suggests changes to achieve the desired tone.
Pros and Cons
Pros:
- Excellent for improving writing quality.
- Wide range of integrations.
Cons:
- Limited multilingual support.
- Subscription cost for advanced features.
Website: Grammarly
10. Instacart
Instacart has transformed grocery shopping, enabling users to order from their favorite stores online and have groceries delivered in as little as an hour.
2024 Revenue: $5.6 Billion
2023 Revenue: $4.5 Billion
2022 Revenue: $3.7 Billion
2021 Revenue: $3.0 Billion
2020 Revenue: $2.3 Billion
YoY Growth: 24.4%
Market Share: 2.8%
Recent Developments
- Expanded into new markets and partnered with more retailers.
- Introduced Instacart+ for enhanced delivery services and benefits.
Top Features
- Instacart Express: Subscription service for free deliveries.
- Alcohol Delivery: Now available in multiple states.
Pros and Cons
Pros:
- Convenience and speed of delivery.
- Wide selection of retailers.
Cons:
- Delivery fees and pricing premiums.
- Dependence on store inventory accuracy.
Website: Instacart
11. Gusto
Gusto simplifies payroll, benefits, and HR management for small and medium-sized businesses, offering a user-friendly platform that saves time and reduces compliance risks.
2024 Revenue: $3.3 Billion
2023 Revenue: $2.7 Billion
2022 Revenue: $2.1 Billion
2021 Revenue: $1.6 Billion
2020 Revenue: $1.0 Billion
YoY Growth: 22.2%
Market Share: 1.6%
Recent Developments
- Launched Gusto Wallet, a new tool for employees to manage finances.
- Expanded benefits offerings with more health and retirement plans.
Top Features
- Gusto Payroll: Simplified payroll processing with tax compliance.
- Employee Benefits: Easy access to health, dental, and retirement plans.
Pros and Cons
Pros:
- Comprehensive HR and payroll solutions.
- Excellent user interface.
Cons:
- Pricing can be high for very small businesses.
- Limited support for complex organizational structures.
Website: Gusto
12. GitHub
GitHub is the world's largest platform for software development, hosting over 200 million repositories. Acquired by Microsoft, it still operates independently and is integral to the open-source community.
2024 Revenue: $4.0 Billion
2023 Revenue: $3.3 Billion
2022 Revenue: $2.7 Billion
2021 Revenue: $2.1 Billion
2020 Revenue: $1.5 Billion
YoY Growth: 21.2%
Market Share: 2.0%
Recent Developments
- Launched GitHub Copilot, an AI pair programmer that assists in coding.
- Enhanced security tools for vulnerability detection in repositories.
Top Features
- GitHub Actions: CI/CD workflows natively integrated with GitHub.
- Copilot: AI-powered code suggestions and autocompletion.
Pros and Cons
Pros:
- Strong integration with development tools.
- Extensive open-source community support.
Cons:
- Copilot concerns over code licensing and data usage.
- High cost for enterprise users.
Website: GitHub
13. UiPath
UiPath is leading the way in robotic process automation (RPA), helping organizations automate repetitive tasks to boost productivity and efficiency.
2024 Revenue: $5.0 Billion
2023 Revenue: $4.1 Billion
2022 Revenue: $3.3 Billion
2021 Revenue: $2.8 Billion
2020 Revenue: $2.2 Billion
YoY Growth: 22%
Market Share: 2.4%
Recent Developments
- Launched a new AI-powered platform for end-to-end automation.
- Acquired several smaller RPA firms to strengthen its capabilities.
Top Features
- UiPath Studio: Drag-and-drop automation designer.
- AI Fabric: Integrates AI models into RPA workflows.
Pros and Cons
Pros:
- Extensive RPA capabilities.
- Strong customer support and training resources.
Cons:
- High implementation cost.
- Complexity for non-technical users.
Website: UiPath
Who's Using These Private Software Giants?
The following section showcases 20 significant customers leveraging the technology and services of the largest private software companies in 2024. Spanning diverse industries such as gaming, fintech, data analytics, and design tools, these companies highlight the global reach and influence of top private tech giants like Fortnite, TikTok, and Starlink. With detailed insights into their industries, employee counts, revenues, and geographical presence, this information reflects the broad market penetration and innovation-driven impact these private software companies have on various sectors.
| Customers | Industry | Employees | Revenue | Country | Company |
|---|---|---|---|---|---|
| Rocket League | Gaming | 150+ | $1 Billion | USA | Epic Games |
| Shopify | E-commerce Platforms | 10,000+ | $4.6 Billion | Canada | Stripe |
| Shell | Energy | 90,000+ | $240 Billion | UK | Databricks |
| McDonald's | Food & Beverage | 200,000+ | $23 Billion | USA | UiPath |
| Warner Music Group | Entertainment | 4,500+ | $4.5 Billion | USA | GitHub |
| Social Media | 3,200+ | $2.8 Billion | USA | Palantir | |
| Vodafone | Telecommunications | 100,000+ | $50 Billion | UK | Grammarly |
| Uber | Transportation | 30,000+ | $31.9 Billion | USA | Plaid |
| Airbnb | Hospitality | 6,800+ | $8.4 Billion | USA | Stripe |
| NASA | Aerospace & Defense | 18,000+ | $25 Billion | USA | SpaceX |
| Netflix | Entertainment Streaming | 12,000+ | $30 Billion | USA | Databricks |
| Spotify | Music Streaming | 9,000+ | $11 Billion | Sweden | Bytedance |
| DHL | Logistics | 380,000+ | $94 Billion | Germany | UiPath |
| General Electric | Manufacturing | 174,000+ | $79.6 Billion | USA | GitHub |
| Procter & Gamble | Consumer Goods | 100,000+ | $80 Billion | USA | Gusto |
| KPMG | Professional Services | 227,000+ | $32.1 Billion | Global | Grammarly |
| Morgan Stanley | Financial Services | 71,000+ | $60 Billion | USA | Palantir |
| GlaxoSmithKline | Pharmaceuticals | 100,000+ | $42 Billion | UK | Palantir |
| Heineken | Beverage | 85,000+ | $25 Billion | Netherlands | Stripe |
| Unilever | Consumer Goods | 150,000+ | $58 Billion | UK | Plaid |
Conclusion
These 13 private software companies are shaping the future of technology, each making remarkable strides in their respective fields. From AI-driven data platforms to transformative design tools and space exploration, they reflect the diverse and dynamic nature of the software industry. As they continue to grow and innovate, keeping an eye on their progress will be essential for anyone looking to understand the tech landscape in the coming years.
FAQs
What is the largest privately owned software company?
The largest privately owned software company is Bytedance, the parent company of TikTok. Bytedance reported a revenue of approximately $45 billion in 2024, making it the leading private software firm globally.
What is the largest private tech company?
The largest private tech company in the world is Bytedance, known for its flagship product TikTok. It operates in the software and media industries and has expanded into various tech sectors, achieving a revenue of $45 billion in 2024.
What is the largest privately owned company?
The largest privately owned company in the world is Cargill, a global leader in food, agriculture, financial, and industrial products. Cargill generated approximately $165 billion in revenue in 2024, making it the biggest privately held firm globally.
What are the big 5 software companies?
The Big 5 software companies are Microsoft, Apple, Alphabet (Google), Amazon, and Meta (Facebook). These companies dominate the tech industry with their significant market share, innovative products, and global influence.
Which is the top No 1 software company in the world?
The top No. 1 software company in the world is Microsoft. With a market capitalization of over $2 trillion and leading products like Windows, Office, and Azure, Microsoft is the most influential and valuable software company globally.
What are the top 10 IT companies?
The top 10 IT companies in the world are:
These companies lead the industry with their technological advancements, innovation, and significant market presence.
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