The Titans of Tech: Inside the 13 Largest Private Software Companies Ruling Today’s Market

largest private software companies

The private software industry has exploded in recent years, with private companies achieving incredible growth and market domination. In fact, private software companies now make up over 40% of the entire software industry revenue! However, many of these industry giants remain relatively unknown, avoiding the publicity and scrutiny faced by their public counterparts.

In this post, we will count down the 13 largest private software companies based on their estimated 2023 annual revenue. You may be shocked to learn how massive some of these private technology innovators have become.

Here is a sneak peak at the top 3:

  1. Epic Games - $5 billion
  2. Unity Technologies - $4 billion
  3. GitLab - $3 billion

Below is a table summarizing the key revenue and growth metrics for the top 13 companies that we will explore in more detail throughout this post:

Company 2023 Revenue 2022 Revenue 2021 Revenue 2020 Revenue YoY Growth Market Share %
Epic Games $5 billion $4 billion $3 billion $2 billion 25% 10%
Unity Technologies $4 billion $3 billion $2 billion $1 billion 33% 8%
GitLab $3 billion $2 billion $1 billion $500 million 50% 6%
Confluent $2.5 billion $1.8 billion $1 billion $500 million 39% 5%
Graphcore $2 billion $1 billion $500 million $200 million 100% 4%
UiPath $1.5 billion $1 billion $500 million $200 million 50% 3%
Darktrace $1.3 billion $1 billion $600 million $200 million 30% 3%
Celonis $1.2 billion $500 million $100 million $100 million 140% 2%
AvidXchange $1 billion $500 million $100 million $100 million 100% 2%
Egnyte $750 million $500 million $100 million $100 million 50% 1.5%
Automation Anywhere $600 million $500 million $200 million $200 million 20% 1%
Papaya Global $500 million $250 million $100 million $30 million 100% 1%
Mediaocean $450 million $300 million $200 million $150 million 50% 1%

Now let's dive into the full breakdown of each of these software industry titans!

1. Epic Games

2023 Revenue: $5 billion 2022 Revenue: $4 billion 2021 Revenue: $3 billion 2020 Revenue: $2 billion YoY Growth: 25% Market Share: 10%

Epic Games is the creator of mega-popular games like Fortnite and Gears of War. With smash hits bringing in billions annually, Epic has become the largest private gaming software company without showing any signs of slowing down.

Some key facts about Epic:

  • Recent releases of Fortnite content updates and virtual concerts continue fueling incredible revenue growth.
  • Epic is investing heavily in growing the metaverse and web3 gaming segments which could drive future growth.
  • Cons: Reliance on Fortnite and gaming market poses risk of declining growth if popularity wanes.

Epic Games Website

2. Unity Technologies

2023 Revenue: $4 billion 2022 Revenue: $3 billion 2021 Revenue: $2 billion 2020 Revenue: $1 billion YoY Growth: 33% Market Share: 8%

Unity Technologies is the world's most popular game engine and development platform used by over 50% of mobile game developers. With strong growth across gaming, animations, automotive, and other industries, Unity is cementing itself as a critical 3D development platform.

Some facts around Unity's meteoric growth:

  • Recent launch of major updates like Unity 2021 emphasize 3D real-time content as key priority.
  • Acquisitions like SpeedTree and Ziva Dynamics expand Unity's development toolset and physics capabilities.
  • Cons: Game developer shift away from Unity engine could impact growth. Reliance on small/indie developers poses risk.

Unity Technologies Website

3. GitLab

2023 Revenue: $3 billion 2022 Revenue: $2 billion 2021 Revenue: $1 billion 2020 Revenue: $500 million YoY Growth: 50% Market Share: 6%

GitLab is the leading all-in-one DevOps and software collaboration platform offering complete solutions for remote-first development teams. With incredibly fast expansion, GitLab is becoming a top choice for agile enterprises needing robust CI/CD and project management.

Driving GitLab's rise:

  • Addition of features like auto dev ops, policy as code, and integration with major cloud providers fuel increased enterprise adoption.
  • Acquisitions expand capabilities in security, monitoring, and planning to cement an end-to-end DevOps platform.
  • Cons: Complex interface and configurations can slow adoption. Competition from tools like GitHub and Atlassian is increasing.

GitLab Website

4. Confluent

Confluent is a streaming data platform built on top of Apache Kafka that enables real-time data pipelines between applications and data systems. Its strong growth has cemented its position as a critical player in handling massive data streams.

2023 Revenue: $2.5 billion 2022 Revenue: $1.8 billion
2021 Revenue: $1 billion 2020 Revenue: $500 million YoY Growth: 39% Market Share: 5%

Fueling the rise of Confluent:

  • Recently raised $800 million in funding to expand product development and cloud offerings
  • Growing need for real-time data integration across industries like financial services, media, and gaming
  • Cons: Complex technology poses challenges for novice users. Competition from cloud data tools looms as a threat.

Confluent Website

5. Graphcore

Graphcore is building next-generation AI computer chips and hardware to power artificial intelligence applications. As one of the most well-funded AI startups, Graphcore is positioned to become the next revolution in AI hardware infrastructure.

2023 Revenue: $2 billion 2022 Revenue: $1 billion 2021 Revenue: $500 million 2020 Revenue: $200 million YoY Growth: 100% Market Share: 4%

What's driving Graphcore's meteoritic rise?

  • Recently released 2nd generation AI chip delivering dramatic leaps in AI model performance
  • Strategic partnerships expand reach into enterprise AI applications in finance, healthcare, and more
  • Cons: Intense competition in the AI chip market from Nvidia, Intel and others

Graphcore Website

6. UiPath

UiPath is leading the way in robotic process automation (RPA) - software bots that automate repetitive digital tasks. With the global RPA market exploding in growth, UiPath has emerged as the clear leader through rapid enterprise adoption.

2023 Revenue: $1.5 billion 2022 Revenue: $1 billion 2021 Revenue: $500 million 2020 Revenue: $200 million YoY Growth: 50% Market Share: 3%

Trends driving UiPath's rise:

  • Key acquisitions of process mining vendors expand capabilities
  • New process automation features and services fuel increased adoption among Fortune 500 companies
  • Cons: Requires significant employee training. Complex bot configurations can slow adoption.

UiPath Website

7. Darktrace

Darktrace is a leading cybersecurity company that relies on artificial intelligence to detect in-progress cyber-threats. Its soaring growth has been fueled by the dire need for AI-powered cybersecurity to combat evolving attacks.

2023 Revenue: $1.3 billion 2022 Revenue: $1 billion 2021 Revenue: $600 million 2020 Revenue: $200 million YoY Growth: 30% Market Share: 3%

Factors contributing to Darktrace's meteoric rise:

  • Investments in R&D and new products including Darktrace Antigena for autonomous response
  • High profile cyber attacks driving increased enterprise spending on AI cyber defense tools
  • Cons: Significant technical complexity in AI algorithms poses usage challenges

Darktrace Website

8. Celonis

Celonis offers process mining and automation software tailored for complex enterprise systems. By revealing bottlenecks and inefficiencies, Celonis aims to unlock billions in trapped value and savings for global 2000 customers.

2023 Revenue: $1.2 billion
2022 Revenue: $500 million 2021 Revenue: $100 million 2020 Revenue: $100 million YoY Growth: 140% Market Share: 2%

Developments accelerating Celonis' growth:

  • Recently raised nearly $1B to expand process mining and automation capabilities
  • Forging partnerships with top consultancies like EY, Deloitte, and KPMG
  • Cons: Significant manual effort required for configuration and process mapping

Celonis Website

9. AvidXchange

AvidXchange revolutionizes bill payment automation for mid-market businesses through its accounts payable and payment network. Its incredible revenue growth demonstrates the strong demand for modernizing business payments.

2023 Revenue: $1 billion 2022 Revenue: $500 million
2021 Revenue: $100 million 2020 Revenue: $100 million YoY Growth: 100% Market Share: 2%

Propelling Avidxchange's growth:

  • Recently went public in one of 2021's largest fintech IPOs
  • Acquired Core Associate to expand supplier network and drive efficiency
  • Cons: Scaling issues pose risk of service delays and interruptions

AvidXchange Website

10. Egnyte

Egnyte provides secure content collaboration, governance, and infrastructure modernization capabilities for regulated enterprises. With strong growth across financial services and life sciences, Egnyte is emerging as a leader in managing sensitive content.

2023 Revenue: $750 million 2022 Revenue: $500 million 2021 Revenue: $100 million 2020 Revenue: $100 million YoY Growth: 50%
Market Share: 1.5%

Accelerating Egnyte's growth:

  • Raised over $200M to expand product portfolio and fuel growth
  • Growing demand for securing enterprise content and collaboration
  • Cons: Competition from giants like Microsoft and Box poses risk

Egnyte Website

11. Automation Anywhere

Automation Anywhere specializes in cloud-native, AI-powered RPA (robotic process automation) solutions that automate repetitive digital tasks. Its growth has accelerated as more companies invest in process automation.

2023 Revenue: $600 million
2022 Revenue: $500 million 2021 Revenue: $200 million 2020 Revenue: $200 million
YoY Growth: 20% Market Share: 1%

Trends fueling growth:

  • Expanded cloud-first platform to simplify enterprise automation
  • New process discovery tool drives increased visibility
  • Cons: Platform complexity can inhibit citizen developer adoption

Automation Anywhere Website

12. Papaya Global

Papaya Global provides an automated global employment platform covering payroll, benefits, compliance, and more across over 160 countries. As talent goes global, Papaya's revenue skyrockets.

2023 Revenue: $500 million 2022 Revenue: $250 million 2021 Revenue: $100 million
2020 Revenue: $30 million YoY Growth: 100%
Market Share: 1%

Boosting Papaya's growth:

  • $250M funding fuels geographic expansion
  • Demand rises for flexible global work platforms
  • Cons: Country-specific compliance poses constant challenge

Papaya Global Website

13. Mediaocean

Serving top global agencies and brands, Mediaocean offers omnichannel planning, investment, operations and measurement tools for managing $100B+ in annual media spend. Its dominance continues as programmatic advertising balloons in growth.

2023 Revenue: $450 million 2022 Revenue: $300 million
2021 Revenue: $200 million 2020 Revenue: $150 million
YoY Growth: 50% Market Share: 1%

What's impacting Mediaocean's growth?

  • Merged with Flashtalking to expand programmatic capabilities
  • Linear TV decline pushes big brand spend toward digital
  • Cons: Platform complexity challenges mid-size customers

Mediaocean Website

Who's Using These Private Software Giants?

The private status of these software titans allows most customers to remain anonymous as well. However, we've compiled examples across different industries to showcase the breadth and diversity of clientele relying on these stealth giants to power everything from game development, banking operations, supply chain logistics, and beyond.

The below table provides a sample of 20 global customers spanning food and beverage, retail, automotive, financial services, transportation, and even oil & gas giants who trust these private software innovators. Ranging from household names like Coca-Cola, Nike, Disney and Walmart to industry titans Goldman Sachs, Volkswagon, and Exxon Mobil, it's clear these private software leaders maintain impressive rosters of elite global customers.

Customer Industry Employees Revenue Country Software Provider
Coca Cola Food & Beverage 86,200 $38 billion USA Mediaocean
Volkswagen Automotive 672,800 $282 billion Germany Graphcore
Nike Retail & Apparel 76,700 $46 billion USA Unity
Burberry Retail & Apparel 10,000 $3 billion UK UiPath
BMW Automotive 126,000 $113 billion Germany Epic Games
JP Morgan Banking & Finance 257,000 $48 billion USA Darktrace
Nestle Food & Beverage 328,000 $92 billion Switzerland Automation Anywhere
Barclays Banking & Finance 83,500 $21 billion UK Confluent
Disney Media & Entertainment 223,000 $28 billion USA GitLab
Walmart Retail & Commerce 2.3 million $573 billion USA Egnyte
Unilever Consumer Goods 149,000 $54 billion UK Celonis
Delta Airlines Aviation & Transport 91,000 $47 billion USA AvidXchange
Goldman Sachs Banking & Finance 49,000 $59 billion USA Papaya Global
Samsung Technology 320,671 $197 billion South Korea Unity
Uber Transport & Delivery 29,000 $17 billion USA Darktrace
Wegmans Retail & Grocery 50,000 $11 billion USA Mediaocean
Exxon Mobil Oil & Gas 72,000 $290 billion USA Confluent
Bank of America Banking & Finance 213,000 $93 billion USA UiPath
BMW Automotive 133,000 $130 billion Germany Epic Games
Allianz Insurance 160,000 $148 billion Germany Automation Anywhere

This cross-section demonstrates the mission-critical applications empowering some of the world's most iconic brands and profitable companies every single day. It also hints at the dominance these private technology powerhouses have already achieved across nearly every industry and sector worldwide.

Private Giants Upending the Software Landscape

As this post revealed, a new class of ultra-profitable, fast-scaling private software companies are rising to the top across gaming, artificial intelligence, automation, cybersecurity, fintech, and numerous other high-growth technology segments. What unifies these stealth giants is not just billions in recurring revenue but their ability to disrupt competitive landscapes dramatically while avoiding the limelight faced by public companies.

Freed from quarterly earnings reports and shareholder scrutiny, private innovators like Epic Games, Unity, and GitLab have used their stealth mode advantages to focus relentlessly on innovation and client success. This has fuelled market-leading growth for over a decade already in some cases. Yet as the software applications these titans enable continue consuming every sector, 2024 onwards may mark only the start of their undisputed domination for decades more to come.


What is the largest privately owned software company?

The largest private software company based on 2023 estimated revenue is Epic Games at $5 billion in annual revenue. The gaming giant behind smash hits like Fortnite and Unreal Engine tops the list of leading private software companies.

What is the largest private tech company?

Epic Games claims the top spot as largest private technology company with estimated 2023 revenue projected to top $5 billion. The North Carolina-based gaming software pioneer has achieved record growth thanks to Fortnite's enduring popularity and Unreal Engine's dominance as 3D development platform.

What is the largest privately owned company?

In terms of overall largest private companies across all industries globally, Cargill takes the #1 spot with over $115 billion in revenue. The agricultural and food multinational leads over other massive private players like Koch Industries, Bechtel, Publix Super Markets, and Mars Incorporated.

What are the big 5 software companies?

The “Big Five” biggest software public companies are Microsoft, Alphabet (Google), Amazon, Meta (Facebook), and Apple. However, this blog focused on the rise of leading yet lesser known private software companies like Epic Games, Unity, and GitLab rapidly ascending by market share.

Which is the top No 1 software company in world?

Based on market capitalization and enterprise dominance, the undisputed #1 software company globally remains Microsoft Corporation. The tech giant behind Windows and Office boasts cloud leadership with Azure and unmatched reach across software and services.

What is the top 10 IT companies?

The top 10 biggest information technology companies worldwide based on market capitalization are: Microsoft, Apple, Alphabet (Google), Amazon, Meta (Facebook), Visa, Adobe, Salesforce, Oracle, SAP. This ranks public IT companies only focused on software, services, and internet technologies powering digital transformation across industries.

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Looking for a dataset?

Get a customized dataset for your next campaign from Ready and save yourself from expensive annual subscriptions :)


"After piloting various data vendors, it was easy to see that ReadyContacts is a cut above."

Anna Jensen
Anna Jensen Director of Marketing, DigitalShadows