Artificial Intelligence has become an integral part of the US economy. According to the analyst’s insights, AI market revenue in 2020 was $25.9 billion. The AI market in the North America region, which has a market share of 47%, is expected to grow from $20 billion in 2019 to $71.9 billion in 2023 at a CAGR of 29.2%.
Having an investment in AI is crucial, given that 88% of the total technology market revenues were from AI in 2020.
Coupa
Coupa (NASDAQ: COUP) is a business spend management platform that connects over 7 million suppliers with more than 2,000 buyers and helps suppliers reach a wider audience of potential customers. The company also provided buyers with an in-depth catalog of products.
The California-based global technology platform has a community intelligence feature with an AI-powered recommendation engine. By applying AI to transactions occurring on its platform, the company can form prescriptive suggestions, which helps clients spend money more efficiently and reduce supply-chain risk.
Coupa stock trades for 33 times trailing 12-month sales and 26 times expected fiscal 2022 sales. This is a hefty price-to-sales premium that suggests this software firm will expand at a rapid pace for years to come.
CrowdStrike Holdings
CrowdStrike Holdings (NASDAQ: CRWD) is a pioneer in cloud security by designing the primary cloud-native AI-powered cybersecurity. The management estimates CrowdStrike’s addressable market will reach $38.7 billion by 2023.
The California-based cybersecurity technology company uses sophisticated detection techniques, like behavioral analysis and AI, which allows the corporate to supply industry-leading protection.
In other words, CrowdStrike’s clients get a less complex security solution, which is simpler and acts as a strong value proposition for the investors. Coupa’s goal is to deliver a long-term average of 30% annual sales growth, which can be a very difficult task but achievable based on the historical performance.
Palantir Technologies
Palantir Technologies (NYSE: PLTR) is an artificial intelligence platform where data is used to train mathematical algorithms. The company works on high-quality data to make an accurate decision model, which is in huge demand currently.
The Colorado-based software company has a strong revenue outlook as the company is on track to grow at 30% plus levels per year over the next two years. Management estimates the company’s market opportunity at $119 billion, more than 100 times its trailing-12-month revenue. This gives this tech company plenty of room to grow in the future.