Snowflake, the Data Cloud company, recently announced impressive growth following a successful fiscal 2023, which ended January 31 2023. Snowflake’s 2023 financial year saw the company continue to shift the EMEA sales team to a vertical-focused model, drive wider customer adoption and consumption in the region, deliver developments and innovations related to data and application collaboration, and increase availability of its developer offerings with the GA of Snowpark.
“In FY23, we were laser-focused on shifting and cementing our position as a fully-fledged vertical company. This enables us to have deeper conversations with customers where each function from sales to marketing is driving the value of our tailored industry Data Cloud offerings to meet the opportunities and requirements associated with industries from financial services to retail”, said Alison Tierney, SVP EMEA, Snowflake. “We will continue to innovate Snowflake Data Cloud to offer more bespoke vertical solutions in the near future to ensure we cater for more industries.”
“Looking at the year ahead, Snowflake EMEA is seeing an increase in business and technical conversations in a few core areas for our EMEA customers: Snowpark, Customer 360 and ESG”, Tierney added. “Data forms the beating heart of these conversations. With Snowpark for example, we’re increasing the opportunities for our customers to develop new applications directly on top of Snowflake in the language of their choice, where work comes to the data and not the other way around. By unlocking data previously trapped in historial silos, Customer 360 is helping companies truly understand the end-to-end journey of their customers; while ESG data has become a crucial business obligation to assess sustainability goals and devise targets to ensure we’re making positive impacts on the planet.”
EMEA Corporate Momentum
Snowflake finished fiscal 2023 with impressive consumption. Key EMEA milestones from FY23, include:
- Product revenue for the twelve months ended January 31, 2023 grew 72% YoY to $268.2m, and global product revenue for the twelve months ended January 31, 2023 was $1,938.8m.
- Worldwide net revenue retention rate was 158%.
- 1,289 EMEA employees with over 5,880 employees worldwide (as of January 31, 2023), a marked increase from the prior year, which had 766 EMEA employees and nearly 4,000 global employees as of January 31, 2022.
- Over 100 companies joined the EMEA Startup Program, which launched over a year ago, enabling the next generation of data startups to build on Snowflake.
- Snowflake is hosting its Data For Breakfast series across 27 cities in EMEA, which we anticipate will attract up to 2,500 attendees.
- Snowflake will host its largest annual event, Snowflake Summit 2023, in Las Vegas on June 26-29. There will be thousands of data professionals for 10 tracks, 250+ sessions and 200 partners taking part in “The World of Data Collaboration”. Last year’s Snowflake Summit saw 9,000 in-person attendees, and more than 11,500 registrants for the virtual event.
Product Innovation
Snowflake has been laser-focused in updating and developing new innovations to its platform:
- Snowflake released new platform innovations, including two new workloads:
- Unistore provides a modern approach to working with transactional and analytical data together in a single platform. Unistore streamlines and simplifies the development of transactional applications, while providing consistent governance, strong performance, and near-unlimited scale to customers.
- Cybersecurity provides a unified, secure, and scalable data platform for helping security teams eliminate blind spots and respond to threats at cloud-scale.
- Data programmability enhancements: Snowpark for Python (GA), and a native integration with Streamlit (PrPr), currently in development, make Python’s rich ecosystem of open-source packages and libraries accessible for data scientists, data engineers, and application developers to streamline development, and build and share interactive applications. 20% of customers have now tried Snowpark.
- Snowflake’s Native Application Framework enables developers to build applications and monetise them on Snowflake Marketplace. Consumers can securely install and run those applications directly in their Snowflake instances, reducing the need for data to be moved.
Customer Growth
Snowflake in EMEA has doubled-down on industry specific customers and digital native companies who are mobilising their data in Snowflake’s Data Cloud:
- The number of EMEA customers grew to 1,678, representing a 34% YoY growth, with worldwide customers totalling 7,828 (31% YoY growth).
- 100% of Snowflake customers surveyed in the Dresner Advisory Survey 2023, said they would recommend Snowflake to other organizations for the 6th year in a row.
- Snowflake further doubled down on its number one value ‘put customers first,’ by achieving a Net Promoter Score of 72, as of June 2022, with most customers recommending Snowflake to a colleague or a friend. The score is more than three times the industry average of 19, based on the Qualtrics 2021 NPS Industry Benchmarking Report.
Global Corporate Momentum
Snowflake’s corporate momentum was driven by the launch of the Telecom Data Cloud, employee growth and several acquisitions, all enabling organisations to mobilise the world’s data.
- Telecom Data Cloud– Telecommunications service providers can leverage the Snowflake Telecom Data Cloud to break down data silos within companies and across the ecosystem, enabling organizations to easily and securely access data in near real-time, enrich it with machine learning (ML) models, and then share and analyze it to drive better decisions. With the Telecom Data Cloud, Snowflake and its ecosystem of partners can help telecommunications service providers accelerate digital transformation, enable superior customer experiences, maximize operational efficiency, and monetize new data services.
- Snowflake completed a number of acquisitions to help customers maximise value from their data, including Streamlit, Applica, Myst, SnowConvert.
