MGI Research predicts that technology companies are growing rapidly, with global spending on technology expected to reach $11.47 trillion by 2026.
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US Fastest Growing Technology Companies: We’ll examine the top 20 rapidly expanding technology companies in the US in this article. Visit 5 Fastest Growing Technology Companies in the US for a list of further businesses.
Technology has a significant impact on our daily lives, altering industries, and igniting creativity in today’s ever-changing and interconnected society. Without question, technology is a big and growing economic industry. Global spending on technology, including that of individuals, publicly traded and privately held companies, non-profit organizations, and government spending, is expected to rise from $8.51 trillion in 2022 to $11.47 trillion by 2026, according to projections made by MGI Research. Over the five years, this is a compound annual growth rate of 7.75%.
In 2023, the tech sector continued to grow and raise expectations for the potential of artificial intelligence (AI) in spite of geopolitical unrest and obstacles to the global economy. It’s clear what the new year has in store. Technology businesses that prioritize AI in their plans have the ability to outperform their once-leading competitors from other industries.
As a result, collaborations and deals using AI in 2024 might significantly influence the industrial landscape. This entails not just accelerating their transformation processes but also repositioning their operations strategically to capitalize on rapidly developing business frameworks and technologies.
As a leader in global technological innovation, the US is paving the way for breakthroughs across a range of industries. About 36% of the world market share in the information and communication technology (ICT) industry was held by the United States area as of 2023.
Consumer technology sales will rise by 2.8% to $512 billion by 2024, according to Consumer Technology Association. It indicates a $14 billion increase over the previous year based on CTA’s One-Year Industry Forecast.
Investors are confident in the American information technology industry’s long-term growth prospects and have an optimistic prognosis for the sector. While revenues have grown at a rate of 3.1% yearly over the last three years, earnings for companies in the information technology industry have expanded by 5.7% annually.
This suggests that these businesses are on the right track, making more money overall through more sales. Analysts are especially optimistic about the semiconductor sector, predicting strong annual profits growth of 24% over the following five years. When compared to its prior earnings decline of 1.0% annually, this represents a tremendous improvement. The Tech Hardware industry, however, is expected to grow at a slower rate of 5.9% annually.
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Let’s look at some of the significant advancements that have shaped the US IT scene. It is crucial to recognize the substantial influence of generative AI on the tech industry while talking about technological advancements. Precendence Research estimates that the value of the global AI industry will be $454 billion in 2022 and expects it to expand at a high compound annual growth rate of 19% to reach $2.75 trillion by 2032. After OpenAI released GPT-4 in 2023, this breakthrough attracted a lot of attention because to its remarkable capabilities.
Currently, almost all of the big tech companies are investing in generative AI; in the first half of 2023, financing for this technology increased by over five times over the previous year. More investment in generative AI is projected for 2024 in a variety of industries, including entertainment and medical research. All of the major IT companies, such as Google, Amazon, Apple, and Microsoft, are investing heavily in artificial intelligence (AI) research and development.
Growth rate in 2023 year over year: 10.24%
Prominent software provider Adobe Inc. offers a full range of tools and services that professionals, companies, communicators, and consumers use to create, manage, deliver, and optimize experiences and content across various digital media forms.
Adobe, which released impressive financial results, generated $19.41 billion in revenue in the year that ended December 1, 2023, a respectable 10.24% increase over the previous year. The business kept up its growing momentum in the final quarter of the same time, hitting $5.05 billion in revenue—a remarkable 11.56% increase in revenue from the previous year. Adobe’s outstanding performance in 2023 confirms its status as a major leader in the software market by demonstrating its ability to adapt to the changing demands of the digital ecosystem.
Growth rate in 2023 year over year: 10.76%
Leading the way in the worldwide financial technology revolution, Intuit Inc. provides a full range of financial management, compliance, and marketing products to small companies and consumers alike.
The impressive financials of the corporation demonstrate its strong performance. Its revenue for the year ended October 31, 2023, was $14.75 billion, indicating a respectable 10.76% year-over-year increase. During the same period, Intuit achieved $2.98 billion in revenue in the past quarter, indicating an excellent 14.67% year-over-year growth.
But the business’s dedication to innovation goes beyond just financial results. Intuit Inc. has announced the strategic addition of a state-of-the-art generative artificial intelligence-powered assistant to its lineup of products. To deliver tailored AI experiences, this innovative project seeks to further establish Intuit as a leader in utilizing technology to improve client interactions and reimagine the financial services industry.
Growth rate in 2023 year over year: 10.99%
Networking, security, cloud computing, collaboration, and apps are among Cisco Systems’ cutting-edge technologies.
For the year ending October 28, 2023, the company generated $58.03 billion in revenue, an increase of 10.99%. The company recorded $14.67 billion in revenue in the final quarter, up 7.60% year-over-year.
Growth rate in 2023 year over year: 11.51%
One of the top and fastest-growing IT corporations in the US is Microsoft Corporation. It is well known for creating and maintaining a large variety of software, services, tools, and solutions. For the year ended December 31, 2023, Microsoft reported a significant revenue of $227.58 billion, a significant increase of 11.51%. The corporation generated $62.02 billion in revenue in the last quarter, up 17.58% year-over-year.
Microsoft has established itself as a leader in sustainability in addition to its financial success, as demonstrated by its recent partnership with startup Chestnut Carbon. As a demonstration of Microsoft’s commitment to environmental innovation and responsibility, this agreement represents the company’s goal of removing up to 2.7 million tons of carbon from the atmosphere through carbon offset certificates.
Growth rate in 2023 year over year: 12.06%
Leading provider of corporate IT solutions, Oracle Corporation, announced strong revenue increase of 12.06% year over year to $51.63 billion for the 12 months ended November 30, 2023. Revenue for the same quarter was $12.94 billion, a respectable 5.43% increase over the previous year. Oracle’s revenue for the fiscal year that ended on May 31, 2023, was $49.95 billion, a remarkable 17.71% increase.
Notably, Oracle is adding new logistics capabilities to its Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) with the goal of optimizing global supply chains through automation of regulatory compliance, cost reduction, visibility enhancement, and decision-making improvement. This demonstrates Oracle’s dedication to developing and simplifying corporate solutions.
Growth rate in 2023 year over year: 12.08%
One of the software firms in America with the quickest rate of growth is Salesforce, Inc. It is a well-known supplier of customer relationship management (CRM) technology. Sales, service, marketing, commerce, collaboration, integration, artificial intelligence, analytics, automation, and other areas are all covered by its extensive Customer 360 platform.
Salesforce reported $33.95 billion in revenue for the 12 months ended October 31, 2023, a respectable 12.08% year-over-year gain. This indicates the company’s steady expansion. The business kept up its speed in the subsequent quarter, which ended on October 31, 2023, generating $8.72 billion in revenue, an increase of 11.27% over the previous year.
Arada, a renowned developer in the United Arab Emirates, is collaborating with the startup. Through this partnership, Arada’s luxury projects will benefit from improved data use, increased operational effectiveness, and an elevated client experience—all of which will demonstrate Salesforce’s dedication to providing cutting-edge CRM solutions.
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Growth rate in 2023 year over year: 14.83%
Electronic system design is the area of expertise for Cadence Design Systems, Inc., which offers custom IC design and simulation services for circuits, including analog, mixed-signal, bespoke digital, memory, and radio frequency designs.
Serving a wide range of industries, including automotive, aerospace, 5G communications, and more, the firm announced a strong $4.09 billion in revenue for the full year that ended on December 31, 2023, representing a notable 14.83% year-over-year growth. Cadence Design Systems reported $1.07 billion in revenue for the last quarter of the same time, indicating a remarkable 18.75% year-over-year growth.
Growth rate in 2023 year over year: 14.98%
A major participant in electronic design automation (EDA), Synopsys, Inc. provides software for creating and evaluating integrated circuits (ICs). With a sales of $5.84 billion for the 12 months ended October 31, 2023, the company announced strong financial results, demonstrating a significant 14.98% year-over-year growth. Synopsys continued to gain traction in the quarter that ended on October 31, 2023, generating $1.60 billion in sales with a remarkable 24.51% year-over-year growth.
On January 16, 2024, Synopsys revealed a noteworthy development, revealing its strategic acquisition of Ansys through a $35 billion cash-and-stock agreement. This action demonstrates Synopsys’ dedication to strengthening its position in the semiconductor design software market by extending the company’s capabilities by embracing Ansys’ software, which is utilized in the manufacture of a wide range of products, from tennis rackets to airplanes.
Growth rate in 2023 year over year: 16.75%
Palantir Technologies Inc. , one of the fastest-growing technology businesses in the United States, specializes in developing software for counterterrorism operations and investigations. Its three main platforms are Palantir Gotham, Palantir Foundry, and Palantir Apollo. Palantir reported $2.23 billion in sales for the year that ended December 31, 2023, a significant 16.75% increase over the previous year. The comparable quarter, which concluded on December 31, 2023, demonstrated $608.35 million in revenue, exhibiting a noteworthy 19.61% annual rise.
The collaboration between Palantir Technologies and SCSP’s AI Expo on National Competitiveness was recently highlighted on February 13, 2024. In a two-day event centered on boosting national competitiveness, executives from the business sector, academic institutions, the U.S. government, and important allies and partners come together for this collaborative exhibition, which aims to foster innovation and idea exchange.
Growth rate in 2023 year over year: 16.95%
Uber Technologies, Inc. runs a dynamic platform that creates and oversees technological applications to link customers to a wide range of services in an easy-to-use manner. Uber provides food delivery services, connects customers with businesses, enables ride services, and interfaces with public transit systems through its platform.
With revenue of $37.28 billion for the 12 months ended December 31, 2023, the company posted strong financial results, exhibiting a notable 16.95% year-over-year rise. Uber maintained its strong performance in the same quarter, which ended on December 31, 2023, bringing in $9.94 billion in revenue, a remarkable 15.44% increase from the previous year.
Uber offers a handy delivery service that enables users to find nearby restaurants, place food orders, and schedule pickups. Furthermore, Uber’s freight division links shippers and carriers, providing upfront pricing and expediting the shipping booking process, demonstrating the company’s adaptability and creativity in the tech-driven service sector.
Growth rate in 2023 year over year: 17.45%
Leading supplier of enterprise cloud apps for the financial and HR industries is Workday, Inc.. The company provides software-as-a-service solutions to meet various business difficulties, and it serves about 10,000 enterprises. For the full year ending October 31, 2023, Workday recorded strong sales of $6.98 billion, demonstrating a noteworthy 17.45% year-over-year growth. The company’s sales for the same quarter, which ended on October 31, 2023, was $1.87 billion, indicating a respectable 16.67% year-over-year rise.
On February 8, 2024, a new strategic development was announced when Workday Inc. and Insperity Inc. partnered. The partnership intends to strengthen Workday’s standing in the market by working together to build and market a new full-service platform designed specifically for small and medium enterprises.
Growth rate in 2023 year over year: 20.09%
Leading supplier of networking and cybersecurity solutions, Fortinet, Inc. offers its knowledge to a wide spectrum of clients, including small businesses, government agencies, enterprises, and communication and security service providers.
Fortinet showed strong performance, reporting $5.30 billion in sales for the 12 months ended December 31, 2023—a remarkable 20.09% increase over the previous year. The company maintained its growing momentum in the subsequent quarter, which ended on December 31, 2023, reaching $1.42 billion in revenue, a respectable 10.30% year-over-year rise.
The newest product in Fortinet Inc.’s inventory, the FortiGate Rugged 70G with 5G Dual Modem, was just unveiled. This appliance, which is based on its fifth-generation security processor, is made especially to withstand the harsh conditions of industrial settings, demonstrating Fortinet’s dedication to tackling changing cybersecurity issues across a range of industries.
Growth rate in 2023 year over year: 22.39%
Atlassian Corporation produces state-of-the-art software products and provides software hosting services. The firm offers Jira Software, Jira Work administration, Confluence, which facilitates content creation and sharing, Jira Service Management, which offers a comprehensive suite of team service, administration, and support tools.
For the twelve months ending December 31, 2023, Atlassian had sales of $3.89 billion, up 22.39% year-over-year. In the final quarter of the same period, revenue reached $1.06 billion and year-over-year growth was 21.47%. Software solutions and services market leader Atlassian is committed to technological superiority.
Growth rate in 2023 year over year: 23.82%
Established as a front-runner in the digital space, ServiceNow, Inc. is a digital workflow leader. The clever Now Platform, a cloud-based system with machine learning and artificial intelligence built in, is the brains behind the company’s operations. This cutting-edge technology enables governments, academic institutions, and multinational corporations to easily digitize and unify their workflows, promoting efficiency across industries.
In 2023, ServiceNow reported sales of $8.97 billion, an increase of 23.82% over the previous year. During the last quarter of the same period, revenue reached $2.44 billion, up 25.62% year-over-year.
Bill McDermott, the CEO of ServiceNow, is a visionary who describes the company as “building a masterpiece” and emphasizes that the integration of AI is a once-in-a-generation opportunity. Changing digital workflows is ServiceNow’s goal, and this declaration demonstrates their commitment to innovation.
Growth rate in 2023 year over year: 23.89%
Palo Alto Networks, Inc. is a leading cybersecurity company in the world that offers state-of-the-art platforms and services. The organization is committed to protecting enterprise users, networks, clouds, and endpoints. To strengthen digital environments, it uses automation and artificial intelligence. Palo Alto Networks announced sales of $7.21 billion for the year that ended October 31, 2023, exhibiting a remarkable 23.89% year-over-year rise, indicating sustained growth. The final quarter of the same time continued the good momentum, with revenue reaching $1.88 billion and a respectable 20.13% year-over-year rise.
In February 2024, Palo Alto Networks made news when it signed a special agreement with TruVisor to extend the Prisma Cloud platform’s reach to partners in Southeast Asia (SEA). Palo Alto Networks is even more committed to advancing cybersecurity solutions globally as a result of this strategic alliance.
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Growth rate in 2023 year over year: 33.75%
Arista Networks, Inc. is a leading provider of cloud networking solutions, leveraging cutting-edge software to meet the unique requirements of cloud service providers, corporations, and Internet companies.
In the 12 months that ended December 31, 2023, Arista Networks, Inc. generated an astounding $5.86 billion in sales, demonstrating an astounding 33.75% year-over-year growth. The final quarter of the same period saw revenue rise by 20.77% year-over-year to $1.54 billion.
The CEO, Jayshree Ullal, credits the continued growth in the corporate and cloud industries for this exceptional success. Cloud behemoths Microsoft and Meta are among Arista Networks’ noteworthy clientele, demonstrating the company’s considerable influence in the changing field of cloud networking solutions.
Growth rate in 2023 year over year: 39.22%
Based in San Jose, California, Super Micro Computer, Inc. offers application-optimized Total IT solutions. Server and storage systems that are suited for certain applications are offered by the company.
Super Micro Computer, displaying strong financial performance, announced a remarkable $9.25 billion in revenue for the year that ended December 31, 2023, a remarkable 39.22% increase from the previous year. During the same period, revenue experienced an amazing 103.25% year-over-year growth in the last quarter, hitting $3.66 billion.
Growth rate in 2023 year over year: 39.94%
With its software-as-a-service (SaaS) subscription model, CrowdStrike Holdings, Inc. establishes itself as a cybersecurity powerhouse by providing cloud-delivered protection for endpoints, cloud workloads, identities, and data.
The business released excellent financial results, claiming $2.85 billion in revenue for the 12 months that ended on October 31, 2023—a remarkable 39.94% increase in revenue over the previous year. During the same period, revenue reached $786.01 million with an increase of 35.31% year-over-year.
Growth rate in 2023 year over year: 40.87%
As the Data Cloud’s technological foundation, Snowflake Inc. emerges as a disruptive force. Using this cutting-edge technology, users can easily combine data and create a single source of truth. With Snowflake, you can create dynamic data applications and easily share data and data products.
Growth rate in 2023 year over year: 57.07%
NVIDIA Corporation is a computing powerhouse that is committed to resolving challenging computational problems. Compute & Networking, which focuses on its data center accelerated computing platform, and Graphics, which includes GeForce GPUs designed for gaming and personal computers (PCs), the GeForce NOW game streaming service, and gaming platform solutions, are the two main business segments of the company.
NVIDIA revealed astounding sales of $44.87 billion for the year ended October 29, 2023, exhibiting an amazing 57.07% year-over-year rise. This indicates the company’s extraordinary financial performance. The final quarter of the same time saw the momentum reach previously unheard-of heights, with revenue soaring to $18.12 billion and an astounding 205.51% year-over-year growth.
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