While there are number of growth markets and industries in the current economy, few showcase as much growth or potential as the technology sector. While this is a broad spectrum that includes social media giants and leading online innovators, all of the firms in this space are united by incredible growth potential and genuinely unique value propositions.
The diversity of the technology sector was also evident in the sheer range of companies in a recent list released by Forbes, which highlighted the firms that had grown at the fastest rate in 2016. From innovative start-ups to giant corporations such as Google’s parent company Alphabet, this list makes for fascinating reading.
3 of the Fastest Growing Technology Companies
With this in mind, let’s take a look at three of the firms from this last and strive to understand the nature of their growth. These include: –
In 24th place was GrubHub, which managed to record an average three-year sales growth of 66% despite operating in an exceptionally competitive market space.
Essentially a free online ordering service, GrubHub has built its success on vast swathes of data that include locations from more than 500 international cities and 30,000 restaurants. The size and accuracy of this data sets the platform apart, while the sites and its accompanying app have become tried and trusted tools for thousands of global users.
With this in mind, we should perhaps expect this platform to record further growth and rise up the list in the future.
2. Arista Networks
One of the single biggest innovations in the technology world has been driven by the emergence of big data, which has enabled brands to store huge swathes of data in the Cloud. The software developers behind this innovation have subsequently grown exponentially over the course of the last five years, with pioneers Arista Networks leading the way.
Over the last three years, Arista Networks has recorded average growth of 63%, making it the second fastest evolving technology firm during this time. So while the firm may have less future growth potential than some of the others on the list, it has certainly managed to optimise its expansion as market competition has intensified.
At 3rd place on the list was social media giant Facebook, and while some may have excepted the brand to be even higher it is important to recognise the longevity and scope of the firm. One of the largest technology companies in the world, it has continued to grow exponentially since its inception in 2005 and now has in excess of one billion unique users around the world. It is also consistently valued as one of the most valuable tech companies in the world, with shares traded regularly and in high volume online.
While such growth has caused some to claim that Facebook may have reached its saturation point, the procurement of innovative start-ups such as Oculus Rift and has helped to diversify the brand and driven average three-year sales growth to the tune of 53%. This is quite an achievement, and one the recognises the growth and trailblazing qualities that define Facebook.