In today's rapidly evolving and interconnected society, technology plays a crucial role in fuelling creativity, revolutionizing sectors, and influencing our everyday experiences. Undoubtedly, technology stands as a significant and expanding economic sector. MGI Research projected that worldwide expenditure on technology, encompassing consumers, publicly traded and privately held businesses, non-profit entities, and government outlays, will increase from $8.51 trillion in 2022 to $11.47 trillion by 2026. This reflects a compound annual growth rate (CAGR) of 7.75% over the five-year period.
In 2023, despite facing global economic challenges and geopolitical tensions, the tech industry forged ahead while generating considerable anticipation regarding the capabilities of AI. The potential for the upcoming year is evident. By prioritizing AI in their strategies, technology companies can potentially surpass competitors from other industries, who were once leading the pack; this is why AI deals and partnerships in 2024 could shape the future industry landscape. This involves not only expediting their transformation processes but also strategically repositioning their operations to seize upon swiftly emerging technologies and business frameworks.
The United States stands at the forefront of global technology innovation, setting the pace for advancements in various sectors. As of 2023, the United States region held approximately 36 percent of the global market share in the information and communication technology (ICT) sector. The Consumer Technology Association anticipates that retail revenues for the U.S. consumer technology industry will increase by 2.8% in 2024, reaching $512 billion. This projection represents a $14 billion rise from the previous year, indicating a surge in consumer expenditure on technology products and services, as outlined in CTA's One-Year Industry Forecast.
Investors hold an optimistic outlook for the American Information Technology industry, demonstrating confidence in its long-term growth prospects. Over the past three years, earnings for companies within the Information Technology sector have increased by 5.7% annually, while revenues have grown at a rate of 3.1% per year. This indicates a positive trend where these companies are generating more sales overall, leading to increased profits. Analysts are particularly bullish on the Semiconductors industry, forecasting a robust annual earnings growth rate of 24% over the next five years. This marks a significant improvement compared to its previous earnings decline of 1.0% per year. In contrast, the Tech Hardware industry is expected to experience more moderate earnings growth, with an anticipated rate of 5.9% per year over the coming years.
Let's examine some of the major developments shaping the technology landscape in the United States. When discussing technological trends, it's essential to acknowledge the significant impact of generative AI on the tech market. The global AI market's value is estimated at $454 billion as of 2022 by Precendence Research and it is expected to hit a value of $2.75 trillion by 2032, growing at a high CAGR of 19% during the forecast period. This innovation gained widespread attention in 2023 following OpenAI's launch of GPT-4, showcasing impressive capabilities. Presently, nearly all major tech firms are dedicating resources to generative AI, with the initial half of 2023 witnessing a nearly fivefold surge in funding compared to the prior year. Anticipated for 2024 is a further increase in investment in generative AI across diverse sectors, spanning from medical research to entertainment. Every prominent tech corporation, including Google, Amazon, Apple, and Microsoft, is committing resources to pioneering advancements in artificial intelligence (AI).
Embark with us on an exhilarating journey through the dynamic realm of the United States' technology landscape, where 20 visionary companies have left an indelible mark on the digital frontier. From groundbreaking innovations in artificial intelligence to the lightning-fast strides of 5G connectivity, this transformative tapestry weaves together the stories of these trailblazing entities. Amidst the clouds of cloud computing excellence and the harmonious push for sustainability, these companies navigate the ever-shifting winds of government regulations, leaving an enduring imprint on how technology shapes our world and future.
With that said, let's head over to the list of the fastest-growing technology companies in the US.
20 Fastest Growing Technology Companies in the US
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Methodology
In order to generate a list of the 20 Fastest Growing Technology Companies in the US by revenue, we sourced a comprehensive list of all technology companies in the US from the Finviz screener. We screened this list to find the top companies in the industry according to their market capitalizations.
Once we had obtained the list of the largest technology companies by market capitalization, we extracted companies that had the largest Year over Year (YoY) growth percentage in 2023. Year-over-year (YOY) growth is a key performance indicator comparing growth in one year-long period against the comparable period twelve months before the current year. Unlike standalone monthly metrics, YoY gives you a picture of your performance without seasonal effects, monthly volatility, and other factors.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Adobe Inc. (NASDAQ:ADBE), a prominent software company, provides a comprehensive suite of products and services utilized by professionals, businesses, communicators, and consumers for creating, managing, delivering, and optimizing content and experiences across diverse digital media formats.
Reporting strong financials, Adobe (NASDAQ:ADBE) achieved a revenue of $19.41 billion in the twelve months ending December 1, 2023, reflecting a commendable 10.24% year-over-year growth. In the last quarter of the same period, the company maintained its growth momentum, reaching a revenue of $5.05 billion with an impressive 11.56% year-over-year growth. Adobe's stellar performance in 2023 underscores its success in meeting the evolving needs of the digital landscape, solidifying its position as a key player in the software industry.
Intuit Inc. (NASDAQ:INTU) stands at the forefront of the global financial technology revolution, empowering both consumers and small businesses with a comprehensive suite of financial management, compliance, and marketing solutions.
The company's robust performance is evident in its remarkable financials, boasting a revenue of $14.75 billion in the twelve months ending October 31, 2023, showcasing a commendable 10.76% year-over-year growth. The last quarter of the same period saw Intuit achieve a revenue of $2.98 billion, marked by an impressive 14.67% year-over-year growth.
However, the company's commitment to innovation doesn't stop at financial metrics. In a strategic move, Intuit Inc. (NASDAQ:INTU) has recently announced the integration of a cutting-edge generative artificial intelligence-powered assistant into its products. This forward-thinking initiative aims to deliver personalized AI experiences, further solidifying Intuit's position as a pioneer in leveraging technology to enhance customer interactions and redefine the future of financial services.
Cisco Systems, Inc. (NASDAQ:CSCO) is a technological leader, shaping the Internet with its innovative designs spanning networking, security, collaboration, applications, and the cloud.
The company reported robust financials, boasting $58.03 billion in revenue for the twelve months ending October 28, 2023, showcasing an impressive 10.99% year-over-year growth. In the last quarter of the same period, Cisco (NASDAQ:CSCO) maintained its momentum with a revenue of $14.67 billion and a noteworthy 7.60% year-over-year growth.
Microsoft Corporation, (NASDAQ:MSFT) is one of the leading and fastest growing technology companies in the US. It is renowned for its development and support of a wide range of software, services, devices, and solutions. Demonstrating its robust financial performance, Microsoft reported a substantial revenue of $227.58 billion in the twelve months ending December 31, 2023, marking an impressive 11.51% year-over-year growth. In the final quarter of the same period, the company continued its upward trajectory, achieving a revenue of $62.02 billion with a notable 17.58% year-over-year growth.
Beyond financial success, Microsoft (NASDAQ:MSFT) has also positioned itself as a sustainability leader, exemplified by its recent collaboration with startup Chestnut Carbon. This partnership reflects Microsoft's commitment to carbon offset credits, aiming to remove up to 2.7 million tons of carbon from the atmosphere -- a testament to the company's dedication to environmental responsibility and innovation.
Oracle Corporation, (NYSE:ORCL) a leader in enterprise IT solutions, reported a robust revenue of $51.63 billion in the twelve months ending November 30, 2023, with 12.06% year-over-year growth. The corresponding quarter saw a revenue of $12.94 billion, marking a commendable 5.43% year-over-year growth. In the fiscal year ending May 31, 2023, Oracle achieved an annual revenue of $49.95 billion, reflecting an impressive 17.71% growth.
Notably, Oracle (NYSE:ORCL) is advancing its Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) with new logistics capabilities, aimed at optimizing global supply chains by enhancing visibility, reducing costs, automating regulatory compliance, and improving decision-making. This underscores Oracle's commitment to innovating and streamlining enterprise solutions.
Salesforce, Inc. (NYSE:CRM) is one of the fastest-growing technology companies in America. It is a prominent provider of customer relationship management (CRM) technology, operates through its comprehensive Customer 360 platform, spanning sales, service, marketing, commerce, collaboration, integration, artificial intelligence, analytics, automation, and more.
Demonstrating consistent growth, Salesforce (NYSE:CRM) reported a revenue of $33.95 billion in the twelve months ending October 31, 2023, with a commendable 12.08% year-over-year increase. In the corresponding quarter, ending October 31, 2023, the company maintained momentum, achieving a revenue of $8.72 billion with an 11.27% year-over-year growth.
Notably, the company is leveraging the power of generative AI through a partnership with Arada, a leading UAE-based master developer. This collaboration aims to transform data utilization, enhance operational efficiency, and elevate customer experience across Arada's luxury projects, showcasing Salesforce's commitment to innovative CRM solutions.
Cadence Design Systems, Inc. (NASDAQ:CDNS) specializes in electronic system design, providing Custom IC Design and Simulation solutions for circuits, including analog, mixed-signal, custom digital, memory, and RF designs.
Serving diverse markets such as 5G communications, aerospace, automotive, and more, the company reported a robust revenue of $4.09 billion in the twelve months ending December 31, 2023, with a noteworthy 14.83% year-over-year growth. In the final quarter of the same period, Cadence Design Systems (NASDAQ:CDNS) achieved $1.07 billion in revenue, marking an impressive 18.75% year-over-year growth.
Synopsys, Inc. (NASDAQ:SNPS) is a key player in electronic design automation (EDA), offering software for designing and testing integrated circuits (ICs). The company reported robust financials with a revenue of $5.84 billion in the twelve months ending October 31, 2023, showcasing a substantial 14.98% year-over-year growth. In the corresponding quarter, ending October 31, 2023, Synopsys maintained momentum, achieving $1.60 billion in revenue with an impressive 24.51% year-over-year growth.
In a strategic move, on January 16, 2024, Synopsys (NASDAQ:SNPS) announced a significant development, revealing its acquisition of Ansys in a $35 billion cash-and-stock deal. This move expands Synopsys' capabilities by incorporating Ansys' software used in diverse product creation, from airplanes to tennis rackets, exemplifying the company's commitment to advancing its position in the chip design software domain.
One of the fastest-growing American technology companies, Palantir Technologies Inc. (NYSE:PLTR) specializes in building software for counterterrorism investigations and operations, with three key platforms — Palantir Gotham, Palantir Foundry, and Palantir Apollo. In the twelve months ending December 31, 2023, Palantir reported a revenue of $2.23 billion, reflecting a substantial 16.75% year-over-year growth. The corresponding quarter, ending December 31, 2023, showcased a revenue of $608.35 million, with an impressive 19.61% year-over-year growth.
A recent development on February 13, 2024, highlighted Palantir Technologies' (NYSE:PLTR) partnership with SCSP's AI Expo on National Competitiveness. This collaborative expo, aimed at fostering innovation and idea exchange, brings together leaders from the private sector, research institutions, the U.S. government, and key allies and partners in a two-day event focused on advancing national competitiveness.
Uber Technologies, Inc. (NYSE:UBER) operates a dynamic platform that develops and manages technology applications to seamlessly connect consumers with a diverse array of services. Through its platform, Uber facilitates ride services, links users with merchants, offers food delivery options, and integrates with public transportation networks.
The company reported robust financials, with a revenue of $37.28 billion in the twelve months ending December 31, 2023, demonstrating a noteworthy 16.95% year-over-year growth. In the corresponding quarter, ending December 31, 2023, Uber sustained its positive momentum with a revenue of $9.94 billion, reflecting a commendable 15.44% year-over-year growth.
Among its offerings, Uber (NYSE:UBER) provides a convenient delivery service that empowers consumers to discover local restaurants, order meals, and arrange pick-ups. Additionally, the Freight segment of Uber connects carriers with shippers, offering upfront pricing and streamlining the shipment booking process, showcasing the company's versatility and innovation in the technology-driven service industry.
Workday, Inc. (NASDAQ:WDAY) is a leading provider of enterprise cloud applications catering to finance and human resources. Serving approximately 10,000 organizations, the company offers software-as-a-service solutions to address diverse business challenges. Workday reported a robust revenue of $6.98 billion in the twelve months ending October 31, 2023, showcasing a significant 17.45% year-over-year growth. The corresponding quarter, ending October 31, 2023, saw the company achieve $1.87 billion in revenue, reflecting a commendable 16.67% year-over-year growth.
A recent strategic development emerged on February 8, 2024, as Insperity Inc. formed a partnership with Workday Inc. (NASDAQ:WDAY). The collaboration aims to jointly develop and sell a new full-service platform tailored for small and midsize businesses, further solidifying Workday's position in the industry.
Fortinet, Inc. (NASDAQ:FTNT) is a leading provider of cybersecurity and networking solutions, delivering its expertise to a diverse range of organizations, including enterprises, communication service providers, security service providers, government organizations, and small businesses.
Demonstrating robust performance, Fortinet reported a revenue of $5.30 billion in the twelve months ending December 31, 2023, marking an impressive 20.09% year-over-year growth. In the corresponding quarter, ending December 31, 2023, the company sustained its growth momentum, achieving a revenue of $1.42 billion with a commendable 10.30% year-over-year growth.
Fortinet Inc. (NASDAQ:FTNT) recently announced the FortiGate Rugged 70G with 5G Dual Modem, the latest addition to its product lineup. Built on its fifth-generation security processor, this appliance is specifically designed to meet the rigorous demands of industrial environments, showcasing Fortinet's commitment to addressing evolving cybersecurity challenges in diverse sectors.
Atlassian Corporation (NASDAQ:TEAM) stands at the forefront of software innovation, designing, developing, licensing, and maintaining cutting-edge solutions while providing software hosting services. The company's product portfolio includes Jira Software and Jira Work Management, fostering seamless collaboration, Confluence for content creation and sharing, and Jira Service Management, a robust suite for team service, management, and support applications.
Demonstrating a remarkable financial performance, Atlassian (NASDAQ:TEAM) reported a revenue of $3.89 billion in the twelve months ending December 31, 2023, showcasing an impressive 22.39% year-over-year growth. The momentum continued in the last quarter of the same period, with a revenue of $1.06 billion and a commendable 21.47% year-over-year growth. Atlassian's unwavering commitment to technological excellence positions it as a pivotal player in shaping the landscape of software solutions and services.
ServiceNow, Inc. (NYSE:NOW) emerges as a trailblazer in the digital landscape, positioned as a leading digital workflow company. At the heart of its operations is the intelligent Now Platform, a cloud-based solution infused with artificial intelligence and machine learning capabilities. This innovative platform empowers global enterprises, universities, and governments to seamlessly unify and digitize their workflows, fostering efficiency across industries.
Demonstrating exceptional growth, ServiceNow reported a robust revenue of $8.97 billion in the twelve months ending December 31, 2023, reflecting an impressive 23.82% year-over-year growth. The upward trajectory continued in the last quarter of the same period, with revenue reaching $2.44 billion and an outstanding 25.62% year-over-year growth.
ServiceNow's (NYSE:NOW) visionary CEO, Bill McDermott, envisions the company as "building a masterpiece," emphasizing that the integration of AI represents a once-in-a-generation opportunity. This proclamation solidifies ServiceNow's commitment to technological excellence and its pivotal role in shaping the future of digital workflows.
Palo Alto Networks, Inc. (NASDAQ:PANW) emerges as a global cybersecurity powerhouse, providing cutting-edge cyber security platforms and services. Dedicated to securing enterprise users, networks, clouds, and endpoints, the company employs artificial intelligence and automation to fortify digital environments. Demonstrating robust growth, Palo Alto Networks reported a revenue of $7.21 billion in the twelve months ending October 31, 2023, showcasing an impressive 23.89% year-over-year growth. The positive momentum persisted in the last quarter of the same period, with revenue hitting $1.88 billion and a commendable 20.13% year-over-year growth.
Palo Alto Networks (NASDAQ:PANW) made headlines in February 2024 by striking a specialized deal with TruVisor, expanding the reach of its Prisma Cloud platform to Southeast Asia (SEA) partners. This strategic partnership further solidifies Palo Alto Networks' commitment to advancing cybersecurity solutions on a global scale.
