Top 20 Technology Companies by Revenue Growth - 2024
Top 20 Technology Companies by Revenue Growth - 2024 Research Report
Technology Market Analysis
The technology sector achieved remarkable revenue growth in 2024, with companies ranging from 201% to 153,625% growth rates over the three-year period from 2020 to 2023. The overall median growth rate of the winners was 460%, with energy and sustainability technology having the highest median revenue growth rate at 854%. The tech sector carved out its space with impressive performances, with Amazon leading at $574.8 billion in revenue, followed by Apple at $383.3 billion, and Alphabet at $307.4 billion. The semiconductor industry had a robust 2024, with industry revenue projected to grow by double digits, driven primarily by demand for generative AI chips. PC and smartphone sales are expected to grow by low single digits in 2025, while communication and computer chip sales, including data center chips, are expected to continue surpassing auto and industrial chip sales. Software and services companies represented 59% of winners, with fintech companies outpacing life sciences for the first time in program history at 15%.
Product and Market Segments
Software and services companies dominated the technology growth landscape, representing 59% of the fastest-growing companies, with digital platforms comprising 41% of software winners and enterprise infrastructure following at 36%. The semiconductor industry's growth is driven by four key trends: generative AI accelerator chips for PCs, smartphones, and enterprise edge; evolutionary chip design enabled by AI; advanced manufacturing processes; and strategic partnerships. AI technology is set to be a major driver of technological advancements in 2025, with companies like Palantir, IBM, Salesforce, and others harnessing AI power to generate profits across industries. Platform competition includes established giants like Amazon, Apple, Alphabet, Microsoft, while pure-play competitors encompass specialized firms like Palantir Technologies, ServiceNow, Broadcom, Tesla, and emerging leaders like TG Therapeutics, Lessen, along with sector-specific innovators including Shopify, Intapp, Uber Technologies, HubSpot, Duolingo, Zeta Global Holdings, Alkami Technology, Freshworks.
Top 20 Technology Companies by Revenue Growth
1. TG Therapeutics, Inc.
Revenue Growth Rate: 153,625% (2020-2023) TG Therapeutics claimed the top spot with a growth rate of 153,625% from 2020 to 2023, as a fully integrated, commercial-stage biopharmaceutical company focused on B-cell diseases. The company's explosive growth reflects successful commercialization of BRIUMVI, an approved treatment for adults with relapsing forms of multiple sclerosis.
2. NVIDIA Corporation
Revenue Growth Rate: 114.2% (2024 Annual) NVIDIA revenue for 2025 was $130.497B, a 114.2% increase from 2024, with quarterly revenue of $39.331B representing a 77.94% increase year-over-year. In Q3 2024, Nvidia's revenue grew 97% from the same period a year ago, reaching $35.1 billion. The company continues to dominate AI infrastructure demand with its cutting-edge GPU technology.
3. Palantir Technologies
Revenue Growth Rate: 36% (Q4 2024) Palantir reported Q4 2024 revenue growth of 36% year-over-year, with Q3 revenue growth of 30% and US revenue growth of 44%. The stock has returned more than 350% in 2024, doubling NVIDIA's performance. The company reported revenue of $725.5 million in Q3, beating expectations by more than $21 million.
4. Broadcom Inc.
Revenue Growth Rate: 43% (Fiscal 2024) Broadcom reported 43% revenue growth in fiscal 2024 and has maintained 25% growth as of the most recent quarter. The company brought in $12.2 billion in AI revenue for fiscal 2024 and forecasts AI could present a $60 billion to $90 billion revenue opportunity in 2027. Broadcom expects $10 billion in revenue from AI-related chips in 2024.
5. ServiceNow Inc.
Revenue Growth Rate: 23% (Q3 2024) ServiceNow reported Q3 2024 subscription revenues of $2,715 million, representing 23% year-over-year growth. Total revenues reached $2,627 million in Q2 2024, representing 22% year-over-year growth. ServiceNow reported total revenue growth of 21% and net income growth of 30% in Q4.
6. Tesla Inc.
Revenue Growth Rate: 18.8% (2023 Annual) Tesla's total revenue surged to nearly $96.8 billion in 2023, representing an 18.8% year-over-year increase. Tesla's revenue was up just 2% year-over-year in Q4 2024, with core automotive segment revenue down 8%. Despite recent challenges, the company maintains its position as a growth leader in electric vehicles.
7. Amazon.com Inc.
Revenue Growth Rate: 12% (2023 Annual) Amazon had a year-over-year revenue increase of 12% for its fiscal year of 2023. Amazon leads with $574.8 billion in revenue, remaining a powerhouse in retail, cloud computing, advertising, and logistics operations. The company continues to benefit from strong AWS growth and retail expansion.
8. Meta Platforms Inc.
Revenue Growth Rate: 16% (2022 Performance) Meta Platforms generated a 16% year-on-year revenue increase during 2022. The company has rebounded strongly from earlier challenges, driven by advertising revenue recovery and investments in AI and metaverse technologies.
9. Alphabet Inc. (Google)
Revenue Growth Rate: 15.4% (Q3 2024) Alphabet's total revenues of $88.3 billion exceeded consensus expectations for Q3 2024, driven by resilience in its search business and strength in the Cloud segment. Alphabet generated $307.4 billion in revenue, maintaining its position as a technology giant.
10. Apple Inc.
Revenue Growth Rate: 6% (iPhone Q4 2024) Apple reported revenues of $46.2 billion from iPhone in Q4, up 6% year-over-year. Apple generated $383.3 billion in total revenue, continuing to benefit from its integrated ecosystem approach.
11. Microsoft Corporation
Revenue Growth Rate: Consistent Growth Leadership Microsoft's pivot to subscription-based software, professional cloud services and AI technology has helped it maintain revenue growth. With a market cap of $3.37 trillion, Microsoft is the world's most valuable company.
12. Oracle Corporation
Revenue Growth Rate: Strong AI-Driven Growth Oracle outlined an ambitious plan to nearly double its revenue by fiscal 2029, hinging on long-term growth in enterprise AI and cloud spending. The company benefits from database leadership and cloud infrastructure expansion.
13. Salesforce.com Inc.
Revenue Growth Rate: Enterprise Software Leader Salesforce shares gained 2% following KeyBanc Capital Markets' upgrade to overweight, citing strong enterprise software positioning. The company continues to lead in customer relationship management and cloud applications.
14. Adobe Inc.
Revenue Growth Rate: AI Monetization Focus Adobe shares are positioned for recovery with attractive valuation and AI monetization opportunities, including AI Assistant in Acrobat and rising Express and Firefly sales. The company remains a leader in creative software and digital marketing.
15. Advanced Micro Devices (AMD)
Revenue Growth Rate: Semiconductor Growth AMD continues to gain market share in both data center and consumer segments, benefiting from strong CPU and GPU demand driven by AI and gaming applications.
16. Qualcomm Inc.
Revenue Growth Rate: Mobile and 5G Leadership The company maintains strong growth through 5G chipset leadership and expansion into automotive and IoT markets, positioning for continued revenue expansion.
17. Intel Corporation
Revenue Growth Rate: Recovery and Transformation Intel is undergoing significant transformation with investments in manufacturing capabilities and AI accelerators, positioning for future growth despite recent challenges.
18. Shopify Inc.
Revenue Growth Rate: E-commerce Platform Growth Shopify continues to soar in the market with strong focus on scalability and user experience, driving significant EPS growth expectations. The company benefits from continued e-commerce expansion globally.
19. HubSpot Inc.
Revenue Growth Rate: Inbound Marketing Leadership HubSpot revolutionizes business customer engagement with comprehensive inbound marketing and sales software solutions, driving remarkable EPS growth prospects. The company capitalizes on digital marketing strategy prioritization.
20. Uber Technologies Inc.
Revenue Growth Rate: Platform Diversification Uber's presence extends beyond ride-hailing into food delivery, freight logistics, and autonomous vehicles, with diverse portfolio positioning for substantial EPS growth. The company benefits from platform economy expansion and operational efficiency improvements.
Bottom Line
Organizations seeking to capitalize on technology growth opportunities should prioritize companies with strong AI integration capabilities, sustainable competitive advantages, and diversified revenue streams. Companies achieving growth rates ranging from 201% to 153,625% demonstrate the exceptional potential within the technology sector. Technology leaders should focus on AI investments, semiconductor capabilities, and digital transformation services as key growth drivers for 2025. Investors and enterprises should particularly consider companies positioned at the intersection of AI application and workflow optimization, as this represents the next frontier of technology monetization. Companies like Palantir, NVIDIA, and other AI-focused firms offer compelling growth prospects, though investors must carefully evaluate valuations against sustainable growth trajectories. With 82% of fast-growing technology companies being private entities, there remain significant opportunities in both public and private technology investments. Technology decision-makers should prioritize partnerships with companies demonstrating consistent revenue acceleration, strong market positioning, and clear paths to AI-driven value creation in their respective markets.