Technology company
A technology company (or tech company) is a company that focuses primarily on the manufacturing, support, research and development of — most commonly computing, telecommunication and consumer electronics-based — technology-intensive products and services,<ref>"Technology businesses definition". Law Insider. Retrieved 2023-01-05.</ref><ref name="UKTN"/> which include businesses relating to digital electronics, software, optics, new energy and internet-related services such as cloud storage and e-commerce services.<ref>Marli Guzzettpa (28 April 2016). "Why Even a Salad Chain Wants to Call Itself a Tech Company". Inc. Magazine. Retrieved 9 July 2018.</ref><ref>Catherine Heath (1 November 2017). "What is a 'tech company', anyway?". Tech Nation. Retrieved 9 July 2018.</ref><ref name="UKTN">Yessi Bello Perez (17 February 2017). "What makes a company a tech company?". UKTN. Retrieved 9 July 2018. 'People don't think of something as technological unless it has a switch or a screen.'
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According to Fortune, as of 2020[update], the ten largest technology companies by revenue are: Apple Inc., Samsung, Foxconn, Alphabet Inc., Microsoft, Huawei, Dell Technologies, Hitachi, IBM, and Sony.<ref name="Fortune Tech">"Global 500". Fortune. Retrieved 31 October 2020.</ref> Amazon has higher revenue than Apple, but is classified by Fortune in the retail sector.<ref>"Amazon.com | 2020 Global 500". Fortune. Retrieved 31 October 2020.</ref> The most profitable listed in 2020 are Apple Inc., Microsoft, Alphabet Inc., Intel, Meta Platforms, Samsung, and Tencent.<ref name="Fortune Tech"/>
Apple Inc., Alphabet Inc. (owner of Google), Meta Platforms (owner of Facebook), Microsoft, and Amazon.com, Inc. are often referred to as the Big Five multinational technology companies based in the United States. These five technology companies dominate major functions, e-commerce channels, and information of the entire Internet ecosystem. As of 2017, the Big Five had a combined valuation of over $3.3 trillion and make up more than 40 percent of the value of the Nasdaq-100 index.<ref>"The 'Big Five' Could Destroy the Tech Ecosystem". Bloomberg. 15 November 2017.</ref>
Many large tech companies have a reputation for innovation, spending large sums of money annually on research and development. According to PwC's 2017 Global Innovation 1000 ranking, tech companies made up nine of the 20 most innovative companies in the world, with the top R&D spender (as measured by expenditure) being Amazon, followed by Alphabet Inc., and then Intel.<ref>"Tech companies dominate as the most innovative in the world". BusinessTech. 28 October 2017. Retrieved 9 July 2018.</ref>
As a result of numerous influential tech companies and tech startups opening offices in proximity to one another, a number of technology districts have developed in various areas across the globe.<ref>Kit Eaton (24 July 2012). "The Silicon Valleys Of The World: The European Edition". Fast Company. Retrieved 9 July 2018.</ref> These include: Silicon Valley in the San Francisco Bay Area, Silicon Wadi in Israel, Silicon Docks in Dublin, Silicon Hills in Austin, Tech City in London; Digital Media City in Seoul, Zhongguancun in Beijing, Cyberjaya in Malaysia and Cyberabad in Hyderabad.
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