The term tech giant is often used to describe a large software or hardware technology company with a significant market share. These tech companies are generally regarded as the biggest in their respective industries and therefore have the most clout and power when it comes to creating new products or services that consumers want to use.
The five most recognizable tech giants in the world are Apple, Alphabet (Google), Amazon, Facebook, and Microsoft. Each of these companies has become an industry leader with a distinct business model and their own unique set of products or services. Some of these companies have also become renowned for their innovation and advancements in their sectors.
Tech giants tend to grow through a combination of organic growth and acquisition. The latter is especially important for technology firms that are trying to diversify their product offerings. For example, when Apple was developing its Mac OS computer operating system, it acquired Steve Jobs’ NeXTSTEP company to get the software development expertise needed. This helped to give the Mac OS its graphical user interface.
Another example of this is when Facebook purchased WhatsApp and later on, Oculus VR to enter the virtual reality market. These types of diversification are essential for tech giants to remain competitive and relevant in their sectors.
While tech giants are here to stay and offer a lot of benefits for consumers, they also have the potential to cause some harm. This is mainly due to the fact that these companies have access to a lot of private and personal information about consumers. To counteract this, governments around the world should pass more strict data privacy laws to prevent these tech giants from abusing consumer’s trust and privacy.