Geneva, 22 August 2022 (TDI): With the COVID-19 pandemic revolutionizing the workspace environment, technology-based companies have become more relevant.
United Nations Conference on Trade and Development (UNCTAD) has ranked Tech companies among the top hundred multinationals.
Furthermore, since 2016, sales have increased by 19% annually in technology, compared to roughly 4% for their more conventional rivals.
These findings were shared from the world investment report 2022 through a tweet by UNCTAD’s official account.
Tech companies have gained increasing weight in @UNCTAD’s top 100 multinationals rankings, with #COVID19 accelerating the trend.
Sales have been growing at 19% per year since 2016, compared to about 4% for their traditional counterparts. #UNCTADWIR | https://t.co/OJGOpuHaPa pic.twitter.com/hIB94PhwxD
— UNCTAD (@UNCTAD) August 22, 2022
Despite a geopolitically turbulent year, brands, in general, have continued to grow, with the top 100 brands increasing in value year on year.
The top 100 most valuable brands in the world are obviously dominated by technology, with 37 of them accounting for 54% of the entire Top 100 value.
These include Google, Metaverse, YouTube, HPE, Salesforce, Netflix, Snapchat, and telecom companies Xfinity and Sprint— all involved in technology.
Also Read: UNCTAD shares Trade Trends in Developing Economies
The COVID-19 pandemic has changed how enterprises in all industries and geographical areas conduct business for years.
A recent McKinsey Global Survey of executives revealed that their organizations have sped up the digitalization of their internal processes and supply-chain interactions by three to four years.
Additionally, their portfolios’ proportion of digital or digitally enabled products has increased startlingly by seven years.
It is noteworthy that it takes new ideas and techniques to stay competitive in this changing business and economic environment. As per research, this has revolutionized the business environment and increased the relevance of tech enterprises.
Most notably, filling talent gaps for technology during the crisis, using more cutting-edge technologies, and speed in experimenting and innovating are among the technology capabilities that respondents from the companies have implemented.
