Is your enterprise capitalizing on this year’s biggest trends? Evaluate your competitive edge with the 2022 Virtusa Trend Almanac. View report
Big Tech refers to the five major technology companies of influence. This group of tech giants includes Amazon, Apple, Facebook, Google, and Microsoft.
The big tech companies each dominate their respective category. Amazon commands the e-commerce sector, Facebook maintains dominance in the social media space, Google leads the search engine market, and Apple has control of communication hardware. These tech giants so heavily influence their respective fields due to their expert knowledge of the market's needs and their ability to deliver products accordingly that ensure customer satisfaction.
Big tech companies maintain market capitalization, operate in several verticals, and influence users across platforms. Each of the big tech companies is an epicenter for other online services and activities.
These tech giants also understand how to tap into new and emerging market segments. Facebook acquired both Instagram and WhatsApp, furthering their claim on social networking. While Amazon has a commanding dominance in both e-retail and streaming services, it has dramatically increased its physical presence with the acquisition of Whole Foods. Google is not limited to search engines, offering email services, video sharing, and other segments that they equally dominate. Google's acquisition of Nest is an example of their expansion into hardware, as well as the smart home solutions sector.
Big tech companies have completely transformed the way people use technology, creating a digital ecosystem, resulting in millions depending on these companies' services daily. This consequently leads to questions and concern over the ever-increasing level of influence these companies command. While many would claim that these companies are driving social change, others note their impact on market power and voice apprehension toward a tech monopoly.
Big tech companies have been involved in sizable antitrust scrutiny and privacy scandals in multiple nations. However, their growth continues relentlessly, offering free online services, increased smartphone functionality, and widely accessible e-commerce.