In this article, we will list the top 20 mid-cap tech companies in the US. If you want to skip our discussion about the tech industry, visit the Top 7 Mid-Cap Tech Companies in the US.
The worldwide expenditure on technology is projected to reach $11.47 trillion by 2026. This depicts an expected 7.75% compound annual growth rate (CAGR) over five years starting in 2022 when the yearly spending on technology was $8,51 trillion.
Although the tech industry faced some challenges in 2023, it forged forward and came out strong. The year was also marked by considerable anticipation regarding the capabilities of artificial intelligence (AI). However, in the year 2024, companies are looking to prioritize AI in their strategies to surpass competitors.
This is the year of AI deals and partnerships which could shape the future. It is already being reported that Apple, Inc. (NASDAQ:AAPL) is in talks with Alphabet, Inc. (NASDAQ:GOOG) for Gemini-powered features on iPhones. Gemini is a generative artificial intelligence chatbot developed by Google.
Moving forward, spending on software and IT services backed by cloud computing and cyber security is expected to dominate the market. Tech companies will continue to experiment with different AI-related applications. In a survey by Deloitte, 52% of tech leaders stated that AI will be the primary technology in 2024. At 47%, an overwhelming proportion of tech leaders also vouched for could computing. In addition, 27% of the respondents were confident that AI will be a game changer for companies in 2024.
The United States is at the forefront of global technology and innovation. It sets the pace for advancements in various sectors. The country also has a whopping 36% share of the global information and communication technology (ICT) sector. In addition, the Consumer Technology Association anticipates that retail revenues for the US consumer technology industry will increase by 2.8% in 2024, reaching $512 billion.
While the year 2023 came with challenges for the tech sector, there were big gains for leading tech stocks like Microsoft Corporation (NASDAQ:MSFT) and Meta Platforms, Inc. (NASDAQ:META), fueled by the AI boom. Analysts believe that tech companies are just getting started with AI innovation. A new era of gains that started with the launch of ChatGPT and generative AI in late 2022 will continue to reap positive results for the tech sector way beyond 2024.
AI is also helping small and mid-cap tech companies make their mark by disrupting larger companies. Theia Insights is one of the examples of small companies with the potential to disrupt entire industries with the help of AI. The company claims that it can distill vast amounts of information through AI, and help investors make better decisions. Theia Insights recently also raised $6.5 million.
Another AI-related trend in the tech industry is forming partnerships, both within and outside the sector. We have already seen how Apple, Inc. (NASDAQ:AAPL) and Alphabet, Inc. (NASDAQ:GOOG) are reported to be in negotiation to integrate generative AI in iPhones. Interestingly, Apple, Inc. (NASDAQ:AAPL)’s shares went up by 4% following these reports.
AI is also compelling tech companies such as Microsoft Corporation (NASDAQ:MSFT) to partner outside their industry, particularly in the form of vendor and end-user industries collaboration. Microsoft Corporation (NASDAQ:MSFT) collaborated with LV Prasad Eye Institute in Hyderabad, India, to incorporate machine learning and bring data-driven eye care services to India.
Photo by Campaign Creators on Unsplash
Methodology
To curate our list of the top 20 mid-cap tech companies in the US, we first proceeded to define Mid-Cap. For our list, we only selected companies with a market capitalization between $10 billion and $20 billion. Then, we sorted the companies based on their market capitalization and selected the top 20.
Let’s now look at our list of the top 20 mid-cap tech companies in the US.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy you can benefit from the wisdom of hedge funds and corporate insiders.
20 – Dynatrace, Inc. (NYSE:DT)
Market Capitalization – $13.71B
Headquartered in Waltham, Massachusets, Dynatrace Dynatrace, Inc. (NYSE:DT) specializes in observability and application. The company offers a range of services and products, including AI-driven observability solutions. One of the proprietary solutions of the company includes Davis, an AI engine that combines various AI techniques for automatic root-cause fault-tree analysis, predictive analytics, and generative AI. Dynatrace, Inc. (NYSE:DT) has also partnered with major service providers like Amazon Web Services, Microsoft Azure, and Google Cloud Platform to provide multicloud observability for SAAS and managed service deployment models.
19 – Gen Digital, Inc. (NASDAQ:GEN)
Market Capitalization – $14.07B
Gen Digital, Inc. is 19th on our list of the top 20 mid-cap companies in the US. The company focuses on providing technology solutions for the digital life. Gen Digital, Inc. (NASDAQ:GEN)’s main products are focused on cyber security and digital safety, designed to safeguard individuals and families from digital threats, emphasizing the importance of cybersecurity in the modern digital landscape.
18 – Zebra Technologies Corporation (NASDAQ:ZBRA)
Market Capitalization – $14.97B
Zebra Technologies Corporation (NASDAQ:ZBRA) is one of the top 20 mid-cap tech companies in the US. It specializes in mobile computing, marking, tracking, and computer printing technologies. Zebra Technologies Corporation (NASDAQ:ZBRA) is headquartered in Lincolnshire, Illinois. It offers a wide range of products, including RFID printers/encoders, barcode printers, and mobile printers.
17 – Manhattan Associates, Inc. (NASDAQ:MANH)
Market Capitalization – $15.41B
Manhattan Associates, Inc. (NASDAQ:MANH) is 17th on our list of the top 20 mid-cap tech companies in the US. It specializes in providing supply chain commerce solutions. The company has a reputation for developing technology solutions that address complex business challenges in the supply chain. Manhattan Associates, Inc. (NASDAQ:MANH) offers a suite of software solutions designed to manage supply chains, inventory, and omnichannel operations for a diverse range of industries.
16 – Enphase Energy, Inc. (NASDAQ:ENPH)
Market Capitalization – $15.44B
Headquartered in Fremont, California, Enphase Energy, Inc. (NASDAQ:ENPH) is an American technology company that develops and manufactures solar microinverters, battery energy storage solutions, and EV charging stations. Its innovative micro-inverter technology converts direct current power generated by solar panels into alternating current, which is compatible with the grid. Enphase Energy, Inc. (NASDAQ:ENPH) has experienced significant growth and success over the years.
15 – EPAM Systems, Inc. (NYSE:EPAM)
Market Capitalization – $15.55B
EPAM Systems, Inc. (NYSE:EPAM) is 15th on our list of the top 20 mid-cap tech companies in the US. It specializes in software engineering services, digital platform engineering, and digital product design. EPAM Systems, Inc. (NYSE:EPAM) has a significant focus on innovation and growth over the years. It has expanded its services through strategic acquisitions and partnerships.
14 – Nutanix, Inc. (NASDAQ:NTNX)
Market Capitalization – $15.66B
Founded in 2009 and headquartered in San Jose, California, Nutanix, Inc. (NASDAQ:NTNX) is a leading company in multicloud computing solutions. Its products and services enable organizations to manage and optimize their cloud infrastructure. Nutanix, Inc. (NASDAQ:NTNX) has experienced significant growth and success in the industry with its enterprise operating system.
13 – SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)
Market Capitalization – $15.77B
SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) is 13th on our list of the top 20 mid-cap tech companies in the US. The company offers a range of services in the fintech sector. SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) caters to various industries, including asset management.
12 – Trimble, Inc. (NASDAQ:TRMB)
Market Capitalization – $15.77B
Trimble, Inc. (NASDAQ: TRMB) is a technology company with a focus on delivering solutions to enable customers to work in new ways, enhancing productivity, quality, safety, transparency, and sustainability. Its core technologies include physical modeling, connectivity, and data analytics. Trimble, Inc. (NASDAQ:TRMB) offers a diverse range of products and services to access industries including construction, agriculture, and transportation.
11 – Robinhood Markets, Inc. (NASDAQ:HOOD )
Market Capitalization – $16B
Robinhood Markets, Inc. (NASDAQ:HOOD ) is 11th on our list of the top 20 mid-cap tech companies in the US. It is a financial services platform that offers brokerage and cash management applications. Robinhood Markets, Inc. (NASDAQ:HOOD ) is headquartered in Menlo Park, California, and serves clients across the United States.
10 – Pure Storage, Inc. (NYSE:PSTG)
Market Capitalization – $16.5B
Pure Storage, Inc. (NYSE:PSTG) is among the top 10 mid-cap tech companies in the US. The company specializes in delivering advanced data storage and services. It offers a range of solutions designed to ease data storage and make it faster. Some of the products by Pure Storage, Inc. (NYSE:PSTG) include software-defined storage, cloud data services, and solutions for artificial intelligence (AI) workloads.
9 – Akamai Technologies, Inc. (NASDAQ:AKAM)
Market Capitalization – $16.51B
Akamai Technologies, Inc. (NASDAQ:AKAM) specializes in providing cloud services for online content and business applications. Its expertise includes delivering, optimizing, and securing online content and business applications. Akamai Technologies, Inc. (NASDAQ:AKAM) also offers a range of products that include security solutions, media delivery services, and operator tools.
8 – Skyworks Solutions, Inc. (NASDAQ:SWKS)
Market Capitalization – $16.91B
Skyworks Solutions, Inc. (NASDAQ:SWKS) is 8th on our list of the top 20 mid-cap tech companies in the US. It is an American semiconductor company that specializes in designing and manufacturing high-performance analog and mixed-signal semiconductor solutions. Skyworks Solutions, Inc. (NASDAQ:SWKS) products are used in electronic devices like smartphones, tablets, and smart home devices.
Click to continue reading and see the Top 7 Mid-Cap Tech Companies in the US.
Suggested articles:
- 12 Tech Stocks To Sell Right Now According To Cathie Wood
- 25 Best Free Tech Newsletters to Subscribe to in 2024
- 25 Most Valuable Tech Companies Outside The US
Disclosure: none. Top 20 Mid-Cap Tech Companies in the US is originally published on Insider Monkey.