In this article, we will list the top 20 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.
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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.
7 – FactSet Research Systems, Inc. (NYSE:FDS)
Market Capitalization – $17.04B
FactSet Research Systems, Inc. (NYSE:FDS) is 7th on our list of the top 20 mid-cap tech companies in the US. It is an American company that provides financial data and software solutions to finance industry professionals. Some of the services offered by the company include industry analysis, portfolio analysis, risk profiles, and portfolio testing among others.
6 – GoDaddy, Inc. (NYSE:GDDY)
Market Capitalization – $17.32B
GoDaddy, Inc. (NYSE:GDDY) is one of the top 20 mid-cap tech companies in the US. It offers a variety of web services, particularly focusing on domain registration and web hosting. The company also offers services like SSL certificates for security, website design tools, and email marketing.
5 – Leidos Holdings, Inc. (NYSE:LDOS)
Market Capitalization – $17.43B
Leidos Holdings, Inc. (NYSE:LDOS) is among the top five mid-cap tech companies in the US. It provides technology and engineering services and solutions across industries. Some of the services offered by the company include data analytics, cyber security, and enterprise IT. The company serves clients in multiple sectors including aviation, defense, intelligence, government, and healthcare.
4 – Tyler Technologies, Inc. (NYSE:TYL)
Market Capitalization – $17.72B
Tyler Technologies, Inc. (NYSE:TYL) provides software solutions to the public sector in the United States and Canada. Its software services and products are tailored for the government agencies helping them manage various aspects of their operations efficiently.
3 – Okta, Inc. (NASDAQ:OKTA)
Market Capitalization – $17.76B
Okta, Inc. (NASDAQ:OKTA) is among the top 3 mid-cap tech companies in the US. It is an American identity and access management company in San Francisco that provides cloud software solutions to help businesses manage and secure user authentication into applications. The company’s solutions also allow developers to build identity controls into applications, websites, and web services.
2 – Expedia Group, Inc. (NASDAQ:EXPE)
Market Capitalization – $18.64B
Expedia Group, Inc. (NASDAQ:EXPE) is second on our list of the top 20 mid-cap tech companies in the US. It operates in the travel-technology industry, providing a host of services related to travel and hospitality. The company offers online travel booking services for flights, hotels, car rentals, and vacation packages among others. The company owns various travel-related websites, applications, and brands including Expedia.com, Vrbo, Orbitz, Hotwire, and Hotels.com.
1 – Snap, Inc. (NYSE:SNAP)
Market Capitalization – $18.81B
Snap, Inc. (NYSE:SNAP) tops our list of the top 20 mid-cap tech companies in the US. Founded in 2011, the company develops and maintains technological products and services such as Snapchat, Spectacles, and Bitmoji. Snap Chat is the company’s popular social media platform that provides instant messaging services to its users. It allows users to share pictures and messages that are usually available for a short time before disappearing. More recently, the Snapchat app has evolved to include features like stories, which served as an inspiration for similar features on more popular social media applications. Snap, Inc. (NYSE:SNAP) has recently expanded its offerings to include augmented reality (AR) experiences.
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Disclosure: none. Top 20 Mid-Cap Tech Companies in the US is originally published on Insider Monkey.
