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Find the Fastest Growing B2B Tech Companies in 2024

Growth pushes businesses forward and keeps them up when the market is down. Understanding a business’ growth rate is critical for businesses who wish to invest in, acquire, buy from or partner with a company. This is also crucial for individuals who wish to invest in that company.

While this question is easy to answer for public companies’ annual or quarterly growth by analyzing their revenues, this is a hard to answer question for private companies. This is especially true in countries like the US where private companies are not required to disclose their revenues.

In this article we investigate

  • the methods that can show us companies with rising growth rates/momentum
  • explore sources we can use to identify such companies
  • explain how AIMultiple identifies high momentum / fastest growing B2B companies

How to find the fastest growing public B2B tech companies?

As we mentioned, this is much easier. Focusing on stock prices, we can easily see some of the fastest growing B2B tech companies between 2019 and 2021:

CompanyIndustryStock price mid 2019Stock price mid 2020Stock price Sep/2021
SnowflakeCloud computing240324
Veeva SystemsCloud computing160250300
QualysCloud security90110120
payroll management
payroll management
SquareMobile payments80150250
Digital TurbineMobile tech for ads1.873862
ZoomVirtual events75250280
Source for stock prices: NASDAQ

The reason for the fast growth of the mentioned companies can be attributed to:

  • Spread of COVID-19
  • Shift to remote work and cloud computing
  • Rise of cybercrime costs such as ransomware attacks and data breaches

Based on other criteria (e.g. company size), similar lists can easily be produced using public market data.

How to find the fastest growing private B2B tech companies?

Businesses can leverage multiple resources to find emerging technologies and their vendors. A 2019 report revealed that businesses leverage the following sources to decide:

  1. Product demos
  2. User reviews
  3. Vendor/product website
  4. Free trials
  5. Vendor reps.
  6. Personal/business experience with the product
  7. Referrals from peers
  8. Communities and forums
  9. Vendor marketing collateral (e.g. eBooks, whitepapers, webinars)
  10. Third-party publication & independent media (e.g. AIMultiple)
  11. Analyst rankings & reports (e.g. Gartner, Forrester)
  12. Case studies
  13. Vendor-provided customer references
  14. Solution consultant/agency recommendation
  15. Vendor blog

However, major issues are:

  • Most publications and lists cover both B2B and B2C topics making it hard to identify emerging B2B companies.
  • Most are paid sources

Identify high momentum technology areas

Companies that build emerging technologies, tend to have high growth rates. These sources can be used to identify such areas.

Gartner is a paid subscription service that provides research and insight reports, such as the quarterly or annual hype cycle, about emerging technologies. Gartner is one of the few B2B focused sources in this article.

For example, according to Gartner, some of the emerging technologies in 2021 that are projected to grow and reach their plateau in the next 2-5 years include non fungible tokens, employee communication apps, composable apps, and generative AI.

Source: Gartner hype cycle for emerging technologies in 2021

Media sources like Techcrunch or Forbes share news on emerging tech and startups. For example, Forbes innovation news section provides up-to-date news about technology and start up companies in different industries. Forbes innovation can be leveraged to watch out for market trends, but does not provide a comprehensive view of the market.

Identify high momentum companies and Tracxn are paid services that provide supplier/investor intelligence portals to compare vendor data based on numerous metrics

  • Tracxn provides information like quarterly insight reports about emerging tech, as well as datasets about B2B funding, mergers, acquisitions, IPOs, etc. which businesses can leverage to derive insights about companies.
  • covers metrics on human capital, financials, market landscape, and operating metrics

LATKA provides a SaaS startup list that includes revenue information on startups that choose to share it. Its limitations are:

  • The data is voluntarily provided and impossible to exactly verify so the numbers could be better than actuals to attract investor interest and to instill confidence in users.
  • It covers a relatively limited number of tech companies
  • Companies rarely provide data points so most data is old

Review platforms include G2, Capterra, TrustRadius, etc. provide lists of vendors that provide solutions in specific categories. However, there are thousands of lists and it is quite hard to identify which are the fastest growing companies overall.

How is a private tech company’s momentum measured?

To measure a company’s success, businesses typically depend on a few factors, such as:

  • Capabilities growth (e.g. number of employees, number of offices, job openings)
  • Commercial growth (e.g. revenues, funding)
  • New products or services launched and their impact on the market and the ecosystem

However, the most important piece of information, revenues, is not public. As a result, each business has a different algorithm to measure momentum, and company health, and make predictions. For instance, G2 and Capterra rely primarily on customer staring and comments to rank software and tech products, whereas CB Insights relies on news articles, patents, and VC funding.

How does AIMultiple measure momentum?

AIMultiple focuses on aggregating public & private data on B2B technology like AI, IoT, RPA, conversational AI, etc. in order to generate momentum scores enabling businesses to choose tech solutions in a data-driven manner relying on all public data as well as private data that vendors share with us. AIMultiple’s momentum score is calculated using an algorithm that relies on an expanding number of business dimensions, including:

  • Market presence: We use numerous data sources to approximate revenues which is the best measure of market presence
  • Customer satisfaction: There are numerous digital properties where users leave their impressions of the product including review websites, social media, etc. In addition, the time of the review and the reviewer (their company, whether they are anonymous or not, etc.) determine how impactful a review is. We take all of those into account in identifying customer satisfaction.
  • Popularity: Overall popularity of the solution. A product could have very satisfied customers but if very few companies know about it, it remains a niche solution
  • Maturity: There are numerous metrics like several employees that determine how mature a solution is.

For each dimension, we take into account both historical and current levels, and under each dimension, several KPIs contribute to that dimension’s score.

AIMultiple provides a more comprehensive momentum score than other consultants as the KPIs used to calculate momentum reflect more than company finances and revenues, but they include a holistic assessment which we believe is a better predictor of the success or failure of a product. We also intend to prove this with historical data as we record the successes and failures of products in the B2B tech ecosystem.

Find the Right Vendors
Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
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Cem Dilmegani
Principal Analyst

Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.

Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.

Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.

He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.

Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

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