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:

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.

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

Craft.co 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.
• Craft.co 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.