"Technology", in this context, has come to mean primarily electronics-based technology. This can include, for example, business relating to digital electronics, software, and internet-related services, such as e-commerce services.
Apple Inc., Alphabet Inc., Facebook, Microsoft, and Amazon.com, Inc. are often referred to as the Big Five (technology companies) multinational technology companies based in the United States. These five technology companies dominate major functions, e-commerce channels, and information of the entire Internet ecosystem. As of 2017, the Big Five have a combined valuation of over $3.3 trillion, and make up more than 40 percent of the value of the Nasdaq 100 index.
Many large tech companies have a reputation for innovation, spending large sums of money annually on research and development. According to PwC's 2017 Global Innovation 1000 ranking, tech companies made up nine of the 20 most innovative companies in the world, with the top R&D spender (as measured by expenditure) being Amazon, followed by Alphabet Inc., and then Intel.
As a result of numerous influential tech companies and tech startups opening offices in proximity to one another, a number of technology districts have developed in various areas across the globe. These include: Silicon Valley in the San Francisco Bay Area, Silicon Docks in Dublin, Silicon Hills in Austin, Tech City in London; Digital Media City in Seoul, Zhongguancun in Beijing and International Tech Park in Bangalore.
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'People don't think of something as technological unless it has a switch or a screen.'
- "The top technology companies of the Fortune 500". Fortune. 2019-05-28. Retrieved 2019-05-28.
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- "The 'Big Five' Could Destroy the Tech Ecosystem". Bloomberg. 2017-11-15.
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- Kit Eaton (2012-07-24). "The Silicon Valleys Of The World: The European Edition". Fast Company. Retrieved 2018-07-09.