The big tech companies have complete dominance in their respective sectors. Apple with communication internet devices, Facebook in the social media space, Google for internet searches, and Amazon as the dominant player in the e-commerce market have wholly dominated their respective sectors. Millions of people are dependent on these services in today’s internet age. The dominance of these companies in their respective fields is due to their understanding of the market and its needs and delivering products that ensure customer satisfaction.

Big tech companies and their dominance

Due to their dominance in the technology market, big tech companies also influence the economy and society. These companies are shaping the way our society is progressing. The products and services offered by big tech are used by hundreds of millions all over the world. Although all these companies started in the USA, they have established a global presence, and are continually looking to expand into markets currently not penetrated. Continuously striving to deliver better products and not letting failures hinder their growth has contributed to the tremendous growth of these companies.

Here’s a look at the five big tech companies and what can we learn from them.

1. Facebook

Facebook is synonymous with social networking. Facebook is the go-to option for people looking to connect with their old friends or make new ones. Facebook has 2.3 billion monthly active users, as of December 2018. It posted a revenue of USD 55 billion in 2018, up by 38% from the previous year. Facebook started for Harvard students to connect, and within the next few years, it became a popular social networking site among college students. Facebook provides a simple to use interface, easy navigation tools, and an accessible platform for people to connect.

There have been other social networking sites like Myspace and Orkut, but these couldn’t provide the user experience that Facebook provided. Myspace saw a decline in its user base as it stuck to its idea of connecting people around entertainment and music. Also, Myspace was heavily advertised, which cluttered the user’s feed and provided a not-so-engaging experience. Orkut faced a similar decline as the website paid less attention to user data security and privacy.

Facebook too, works on an ad revenue model, but the ads don’t hinder the user’s experience on the site. Facebook also implements stringent security protocols to protect user data and privacy. The technical team continually works on finding bugs and security loopholes, if any and fixes them quickly. Facebook also has a ‘Facebook bug bounty program’ in practice where users who find bugs and report them to Facebook are granted cash prizes for the same. Facebook has always been a user-oriented site. They are quick to address issues raised by the users or lawmakers and fix them quickly.

Facebook continually looks for new methods to provide excellent social media experience to its users. It is also aware of other technological advancements in different fields around them. Facebook acquired Instagram in March 2012 for USD 1 billion and WhatsApp in February 2014 for USD 19 billion. Facebook has always been open to change and incorporating new technology, which has made it a leader in the social media space.

2. Google

When it comes to using a search engine on the internet, Google is the preferred search engine for most of the users. Google has a global market share of 92.19% as of July 2019. Google search returns results for a user query based on the priority rank system. Google indexes hundreds of terabytes of information from millions of web pages. The search engine is so efficient that the user gets his query resolved in the top five search results that Google returns. Google also provides an image-based search, in conjunction with the regular search engine. Google has mostly been a pioneer in software services, providing software for personal as well as enterprise use.

Google has not limited itself to only its search engine model but offers many other services like email, web browser, video sharing site, and mobile app, which are leaders in their segments. Google earns a majority of its revenue from ads, but these ads are minimalistic and usually don’t hinder the user’s experience. Google also provides insights and analytics so that advertisers can reach a broader target audience by tweaking their content to appear higher in Google’s search results. Google has always focused on the user and his needs and tweaked its services accordingly.

Another area in which Google has excelled in the past few years is providing premium hardware along with its already popular and efficient software to build an ecosystem to provide the best user experience. Google Pixel and Google Home are some of the best and popular devices that run on the Google ecosystem, and Google continually works to improve them so users can benefit from them.

3. Apple

When it comes to big tech companies, Apple is the leader with it being the world’s largest technology company by revenue. Apple was valued over USD 1 trillion in August 2018, making it the first public US company to be valued at over USD 1 trillion. Apple has always been the leader in innovation and providing unmatched products and services. This has allowed Apple to garner a high level of brand loyalty and ranked as the most valuable brand in the world. Apple has been the leader in innovation, be it in its software or hardware. It has created and excelled in market segments that were unimaginable.

Data security and privacy are one of the significant areas Apple has excelled in. The security measures put in place are leading the industry. Although the security measures may not be foolproof, they are leading the industry with security protocols. Apple has completely revolutionized the way we use technology in our daily lives. It is continuously expanding its market share by launching new products and services like Apple Homepod, Apple Watch, and Apple Music. Innovation and a closed secure ecosystem providing a satisfactory user experience are at the core of Apple’s functioning.

4. Amazon

Amazon is the world’s largest e-commerce marketplace, cloud computing platform, and an AI assistance platform. It is the largest internet company in the world in terms of revenue. It is well known for its disruption of well-established industries on a large scale. Amazon initially started as an online marketplace but later expanded into various sectors. The company is involved in e-retail, streaming services, e-books, smart home solutions, a film, and television studio, manufacturing of low-cost electronics, gamer streaming platform, and amazon web services, to name a few. This expansive network has enabled Amazon to be a world leader in technology. Amazon continually expands into new segments and looks for new ways to take the sector forward.

Big tech companies have grown tremendously over the past few years. They have completely changed the way we use technology in our daily lives. Their dominance is attributed to the superior use of technology in their respective fields. The big tech companies have understood user sentiments and delivered products and services according to their needs. New emerging companies can learn a lot from the big tech companies as to how to understand the market and tap into new market segments and become a leader in them.