Surprisingly to some, the billion dollar technology companies popping up all over Europe are actually growing faster than the ones in the United States. These budding tech companies are often referred to as unicorns. The United States has primarily been the main country of budding and successful companies. Extremely successful tech companies like Apple, Google, Amazon and Facebook are U.S. born companies.

The unicorns of Europe are not just any average tech company. These startups have valuations that total to just over one billion dollars. This figure is up by twenty eight percent. In the United States, unicorns have only increased by twenty percent. The European continent contains a total of eighty-four tech startups in the billion dollar range. In the past year alone, twenty-one new unicorns have come onto the scene. Unicorns in the past year have grown exponentially in Europe due to how much money investors have pumped into these companies. Over twenty-eight billion dollars has been invested in these unicorns. The aggregate value of Europe’s entire billion-dollar tech ecosystem is estimated to be at a whopping three hundred billion dollars. In 2014, the entire billion-dollar tech system in all of Europe was only valued right under ninety billion dollars.

Things like AWS cloud consulting utah, advances with robots and other forms of technology are causing companies to received hundreds of millions of dollars in seed funding and receive billion-dollar valuations. Although Europe is starting to dominate parts of the tech world like it ha never done before, the U.S. is still a major contender for producing successful billion dollar tech companies. Amazon, Apple and Microsoft are still major companies that dominate the tech world. China is a major contender as well. The world’s most populous country has Tencent and Alibaba. Samsung is a major tech company for South Korea and Softbank is Japan’s major tech company.

The rise of billion-dollar tech companies should not be a surprise. The world functions on technology. From how we eat to where we live to transportation, technology has found its way into every intricate part of our lives. Technology is no longer seen as a luxury or a rarity. Instead, technology is a necessity that is changing the world day by day. Billion-dollar tech companies have become so successful we are starting to see companies surpass the trillion-dollar mark. Apple is the first U.S. public company to receive a trillion-dollar valuation.

Top sectors where tech companies are finding success is in fintech, finance, health and transportation. These secors have a lot of demand right now from consumers all over the world. These numbers sound nice and could entice any entrepreneur to try their hand at technology. Truthfully, technology can pay off big for startup founders. But starting your own unicorn is not simple as it sounds. Many companies that come into the tech space find out the hard way that technology is hard to find investors and get consumers to buy into your product.