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European Tech Companies Play Key Role in Ushering Economic Growth

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Published on : Mar 27, 2019

Brexit has resulted in economic slowdown and uncertainties in the U.K. and all of Europe. However, tech companies in Europe continue to boom despite the challenges faced by their economies. New research conducted by Statista and FFT 1000 suggests that European high-growth industries exhibit immense growth potential contrary to their  rivals. Deliveroo, Taxifym, and Darktrac are some of the flourishing tech companies in Europe according to the research.

Leveraging the Power of AI to Strengthen Position

Tech companies function differently and are highly volatile owing to the perpetual technological developments and research activities. Although the economic conditions are deteriorating European tech companies have found their way around. They continue to leverage the power of AI, big data, and automation to flourish in the global market. Moreover, many tech startups take market share from the incumbent businesses. As per the research, the bottom-ranked company secured a growth rate of 37.7 percent, compared with 34.6 percent last year.

Toby Coppel, partner at London-based Mosaic Ventures said that the growth ecosystem is budding. Founders of many successful companies like Spotify are leavimg to start their own company with their counterparts.

However, we cannot deny that Brexit has severely impacted the economic structure in Europe. There is a dearth of talent and funding in the Brexit Britain. Additionally, there are certain companies that refrain from engaging in any business activities with the U.K. to avoid risks. This has resulted in the U.K. opening offices in other European countries. European tech companies are also facing other concerns such as the “techlash” by the regulatory authorities and privacy issues.

Nonetheless, these tech companies know how to pave their way through the chaos caused by Brexit. They are focusing on applying technologies such as robotics and quantum computing in several industries including healthcare and food. Hence tha are  other industries and expedited their growth despite the prevailing disruptions.