Over the last half-decade, the landscape of the world’s largest companies by revenue has dramatically shifted, reflecting broader economic transformations and the ascendancy of technology sectors. As per the latest data from Fortune Global 500, IT companies have played a pivotal role in reshaping this landscape.
From 2019 to 2024, the combined annual revenue of the world’s ten largest companies was approximately $4.6 trillion, a figure surpassing the GDP of economic powerhouses like Japan and Germany. Notably, companies like Walmart and Amazon, with substantial tech-driven operations, dominate this list.
The world’s largest IT companies by revenue
Walmart and Digital Expansion
Walmart, known primarily for its vast retail operations with over 10,600 stores worldwide, has been the world’s largest company by revenue for 12 consecutive years. However, a significant part of its recent success can be attributed to its digital ventures. Despite a slim profit margin of just 2.4%, Walmart has increasingly focused on digital advertising revenues, which are projected to hit $3.7 billion in 2024. Remarkably, Walmart’s ad revenue growth has outpaced even Amazon, fueled by a growing number of marketplace sellers and commanding 6.8% of U.S. retail ad spend.
| Rank | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| 1 | Walmart | Walmart | Walmart | Walmart | Walmart | Walmart |
| 2 | Amazon | Sinopec Group | State Grid | Amazon | Saudi Aramco | Amazon |
| 3 | State Grid | State Grid | Amazon | State Grid | State Grid | State Grid |
| 4 | Saudi Aramco | China National Petroleum | China National Petroleum | China National Petroleum | Amazon | Saudi Aramco |
| 5 | Sinopec Group | Shell | Sinopec Group | Sinopec Group | China National Petroleum | Sinopec Group |
| 6 | China National Petroleum | Saudi Aramco | Apple | Saudi Aramco | Sinopec Group | China National Petroleum |
| 7 | Apple | Volkswagen | CVS Health | Apple | Exxon Mobil | Apple |
| 8 | UnitedHealth Group | BP | UnitedHealth Group | Volkswagen | Apple | UnitedHealth Group |
| 9 | Berkshire Hathaway | Amazon | Toyota Motor | China State Construction Engineering | Shell | Berkshire Hathaway |
| 10 | CVS Health | Toyota Motor | Volkswagen | CVS Health | UnitedHealth Group | CVS Health |
Amazon and the Cloud Services Surge
Following Walmart, Amazon stands as America’s second-largest retailer with $574.8 billion in revenues. Since 2019, Amazon’s revenue has more than doubled, supported by 310 million global customers using its online marketplace. More crucially, Amazon Web Services (AWS) has become the backbone of the company’s profitability. AWS, which controls 31% of the global cloud services market, contributes the majority of Amazon’s earnings, thanks to its high profit margins and significant growth.
Other Tech Giants and Economic Impact
While traditional utility and oil companies like State Grid and Saudi Aramco continue to post large revenues, IT companies are increasingly prominent on the list. Apple, another tech giant, stands out with the healthiest profit margins among the top ten, at 25%. Its technology products and services have set benchmarks for profitability and market dominance.
Market Dynamics and Future Outlook
The increased concentration in stock markets and swelling corporate balance sheets over the past five years highlight a trend towards market consolidation. This trend benefits large companies capable of leveraging pricing power and economies of scale, attributes that tech companies like Amazon and Apple possess in abundance.
Furthermore, as digital transformation accelerates, the position of IT companies in the top revenue-generating echelons is expected to strengthen. This transition points not only to robust consumer demand and recovering economies but also to the integral role technology and digital services play in modern economic ecosystems.
Credit: Visual Capitalist
The image was originally posted on Voronoi app.
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