The beginning of 2020 has affected the countries around the world not much favorably. Every country was forced either to pause or stop some activities that directly affected the global economy. Europe is a problematic area to launch a business in 2020. Although, if you correctly determine the demand in the market and find your niche, you will stand out. So, due to the global pandemic, innovations in the field of medicine will be actual for 2020. In its turn, such industries as tourism and catering businesses are more likely to incur losses. Unluckily, some businesses will go bankrupt due to a lack of demand.
The IT sector will somewhat suffer due to the challenging financial position of the customers. However, modern software development companies can easily organize remote work for their employees. Also, they can use outsourcing and outstaffing models. It implies the companies either take on work on the project from A to Z, or another team hires its developers for the duration of the project. Thus, top software development companies in Europe provide the services demanded today, as well as have highly qualified teams of specialists from around the world.
Leading European Unicorns for 2020
According to the Statista survey, a unicorn is a private enterprise that is estimated at $1 billion and more. Thus, for January 2020, the following 3 companies are leading on the market:
- Global Switch provides network solutions worldwide. This unicorn is valued at $11 billion;
- Klarna provides fintech solutions in 17 countries. This unicorn is estimated at $6 billion;
- VIPKid is an online educational company. It is valued at $5 billion.
Although these companies have emerged on the market not so long ago, they are showing good results. Let’s review the main factors that help them develop today.
- A team of qualified workers. Real leaders determine a clear vision for the business. Also, their strategic abilities are profitable for the company.
- Employing the right workers. Such employees will develop quickly and achieve, and it is beneficial for the company. The right workers are corporate-friendly and consider working in the company for the long term.
- Capacity to use the right instruments. A successful business considers using the right tools that contribute to its growth. The companies that understand how to deploy the tools and technologies for their strategy always prosper.
Top 10 Fastest-Growing Startups in Europe That Are Worth Watching
Although a number of the biggest software companies in Europe goes far beyond 10, we will consider the best ones in our opinion. The startups that we will list are progressively expanding to other countries. And the real experts who are working in their teams, are taking their product to a new level.
- Mangosoft is one of the fastest growing companies in Europe. It delivers e-commerce and fintech solutions for businesses in Europe and the USA.
- Alan is an innovative insurance company with a revenue of $86.5M. In 2020, they started to provide insurance for health. Besides, Alan has also developed the technology needed to launch other insurance products.
- Zego provides insurance for a temporary job. The company’s revenue is $51.7M, and the company is only going to scale its product in the future.
- UFO Drive is a car rental company that has earned €4.3M for 2020. For the current period, UFO Drive is located in 8 European countries and continues to expand rapidly.
- Virtuo is a new generation car rental company with a revenue of $33.5M for 2020. The company offers premium solutions exclusively (e.g., Mercedes A-Class) and is located in 5 countries in Europe.
- Wayve is developing AI software for autonomous vehicles. It helps drivers to learn how to ride in new locations. This company’s revenue is $20M and they are going to expand its technology delivery in new areas.
- The Passtime company delivers the product that helps to validate the identity. Moreover, it can recognize faces and retrieve the data from the ID papers. The company has earned $4.2M for 2020 and is going to expand globally.
- Tide is a fintech company that offers mobile-oriented financial solutions for your business. Tide helps with accounting, corporate cards, and managing the costs. The company’s revenue is $100M for 2020.
- Immense Simulations provides solutions for self-driven cars through AI. Its product permits the companies to better foresee and report to the areas where they are working. Immense Simulations has earned $4.6M for 2020.
- Cohabs provides living for migrants globally. The homes that the company offers are stable and comfortable. At the moment, Cohabs operates in Europe but is already expanding to America. Its revenue is $18.7M for 2020.
While there are tough times to kick off start-up companies, there is always some demand in the market. Once you define what your potential customers want, you are halfway to success. Since the European IT industry is working, you can choose the best software development company for the successful completion of your project.