Asia Pacific technology companies are flourishing despite economic slowdown in China, the U.S. and Europe, according to Deloitte's 12th annual ranking of 500 fastest-growing technology companies in APAC.
China Communications Media Group was ranked number one in the list and Taiwan was announced as the overall winner for seventh time in this annual ranking.
"China, India and Australia are generating an increasing number of fast-growing, successful technology companies and are challenging Taiwan as a technology hub in the region," said Ichiro Nakayama, DTTL leader, Technology Fast 500 Asia Pacific program.
While the top 5 winner companies realised an average revenue growth of 10,589%, the top 10 reached 6,483%, and the top 500 companies averaged a revenue growth of 356%.
Nine firms recorded revenues that surpassed US$1 billion in 2013 and 60 companies had revenues in the range of US$100 million - US$1 billion.
Year after year improvement
China's ranking has improved year after year, rising from second position behind Taiwan in 2012. India has also risen from fifth place to third place this year.
Taiwan was at the top position last year but slipped to second in 2013. Australia experienced significant growth for the third consecutive year, with 66 companies ranking in the top 500.
Japan ranked seventh in terms of number of companies in the top 500.
Top 5 ranked companies in the 2013 Deloitte Technology Fast 500 include Ardom Telecom from India; Locondo Inc., and Donuts Co Ltd. from Japan and Plan B Logistics from Australia.
Eight out of the top 10 fastest growing companies in 2013 were in the Internet or software sector. 20 firms from the computers and peripherals category were in the top 500.
"The growth coming from these Asian companies, whose achievements we benchmark at the Technology Fast 500 Asia Pacific program is truly impressive, especially at a time when economic challenges continue to impose substantive challenges for development," said Jolyon Barker, global managing director, Technology, Media & Telecommunications