Does Pinduoduo sound familiar to you? This Chinese tech company is a marketplace that connects agricultural producers with consumers, and according to an analysis of the 100 fastest-growing tech companies (founded after 2005) conducted by the Boston Consulting Group (BCG), it is the fastest-growing company in the world, with an average annual growth in valuation of US$16.9 billion.

The BCG ranking reveals some interesting trends. The dominant sector is enterprise software-as-a-service (B2B SaaS), accounting for more than half of the 100 ranked companies. Most of these companies—75%—are headquartered in the U.S. However, BCG highlights the strong growth of consumer-focused tech companies—such as the aforementioned Pinduoduo, ByteDance (the creator of TikTok), and the super app Meituan—most of which are based in China.

Another business model that is beginning to gain prominence is O2O (online-to-offline), which B2C companies are starting to adopt. The O2O model involves identifying consumers in the online world and connecting them through various technological tools so they can make purchases at physical stores. Examples of this strategy include Amazon’s acquisition of the upscale supermarket chain Whole Foods in the U.S. and Walmart’s acquisition of Jet.com.

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