New Irish tech stocks to hit $10 billion in 2018
Technology stocks are set to hit a new high in 2018, with new technologies from Facebook and Apple, as well as mobile payments provider PayPal, set to surge.
The Irish technology sector is set to rise by $1 billion this year, with the sector forecast to increase by nearly $3 billion by the end of 2019, according to data from data provider BBI.
“This is one of the biggest bull markets we’ve seen in Ireland in years, with a lot of new technology companies opening up to the market,” BBI director of technology at research firm IDC said.
The growth will be driven by the rise in mobile payments and the emergence of new products from social media platforms like Snapchat and Airbnb.
Facebook is set for a $2.6 billion market cap increase this year.
Facebook, Apple and Snap are set for record revenues this year with a combined market cap of $26 billion.
Facebook has also been expanding its business beyond its core social network and into retail, where it will see a $3.2 billion market capitalisation.
Meanwhile, Apple has a new iPhone in the pipeline, with pricing set to be announced on February 11.
Apple will also be introducing new products and services this year including a new version of Siri, which will be able to understand spoken and written languages and provide real-time information about nearby landmarks.
Apple is also looking to add more of its own apps to the App Store.