Looking at the rankings and number of companies from Taiwan that made it to the Asia-Pacific region’s Top 500 high-growth companies over the past five years, concerns arise about Taiwan’s industrial prospects.

At this stage, Taiwan urgently needs to harness the combined efforts of industry experts, government officials, and scholars to formulate effective industrial policies. This will enable the industry to cultivate new stars and highlights, while continuing the outstanding achievements in the electronics sector.

Around March every year, the UK’s Financial Times collaborates with the data company Statista to release their jointly compiled Asia-Pacific region Top 500 High-Growth Companies ranking. Founded in 2007, Statista is a well-established German data company with many professional statisticians on staff. Many academic institutions use their data for research, indicating a generally good quality of data.

The companies surveyed for this ranking are headquartered in 13 regions within the Asia-Pacific region, including Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

The number of high-growth companies in a country can have various implications and dimensions, such as insights into the development of startups, corporate innovation, successful business transformations, policies for small and medium-sized enterprises (SMEs), and government industrial policies, among others.

Agenda

The number of high-growth companies and their rankings

Table 1 and Table 2 show that the prospects of Taiwan’s industry are worrying based on the rankings and number of entries in the Top 500 High-Growth Companies in the Asia-Pacific region over the past five years.

Decline of Taiwan
The number of Taiwanese companies on the list decreased from 54 in 2021 to just 9 in 2024, and their ranking dropped from 5th to 10th place. Compared to regions like Japan, South Korea, and Singapore, the gap has widened year by year. If this trend continues, it raises concerns about the future of Taiwan’s startups, corporate innovation, and star industries. For many years, Taiwan has been known globally as the “Island of Economic Miracles” primarily due to its electronics industry and has taken pride in TSMC’s exceptional manufacturing capabilities, often referred to as the “Guardian Mountain.” However, aside from TSMC, Taiwan’s companies and industries to be proud of are few.
Excellence of Singapore
From the number of entries and rankings, Singapore sets an example worth learning from. Despite its small size in terms of land area and population, Singapore performs well in both the number of high-growth companies and their rankings in the Asia-Pacific region, showing a trend of continuous improvement. Especially in 2024, when compared on a city basis, Singapore has more companies than any competing city (such as Tokyo or Seoul). Singapore’s outstanding performance can be attributed to its strategic position in Southeast Asia, supportive government policies, robust legal framework, and a mix of local and foreign labor. Singapore boasts around 4,000 tech startups, including 18 unicorns (startups valued at $1 billion or more) — more than four times the global average. For Taiwan, also an island nation, Singapore’s successful experience is worth learning from. Presidential or mayoral candidates in Taiwan often visit Japan, Singapore, the United States, or engage in city exchanges and learning during their campaigns. However, these leaders seem unable to effectively enhance Taiwan’s industrial competitiveness through such exchanges and learning.
Rapid Growth of South Korea
As a country, South Korea had the most high-growth companies on the list in 2024, totaling 123. Japan and Singapore followed closely with 101 and 93 companies, respectively. India ranked fourth with 71 companies on the list. South Korea had fewer entries than Taiwan in 2020 and 2021 but has experienced rapid growth since 2021, increasing each year to reach 123 companies in 2024, securing the top spot in the Asia-Pacific region.
Stable Performance of Japan
Japan is the second-largest economy in Asia after China. Compared to many Asian countries, Japan has a relatively lower economic growth rate, but its performance in terms of the number of high-growth companies is quite impressive, consistently ranking either first or second in recent years. Japan has a rich history and strength in innovation and technology. However, as other Asian countries (especially China, South Korea, and Singapore) continue to enhance their technological and innovative capabilities, Japan’s advantage in this area is also being challenged.

Table 1: Comparison of High-Growth Company Numbers in the Asia-Pacific Region Over the Past Five Years

Country	2024	2023	2022	2021	2020
Australia	38	63	60	71	78
Hong Kong	2	5	1	8	7
India	71	73	97	95	140
Indonesia	1	1		7	2
Japan	101	136	168	116	92
Malaysia	14	17	5	20	18
New Zealand	12	14	8	10	15
Philippines	21	11	15	20	4
Singapore	93	75	61	72	74
South Korea	123	78	52	22	34
Taiwan	9	15	23	54	36
Thailand	13	10	6	2	0
Vietnam	2	2	4	3	0

Table 1: Comparison of High-Growth Company Numbers in the Asia-Pacific Region Over the Past Five Years

Table 2: Comparison of Rankings of High-Growth Company Numbers in the Asia-Pacific Region Over the Past Five Years

Country	2024	2023	2022	2021	2020
Australia	5	5	4	4	3
Hong Kong	11	11	12	10	9
India	4	4	2	2	1
Indonesia	13	13	13	11	11
Japan	2	1	1	1	2
Malaysia	7	6	10	7	7
New Zealand	9	8	8	9	8
Philippines	6	9	7	7	10
Singapore	3	3	3	3	4
South Korea	1	2	5	6	6
Taiwan	10	7	6	5	5
Thailand	8	10	9	13	12
Vietnam	11	12	11	12	12

Table 2: Comparison of Rankings of High-Growth Company Numbers in the Asia-Pacific Region Over the Past Five Years

Distribution of High-Growth Companies in the Asia-Pacific Region by Industry and Comparison of Individual Industry Differences

In the past two years in the Asia-Pacific region, the industries with the most high-growth companies were IT and software, followed by financial technology (fintech) and financial services/insurance. Advertising and marketing ranked fourth, while manufacturing ranked fifth.

Differences in the Industrial Distribution of High-Growth Companies between Taiwan and Singapore, South Korea, and Japan

Based on Table 3, we can observe some differences in the distribution of high-growth companies in various industries between Taiwan and Singapore. Here are some of the key differences:

Taiwan’s high-growth companies are mainly concentrated in a few industries, ranging from 5 to 7, with a strong focus on IT and software. There are very few high-growth companies in other industries. In contrast, Singapore’s high-growth companies are spread across over 20 industries, indicating a more diverse industrial development in Singapore and the ability to achieve high growth across multiple sectors. South Korea and Japan also have a similar distribution of industries to Singapore, with 20 and 26 industries represented, respectively.

Differences in High-Growth Companies Across Individual Industries between Taiwan and Singapore, South Korea, and Japan

Differences Between Taiwan and Singapore (2024)

IT and Software Industry:
- Taiwan has 5 high-growth companies in the IT and software industry, while Singapore has 15, indicating that Singapore has more high-growth companies in this industry, possibly reflecting Singapore’s competitiveness in software development and information technology sectors.
Financial Technology, Financial Services, and Insurance Industry:
- Singapore has more high-growth companies in Fintech, financial services, and insurance industries, with 9 and 3 companies, respectively, whereas Taiwan only has 1 Fintech company.
Electrical Manufacturing, Healthcare and Life Sciences, E-commerce, etc.:
- Taiwan also has a certain number of high-growth companies in areas like electrical manufacturing, healthcare and life sciences, and e-commerce, whereas Singapore has fewer or no high-growth companies in these sectors.
Manufacturing and Service Industries:
- Taiwan has 3 high-growth companies in the manufacturing sector, while Singapore has 8, indicating that Singapore has more high-growth companies in the manufacturing industry. However, in other service industries, the number of high-growth companies in Taiwan and Singapore is relatively close.

Overall, Singapore has more high-growth companies in the financial technology, financial services, insurance, and IT/software industries, while Taiwan shows competitiveness in manufacturing and e-commerce sectors. These differences reflect some variations in industrial structure and development directions between the two regions.

Taiwan and South Korea’s Differences (2024)

Information Technology and Software Industry:
- Taiwan had 5 high-growth companies in the Information Technology and Software industry in 2024, while South Korea had 46, indicating that South Korea’s number of high-growth companies in this field far exceeds Taiwan’s. This difference likely reflects South Korea’s competitiveness in software development and information technology.
Financial Technology, Financial Services, and Insurance Industry:
- South Korea had 3 high-growth companies in the Financial Technology, Financial Services, and Insurance industry, whereas Taiwan had fewer high-growth companies in these sectors, with only 1 in Financial Technology. This suggests that South Korea has relatively better development in the Financial Technology sector.
Manufacturing Industry:
- South Korea had 8 high-growth companies in the Manufacturing industry, whereas Taiwan had 3, indicating that South Korea has more high-growth companies in the manufacturing sector, possibly involving areas like automobiles and electronic equipment.
Other Industries:
- In other industries such as Construction, Education and Social Services, Logistics and Transportation, and Retail, there are differences in the number of high-growth companies between Taiwan and South Korea.

Overall, South Korea has more high-growth companies in high-tech sectors such as Information Technology, Financial Technology, and the manufacturing industry, while Taiwan holds a competitive advantage in other sectors like Healthcare, Education, and Social Services.

Differences Between Taiwan and Japan (2024)

Information Technology and Software Industry:
- In 2024, Taiwan had 5 high-growth companies in the Information Technology and Software industry, while Japan had 32, indicating that Japan has more high-growth companies in this field, possibly reflecting Japan’s competitiveness in software development and information technology.
Financial Technology, Financial Services, and Insurance Industry:
- Taiwan had 1 high-growth company in Financial Technology, while Japan had 1 in Financial Technology and 3 in Financial Services and Insurance, showing that Japan has slightly more high-growth companies in these sectors compared to Taiwan.
Manufacturing Industry:
- Japan had 4 high-growth companies in the Manufacturing industry, whereas Taiwan had 3, indicating that Japan has slightly more high-growth companies in the manufacturing sector, possibly involving automobiles, electronic equipment, and other areas.
Other Industries:
- In other industries such as Construction, Healthcare and Life Sciences, Logistics and Transportation, and Retail, there are differences in the number of high-growth companies between the two countries.

Generally speaking, Japan has more high-growth companies in high-tech sectors such as Information Technology, Financial Technology, and Manufacturing, while Taiwan holds a competitive advantage in other areas.

Table 3, Comparison of High-Growth Company Industries in the Asia-Pacific Region in the Past Two Years

Conclusion

Taiwan has fewer high-growth companies in industries such as IT and software, financial technology and services, and advertising and marketing compared to countries like Singapore, South Korea, and Japan. Additionally, there is a lack of diversification in industries.
Over the past four years, the number of high-growth companies in Taiwan has been decreasing annually, exposing the risks of weakened industry policies and development potential.
In recent years, Taiwan’s performance in financial technology has not met expectations, with the financial industry having fewer patents in financial technology. Table 4 shows the situation of patents in Taiwan’s financial industry, with the number of patents increasing annually since 2016 with the rise of financial technology concepts and advocacy by regulators. Compared to large foreign financial institutions like JPMorgan Chase, Taiwan’s banking industry has relatively fewer patents. Online banks in mainland China, such as WeBank and Zhejiang E-Commerce Bank, have experienced explosive growth in patent applications in just a few years. Unfortunately, Taiwan’s three online banks all had zero patents by the end of 2023. While the number of patents does not directly represent progress in financial technology, the absence of patent applications indicates slow progress in the field of financial technology.
The upcoming AI war is imminent, and financial technology is the foundation of artificial intelligence. With an unstable foundation, Taiwan’s AI industry development is concerning.
Taiwan urgently needs to harness the power of industry experts, government officials, and academic scholars to devise effective industry policies, create new stars and highlights in the industry, and continue the outstanding achievements of the electronics industry.

Taiwan High-Growth Company Detailed List

While the number of companies from Taiwan on the list is not large, we still need to encourage and support those that make it onto the list. The following three tables are the lists of Taiwanese companies that made it onto the rankings in 2024, 2023, and 2022.

One notable mention is “TPIsoftware Corporation” which has made it onto the list for three consecutive years. The company was founded in 2005 and is one of the older companies on the list, maintaining high growth despite its long operating history, which is no easy feat.

List and Ranking of High-Growth Companies in Taiwan for 2024

Rank	In 2023 ranking	In 2022 ranking	Company	Country	Sector	Absolute growth rate (%)	Compound annual growth rate (%)	Revenue in 2022 ($mn)	Revenue in 2019 ($mn)	Number of employees 2022	Founding year
75	No	No	Phrozen Tech	Taiwan	Electrical Manufacturing	816.7	109.3	36.67	4	136	2016
128	Yes	No	Alpha Intelligence Global	Taiwan	Fintech, Financial Services & Insurance	487.3	80.4	5.48	0.9	33	2016
236	No	No	PressPlay	Taiwan	Media & Telecommunications	237.1	49.9	25.12	7.45	148	2016
273	No	No	Gogolook	Taiwan	IT & Software	202.4	44.6	14.09	4.49	153	2012
328	No	No	Largitdata	Taiwan	IT & Software	148.1	35.4	1.06	0.41	15	2014
378	No	No	Formosa Solar Renewable Power Group	Taiwan	Energy & Utilities	113.1	28.7	35.63	16.72	56	2016
383	Yes	No	Survey Cake	Taiwan	IT & Software	110.2	28.1	3.68	1.69	149	2012
384	No	No	Aspeed Technology	Taiwan	IT & Software	109.7	28	174.93	80.43	111	2004
405	Yes	Yes	TPIsoftware Corporation	Taiwan	IT & Software	98.2	25.6	23.65	11.51	577	2005

List and Ranking of High-Growth Companies in Taiwan for 2024

List and Ranking of High-Growth Companies in Taiwan for 2023

Rank	In 2022 ranking	Company	Country	Sector	Absolute growth rate (%)	Compound annual growth rate (%)	Revenue in 2021 ($mn)	Revenue in 2018 ($mn)	Number of employees 2021	Founding year
163	No	Alpha Intelligence Global	Taiwan	Fintech, Financial Services & Insurance	344.2	64.4	2.21	0.46	25	2016
169	No	Kdan Mobile Software	Taiwan	IT & Software	333.3	63	10.4	2.4	250	2009
187	No	Kabob Retail Cloud	Taiwan	IT & Software	298.8	58.6	6.18	1.55	39	2016
219	No	Bora Pharmaceuticals	Taiwan	Pharmaceuticals & Cosmetics	257	52.8	175.5	45.55	791	2007
299	No	Andes Technology	Taiwan	IT & Software	169	39.1	29.36	10.12	254	2005
345	No	SurveyCake	Taiwan	IT & Software	133.1	32.6	3.37	1.34	105	2012
368	Yes	TPI software	Taiwan	IT & Software	118.1	29.7	20.85	8.86	483	2005
379	No	Elan	Taiwan	IT & Software	111.9	28.4	656.45	287.13	1,032	1994
383	No	momo	Taiwan	Ecommerce	110.4	28.1	3,166.07	1,394.52	3,081	2004
400	No	Asix Electronics	Taiwan	Electrical Manufacturing	103.5	26.7	47.22	21.5	70	1995
434	No	Excelliance MOS	Taiwan	Manufacturing	88.1	23.4	98.75	48.66	83	2008
454	No	Pegavision	Taiwan	Pharmaceuticals & Cosmetics	78.6	21.3	200.4	103.97	1,818	2009
478	Yes	AVerMedia	Taiwan	Electrical Manufacturing	68.3	19	168.86	92.97	225	1990
493	No	MAtek	Taiwan	Professional, Scientific & Technical Services	61.5	17.3	120.38	69.07	950	2002
495	No	Lotes	Taiwan	Electrical Manufacturing	60.8	17.2	765.89	441.38	8,500	1986

List and Ranking of High-Growth Companies in Taiwan for 2023

List and Ranking of High-Growth Companies in Taiwan for 2022

Rank	In 2021 ranking	Company	Country	Sector	Absolute growth rate (%)	Compound annual growth rate (%)	Revenue in 2020 ($mn)	Revenue in 2017 ($mn)	Number of employees 2020	Founding year
5	No	TaiMed Biologics	Taiwan	Pharmaceuticals	8,464	340.8	24.42	0.28	78	2007
64	No	Foresee Pharmaceuticals	Taiwan	Pharmaceuticals	871	113.4	7.79	0.78	NA	2013
97	No	Taiwan Cogeneration Corporation	Taiwan	Energy	670	97.5	314.83	39.73	296	1992
98	No	Astro Group	Taiwan	Games industry	661	96.7	11.99	1.53	170	1989
121	No	Medtecs	Taiwan	Health	548	86.4	13.53	2.03	7,500	1989
124	No	Tidehold Development	Taiwan	Construction	542	85.8	14.61	2.21	15	1949
143	Yes	GeneReach Biotechnology	Taiwan	Health	449	76.4	29.05	5.14	79	2004
162	No	Speed Tech	Taiwan	Industrial Goods	390	69.8	500.51	99.29	390	1990
214	No	Sun Brothers Development	Taiwan	Property	281	56.2	59.33	15.13	NA	1980
255	No	Taiwan Mask	Taiwan	Industrial Goods	227	48.4	157.75	46.88	213	1975
272	No	InnoPharmax	Taiwan	Pharmaceuticals	212	46.1	4.63	1.44	30	2005
277	No	Powertip Technology Corporation	Taiwan	Industrial Goods	205	45.1	26.7	8.5	30	2003
283	No	OTSO FinTech	Taiwan	Fintech	200	44.3	1.66	0.55	20	2015
286	No	Yuan	Taiwan	Technology	200	44.2	91.45	29.61	121	1990
287	Yes	eCloudvalley	Taiwan	Technology	199	44.1	237.48	77.15	338	2013
313	No	AVerMedia Technologies	Taiwan	Technology	181	41.1	238.35	82.54	180	1990
322	No	Kindom	Taiwan	Construction	175	40.2	924.35	326.28	895	1979
365	No	SOE	Taiwan	Technology	145	34.8	56.65	22.46	1,780	1996
390	Yes	Major-Power Technology	Taiwan	Industrial Goods	129	31.9	9.73	4.12	42	2011
395	No	Antec	Taiwan	Games industry	125	31	58.06	25.11	26	1986
396	No	DFI	Taiwan	Industrial Goods	125	31	282.24	122.1	725	1981
405	No	The News Lens	Taiwan	Media	119	29.8	2.9	1.29	102	2013
441	No	TPIsoftware Corporation	Taiwan	Technology	101	26.1	14.48	7.02	471	2005