Europe’s technology sector will have its first $50bn ‘titan’ company by 2021 according to the latest report from GP Bullhound.

The ‘Titans of Tech: All Change at the Top’ report revealed that Spotify and Adyen are on track to become Europe’s first $50bn tech businesses through analysing the growth of Europe’s leading tech businesses.

Last year marked the highest year of tech investment on record for European billion-dollar companies, as 21 new billion dollar tech firms have emerged in Europe in the last 12 months.

The European tech ecosystem has grown to an aggregate value of $302bn, and is growing at a faster rate than the US.

Manish Madhvani, Managing Partner at GP Bullhound, said: “Europe has made incredible progress over the past year, and is seriously rivalling US and Asian tech.

“Our report shows that we have every reason to be optimistic about the strength of European tech, its talent, ambition and its potential to produce a Tech Titan by 2021.

“Access to capital has improved hugely in the past three years, and with continued ambition, a constant reinvention of the product and a willingness to embrace risk, the Spotifys, Farfetchs, and Adyens of Europe will soon rival the Ubers and Facebooks of Silicon Valley.”

GP Bullhound has identified ten key European companies set to enter the billion-dollar tech ecosystem within the next two years, including Go Cardless, Trustpilot and Worldremit.