Goldman names the European tech companies to watch as sector reaches ‘tipping point’

Goldman names the European tech companies to watch as sector reaches ‘tipping point’

Tim Steiner, chief executive officer of Ocado Group Plc, Chris Ratcliffe | Bloomberg | Getty ImagesLONDON — Goldman Sachs has named a number of European tech companies it says are set to benefit from the acceleration of the region's digital economy.A report from the investment bank — titled "Europe's digital economy at a tipping point" — outlined several key drivers of the sector, including a faster pace of online adoption amid Covid-19.Covid has increased online sales and penetration in several industries more than Goldman had previously expected. The bank said that three to five years of "online penetration growth" occurred in 2020 across several verticals, while the food segment saw up to 10 years' worth.Covid has also significantly accelerated the adoption of digital services more broadly in Europe, Goldman said, adding that 72% of Europeans who used digital services for the first time during Covid plan to continue using those digital services "to the same degree or even more on an ongoing basis."In the report published Wednesday, Goldman named several tech firms to watch in Europe, pointing out that many have already become regional and global leaders.