Big tech companies are facing stiff competition from their older counterparts, as traditional firms are increasingly investing in technology. IBM, for instance, is now one of the world’s largest design companies, while Uber is fighting off competition from traditional taxi firms and rental car companies. Facebook, too, is under threat from media companies, which are fighting back against the social media giant’s dominance. This shift in competition is due to a realisation by traditional firms that they need to invest in technology to survive. This has led to a surge in hiring of tech professionals by these firms, with some even setting up their own in-house tech hubs. This trend is expected to continue, with traditional firms likely to increase their tech investments in the future. As a result, big tech companies need to prepare themselves for increased competition from these unexpected sources.
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