Until now, the race to a trillion has been dominated by big tech, with both Apple and Amazon reaching the milestone in 2018. However, according to a study by City Index, there may be a surprise contender.

The FX and CFD trading provider has predicted that Walmart could be worth a trillion dollars by 2021.

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Through analysing the financial reports of the world’s biggest companies to reveal exactly how long it took each to make their first $1bn in revenue as well as how fast they make it now, the company has predicted which company will be next to reach a trillion, with Walmart coming out on top.

Apple is predicted to make it back up to a trillion in 2022, after its valuation fell in November due to a drop in hardware sales for its newest models and the ongoing trade war between the US and China.

Amazon, which is currently the largest publicly traded company, and CVS are both expected to reach the trillion-dollar mark in 2024.

Walmart’s market cap

Walmart is the largest employer in the US, and as of last quarter Walmart’s market cap is $292bn. The company has completed a number of major deals over the past few years, acquiring acquiring online fashion brands Bonobos and Modcloth and UK supermarket Asda, and is reportedly developing a low-cost subscription video-streaming service.

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The company is taking on the likes of Amazon in the e-commerce sphere, partnering with Google to allow shoppers to order groceries via voice-activated assistant, and launching other “omni-channel initiatives” to make online shopping easier.

Although it is impossible to know for certain, City Index has predicted that over the next decade, the worlds next trillion dollar companies will be dominated by 2 industries: 63% in retail and 37% in tech. The rise of e-commerce is clearly a driving factor, and traditional retailers willing to embrace this have a chance of beating big tech to the trillion-dollar milestone.

Fiona Cincotta, a Senior Market Analyst at www.cityindex.co.uk, said:

“While firms founded at the turn of the last century, such as Walgreens or Target, have taken over 100 years to hit the $1bn mark, more recently founded companies such as Facebook or Amazon have hit the milestone in next to no time. Potential for growth in today’s market is significantly greater than before.

“It also comes as no surprise that while tech firms and retailers are among the quickest companies to hit $1bn in revenue, but traditional retailers are the slowest. This is yet another piece of evidence highlighting the struggles that more traditional retailers on the high street are up against as shopper’s habits move away from bricks and mortar stores to online shopping and technology”.