Silicon Valley to lose the world’s tech innovation center status

Majority of global tech industry leaders expect Silicon Valley to be surpassed as tech innovation center

Silicon Valley to lose the world’s tech innovation center status. Source: youtube.com

According to KPMG’s annual Global Technology Industry Innovation Survey, for the first time ever more than half of the respondents believe Silicon Valley will no longer be the technology innovation center of the world in four years. Eleven of the top 15 cities named by respondents are located in the US and the Asia Pacific region.

Over 740 technology industry leaders from the whole world have participated in the survey. Nearly 60% believe that it is likely or very likely that the technology innovation center of the world will move from Silicon Valley by 2023. While not specifically addressing which city would replace Silicon Valley, in a separate question, tech industry leaders tabbed New York to become the top tech hub in addition to Silicon Valley.

Here are the top 15 cities outside of Silicon Valley:

  • New York;
  • Beijing;
  • Tokyo and London;
  • Shanghai and Taipei;
  • Singapore;
  • Seoul;
  • Boston and Austin;
  • Berlin;
  • Hong Kong (SAR);
  • Washington DC;
  • Paris;
  • Tel Aviv.

The KPMG study shows that other countries are closing the gap on the US and China in the race to be a technology innovation leader. When considering the most promising market for tech innovation and breakthroughs that have a global impact, 23% of those surveyed named the US compared to 34% in last year’s report. China remained second at 17% compared to 26% a year ago, followed by the UK at 9%, with Japan ranked fourth and Singapore and India tied for fifth. The grouping of the top 5 countries is much closer than in last year’s survey.

SEE ALSO: 10 world’s most innovative companies of 2019

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