Six in ten technology company executives expect Silicon Valley to lose innovation crown within 4 years
London, 11 March 2019 - The UK has risen one place, to third, in a global ranking of most promising countries in the world for technology breakthroughs that have a global impact.
KPMG’s 2019 Technology Innovation Hubs report sees the UK trailing slightly behind the US and China, in a ranking of countries expected to produce the most disruptive technologies. The UK and Japan were almost tied in last year’s survey with the UK coming in 4th place. This year however, the UK moved ahead to secure the bronze place, whilst Japan was ranked fourth, Singapore was ranked fifth and India dropped from third place to sixth.
The global survey of 740 business tech executives globally from companies, venture capital firms, and angel investors that focus on technology, also found that nearly 60 percent believe that it is likely or very likely that the technology innovation centre of the world will move from Silicon Valley by 2023.
Separately, the tech industry leaders surveyed tabbed New York as the global city most seen as becoming a leading technology innovation hub outside of Silicon Valley over the next four years whilst London maintained the same position as the 2018 report – coming in third spot which it shared with Tokyo.
Ian West, UK head of TMT at KPMG: “It is great that the UK’s technology sector is appreciated as the most promising market for technology breakthroughs in Europe, and that London is seen as a major hub for big data, fintech and a variety of digital technologies. Despite the uncertainties presented by political hesitations and other economic factors, the UK and London has not lost its shine when it comes to its technology pedigree.”
Here are the top 15 cities seen as technology innovation hubs outside of Silicon Valley:
More than $7.7 billion was invested in UK start-ups over the course of 2018 according to research by KPMG. This was more than 1.5 times the level invested in fast growth businesses in Germany, and 2.6 times the levels of investment seen by the start-up ecosystem in France.
“Technology underpins the competiveness and development of almost every sector. It is a key battleground for most economies and the UK must ensure it is a leader in this field. The UK’s investment in autonomous vehicle technology, artificial intelligence and robotics is therefore hugely encouraging and will make a real difference to the UK being seen as a tech destination of choice for scientists, entrepreneurs, investors and tech companies,” concluded West.
For more information and to read the report please visit our website.
For more information, please contact:
Nahidur Rahman, KPMG corporate communications
T: +44 (0) 20 7694 8812
M: +44 (0)73 9376 0775
Follow us on twitter: @kpmguk
KPMG Press Office: +44 (0)207 694 8773
Notes to Editors:
About the research
The 2019 KPMG Technology Industry Innovation Survey, now in its seventh year, included responses from over 740 global leaders in the technology industry. Twelve countries were represented and 76 percent of the respondents were C-level executives. The online survey was conducted from December 2018 to January 2019.
About KPMG International
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 153 countries and have 207,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.