India’s presence among the top three countries, for the second successive year, for promoting disruptive technologies proves the nation’s tremendous emphasis on developing well-organised technology innovation hubs for fostering all-round economic growth
According to a KPMG’s report that also ranked India third in the list of countries and jurisdictions that show the most promise for developing disruptive technologies, Bengaluru has been ranked eighth in the top 10 cities list among leading technology innovation hubs outside Silicon Valley, San Francisco, in the next four years.
The annual report titled, “Technology innovation hubs”, surveyed more than 800 industry leaders and showed that COVID-19 has rapidly accelerated new ways of working, but the world’s ‘technology hubs’ are here to stay although they may not be in the Silicon Valley.
“India’s presence among the top three countries, for the second successive year, for promoting disruptive technologies proves the nation’s tremendous emphasis on developing well-organised technology innovation hubs for fostering all-round economic growth. Despite the pandemic, India’s silicon valley Bengaluru has been ranked eighth in the list of top ten world-class tech hubs”, said Satya Easwaran, Partner and Head – Technology, Media and Telecom, KPMG in India, in a statement.
“The well-structured infrastructure and resources machinery of the city has enabled many global tech corporations to operate smoothly from the city. Apart from talent and investment, Bengaluru is also known for accelerators and incubators to help tech companies at every level of their growth story. I am confident that, in coming years, Bengaluru will further establish itself as a key tech hub globally,” Easwaran added.
About 39 per cent of industry leaders believe hub cities including London, Singapore, and Tel Aviv will continue to play a vital role, enabling talent to coalesce and collaborate in communities with a solid digital infrastructure. Only 22 per cent believe technology innovation hubs are no longer important.
Nearly 80 per cent leaders said that they will not be downsizing their physical footprint, while only 26 per cent expected to hire predominantly remote talent.
“The success of the technology sector has outpaced most other industries during COVID-19, with many companies growing significantly since the start of the pandemic. This has advanced the perception that creativity and innovation can now happen literally anywhere as collaboration has gone more virtual and more global. However, a company still needs to be able to innovate, and the KPMG Technology Innovation Hubs report reveals that physical workplaces and technology innovation hubs remain a key component of technology companies’ strategies, although they may not be located around Silicon Valley”, added Alex Holt, Global Head of Technology, Media and Telecommunications at KPMG.
The survey included 12 countries, and about two-thirds (66 per cent) of the respondents were C-level executives. The data for this publication was collected from March 2021 to May 2021.