Technology leaders regard the United States as the most promising market for developing disruptive technologies, while India has surged back to tie the second position with China.
With the potential innovation headwinds China is now facing, and US policies encouraging more tech professionals to return to or remain in India, the future bodes well for Indian innovation.
This is bolstered further by the urbanisation and younger demographic trends that are moving in the right direction, along with the increase in venture capital that India has seen in the last two years, according to KPMG’s 2020 Global Technology Industry Innovation Survey.
The study, an annual survey of global technology leaders, reveals those cities, in addition to Silicon Valley/San Francisco, will be leading technology innovation hubs over the next four years.
New cities rise
Bengaluru, which was ranked 18th a year ago, jumped to ninth place. Bengaluru and Mumbai (16th on list) benefit from India’s continued rise in Global Innovation Index, improving from 81 to 52 between 2015 and 2019, the study said.
Satya Easwaran, Head–Markets Enablement & Technology, Media and Telecom, KPMG in India said: “India’s climb to the second position in the survey rankings lends credence to how we as a country are committed towards setting up strong innovation ecosystems. Bengaluru’s entry in the top 10 rankings, is another sign that the city is doing well in the areas of modern infrastructure, attracting skilled talent and investment funding.
“With the country seeing tremendous evolution across various spheres, the coming years will be crucial to overcoming hurdles which exist. This would be imperative for India to gradually and slowly move towards becoming one of the world’s leading economies in innovation,” Easwaran said.
Singapore, seventh last year, leaped to the top of this year’s global rankings. Singapore offers an advanced IT infrastructure, strong government support and IP protection laws, and a deep pool of talent. London moved up one notch to second.
Tel Aviv, 15th last year, rocketed to third place, led by Israel’s experience in Artificial Intelligence (AI) and mobility technology is in high-demand globally, it added.