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KPMG survey ranks country third among jurisdictions that show the most promise for tech innovation.
The Indian tech industry has always stood as a byword for resilience, agility and innovation – and a latest survey from KPMG has just confirmed that, ranking the country third among jurisdictions that show the most promise for developing disruptive global technologies.
In its annual Global Technology Industry Innovation Survey, KPMG ranked Bengaluru at eighth position among the top 10 cities.
According to the report, almost twice as many global technology company leaders believe that hubs are still important in driving technology innovation as opposed to those who believe they are not.
More than 800 industry leaders were surveyed for the report which said 39 per cent believe global 'hub' cities such as 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.
The report found that while Covid-19 has rapidly accelerated new ways of working, the world's 'technology hubs' are here to stay although they may not be in Silicon Valley.
That presents a great opportunity for India – bolstered further by the urbanisation and younger demographic trends of the country as well as the massive jump in venture capital that India has seen in the last three years.
“The internet and digital technology are the new superhighways of trade. India, where most workers are employed in the informal sector and the participation of women in the labour force is low, has an opportunity to seize the opportunities that digital technology provides,” said Federica Saliola, joint director of the World Development Report. “Innovation is also a friend to entrepreneurs and India’s entrepreneurial spirit makes it an ideal incubator for start-ups to thrive,” he said.
When many offices and downtown areas locked down early in 2020, entire workforces shifted to remote-working with some employees leaving major cities to find more space at a lower cost among other factors. But the report said tech leaders believe the industry's future success will rely on a balance between physical workspace and greater flexibility.
Alex Holt, Global Head of Technology, Media and Telecommunications at KPMG, said engineering talent and intellectual property are the lifeblood of the tech industry and retaining top talent is a strategic imperative. "Employers know this and are striving towards flexible work arrangements including permanent hybrid workforce models. As the workforce disperses geographically, new hotbeds of technically skilled workers will emerge," he said.
The data for the report was collected from March to May.
Last year, India shared the second position with China as the most promising source of disruptive technology in the world, according to the same survey.
In terms of the world cities that are likely to be leading technology innovation hubs over the next four years, apart from presumed global leader San Francisco, Bengaluru entered the top 10 list, ranked ninth, and Mumbai was ranked 16th in 2020.
“India's climb in the survey rankings lends credence to how we as a country are committed towards setting up strong innovation ecosystems," said Satya Easwaran, Head, Markets Enablement & Technology, Media and Telecom, KPMG India. “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, investment funding etc," he said.