Project Management Institute

The New Silicon Valleys

The Global Tech Capital Could Soon Be Dethroned

Silicon Valley has long been considered the epicenter of the global technology industry. But that could be shifting, according to a 2019 KPMG survey.

KPMG asked 740 global technology industry leaders whether they believed Silicon Valley would lose its seat as the world's technology innovation capital by 2023.

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What city will take Silicon Valley's place? Here are the top emerging hubs, according to survey respondents.

1 NEW YORK, NEW YORK, USA

Some of the world's biggest tech companies—including Apple, Facebook and LinkedIn—have bulked up their presence in the city. And though Amazon's proposal to establish a headquarters in the Queens borough fell through, Google announced its own plans in December to double its New York-based workforce and build a US$1 billion campus in Manhattan.

2 BEIJING, CHINA

The city government has backed a fundraising campaign that would inject CNY10 billion into the city's tech sector. The money will be used to underwrite Beijing-based ventures that are developing everything from new uses for artificial intelligence to electric vehicles—and aim to give those ventures an edge over their Western counterparts.

3 (TIE) TOKYO, JAPAN

Tokyo has become a hotbed for the development of robotics and 3D manufacturing, which earned it the top spot on 2thinknow's Innovation Cities Index in 2018. Industry leaders hope to use the Tokyo 2020 Olympic Games to supercharge their tech innovation efforts—similar to the 1964 Olympics, when the city unveiled the world's first bullet train.

3 (TIE) LONDON, ENGLAND

London is being refashioned into a global capital of the fintech industry. Of the 29 fintech unicorns (startups valued over US$1 billion), seven are based in London—topped only by San Francisco, California, USA, which is home to nine. But with Brexit looming, the fintech industry could be standing on potentially shaky ground.

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