The Real Deal New York

New York could overtake Silicon Valley as a tech hub by 2023

A survey across 12 countries found that tech firms are increasingly looking to New York, Beijing, London and Tokyo
March 06, 2019 12:30PM

Silicon Valley (bottom) and New York City (top) (Credit: Wikipedia and Pixabay)

Amazon may have side-stepped New York, but there’s still enough demand for the city to transform into a tech hub.

A new study shows that New York, Beijing, Tokyo and London are increasingly being looked at as places for tech innovation, and could surpass demand in Silicon Valley by 2023, according to the Wall Street Journal.

New York ranked No. 1 on a ranking of cities next in line to lead tech innovation, which was based off a KPMG survey of 740 tech industry leaders in a dozen countries. Beijing, Tokyo and London followed, and Boston and Austin, Texas, made the top 10.

The cities have attracted investment from tech companies in recent years and the rise of cloud computing has reduced the need for tech innovation to stem from a single location. Almost 60 percent of respondents said it was “likely” or “very likely” that Silicon Valley will lose its title as a global technology center by 2023.

“Geography is less important in an always-on, constantly connected world,” Jack Clare, chief information and strategy officer at Dunkin’ Brands Group, told the Journal.

The survey also reportedly found that 23 percent of respondents believed the U.S. has the largest impact globally on technology, a reduction from 34 percent last year. China ranked second with 17 percent, a drop from 26 percent over the past year. [WSJ] — David Jeans