India has been ranked third globally as the most promising market for tech breakthroughs. As per KPMG’s 2018 Global Technology Innovation Report, the US is at the top with more than one-third (34 percent) of those surveyed named it the most promising, followed by China (26 percent). Thirteen percent of those surveyed voted for India followed by UK and Japan.
India maintains a strong showing this year indicating its potential for tech breakthroughs. “India has prioritized government support for entrepreneurship and a burgeoning culture for innovation. Many start-up business models are leveraging emerging technologies to cater to India’s mobile-first generation,” the report states.
The report highlights key findings from a survey of nearly 800 technology industry leaders globally from companies, venture capital firms, and other investors that focus on technology innovation, leadership and market trends.
Speaking on the report released, Akhilesh Tuteja Head of Technology, KPMG in India, said, “Start-ups are at the core of India’s transition journey towards becoming a leading innovation hub in the world. With a young and dynamic pool of entrepreneurs and skilled workforce, India is likely to become a focal point to generate innovative ideas in the near future.”
And when it comes to cities, in specific, that have the potential to be the leading technology innovation hubs over the next four years, Shangai topped the list followed by Tokyo, London and New York. From India, Bengaluru was at number 8.
Cities such as Beijing, Singapore, Seoul, Tel Aviv and Berlin featured in the top 10. Interestingly, 16% of the tech leaders surveyed believe that India continues to be a strong competitor in terms of becoming the next Silicon Valley of the world.
Elon Musk has emerged as the top choice for global technology leadership, thanks to Tesla’s innovation breakthroughs including transportation, space exploration and AI. The KPMG report states that while there was not much variation from a country perspective, India was one exception where 23% named Sundar Pichai in the top spot.