Ranked 8th among the top 10 cities, Bengaluru is seen as a technology innovation hub

India ranked third on the list of most promising countries and jurisdictions for the development of disruptive technology, according to a new report from professional services firm KPMG released Monday.

Bengaluru was ranked 8th among the top 10 cities seen as technology innovation hubs over the next four years.

According to the report, almost twice the global technology company leaders believe hubs are important in driving technology innovation. More than 800 industry leaders were surveyed for the report, 39% of which “hub” cities such as London, Singapore and Tel Aviv continue to play a key role, combining talent in communities with solid digital infrastructure.

The report noted that 78 percent say that they will not be downsizing physical footprint. Only 22% think hubs are no longer important.

According to the report, Covid-19 has rapidly accelerated new ways of working, but the world’s “technology hub” may not be in Silicon Valley, but it remains here.

When many offices and downtown areas were closed in early 2020, all employees moved to remote work, with some leaving major cities, especially at lower cost and more than other factors.

However, according to the report, tech leaders believe that future success in the industry will depend on a balance between physical workspace and increased flexibility.

Alex Holt, Global Head of Technology, Media and Telecommunications at KPMG, said engineering talent and intellectual property are the lifeblood of the technology industry, and maintaining the highest talent is strategically essential.

“Employers know this and are striving towards flexible workforce arrangements, including a permanent hybrid workforce model. As the workforce disperses geographically, new hotbeds of technically skilled workers will emerge. In person collaborations will occur, just in more locations,” he said.

Respondents prioritized the following factors as important to the long-term viability of the emerging technology hub: Urban locations that attract young professionals, a pipeline of skilled talent, state-of-the-art infrastructure including high-speed bandwidth, at least one research-intensive university, and positive demographic growth trends.