New York, Beijing Chip Away at Silicon Valley

More than half of the executives recently surveyed by the accounting giant said Silicon Valley will cease to dominate global tech innovation within the next four years, as New York, Boston, Beijing, London and other cities continue their evolution into tech innovation powerhouses. The rapid adoption of cloud computing and other emerging digital tools at ventures outside of the tech sector also is having an impact, corporate information technology leaders say. “For most digital and technology roles, our teams could be based on the moon and be just as effective,” Mr. Clare said. Nearly 60% of survey respondents said it is “likely or very likely” that Silicon Valley will be displaced as a global technology hub by 2023. “Other cities and countries have been making significant investment to develop and grow as technology innovation hubs,” said Tim Zanni, KPMG’s global and U.S. technology leader.


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