Homeworking, e-commerce and entertainment technologies have become prevalent by allowing us to maintain our daily routine and a semblance of normal life during the pandemic.
The use of software tools such as Zoom, Microsoft and Slack boomed within companies to maintain the link between colleagues. Zoom alone saw its customer base more than tripled and predicted it will double its revenue this financial year.
Entertainment platforms like Ubisoft, Tencent, Netflix and Spotify have naturally attracted many new customers looking for amusement. Thus, 6 million new customers created a Netflix account in the first quarter of this year.
As for the e-commerce sector. It became vital and is expected to gain £5.3 billion in the UK before the end of the year.
These new habits are now about to reshape entirely the importance of some industries in the technology landscape. Starting with cloud computing and cybersecurity that should rise as the demand for flexibility and collaborative working increases, putting solutions using advanced technology like machine learning at the forefront.
Same for the Health tech sector that is likely to come out strengthened from the recent collaborations between the tech industry and Government, public service and society at large to mitigate the impact of the virus.
With this in mind, staying aware of the new trends and significant places of the industry can be immensely important in staying on top of.
Whether you are a young tech professional, a student or simply tech-curious, this article will give you a quick overview of the tech places, investing massively in research, that we should keep an eye on in the years to come.
The tech hubs to watch
1. Israel – Jerusalem
Israel accounts for the largest number of startups after the US and has an excellent quality technology industry, making it by definition a startup nation.
To reach that status, the Israeli government has promoted growth through many programs over the last years. Yozma, one of its most effective programs, invested in venture capital funds and offered insurance risk to foreign investors to attract them.
The country is now heading the Business Fibre’s ranking of cities that spend the most in technology research, investing 4.8% of its total GDP in tech research in 2019.
Jerusalem, in particular, is a rising tech hub currently hosting 405 active companies essentially from Life Sciences and Artificial Intelligence sectors. This number has increased by 102% since 2012.
In 2019, $233.5 million were injected in Jerusalem-based companies and over 60% of these investments were in companies developing products or technologies using AI and machine learning.
2. South Korea – Seoul
South Korea is home to 91,000 businesses, including some of the biggest global tech companies such as Samsung Electronics Co., LG Electronics Inc. and Hyundai Motor Co.
The faith of South Korea is even closely tied to these giants. Especially to the Samsung Group that is the second most successful tech company in terms of revenue after Apple, according to the Fortune Global 500 list of technology sector companies for 2019.
The affordable cost of living in vibrant Seoul is putting the city in a good position to draw young tech professionals that would like to join the massive tech community of South Korea (1.1 million). Likewise, for students that would like to study in an excellent global university ranking like Seoul National University.
3. Switzerland – Bern
Moving to Switzerland will provide you with the most beautiful landscapes but also with a large pool of tech and scientific professionals.
Between Zurich, Geneve, Lausanne, but also its capital Bern, the number of tech employees reached over 423,000 in 2019. This tech community is dynamic on the future technologies of AI, robotics, personalised health, blockchain and advanced manufacturing.
Renowned for its highly qualified workforce, the country has attracted some of the biggest multinationals, like Google, Apple, Facebook, Microsoft, Samsung, Amazon that have offices in Zurich.
This dynamism probably comes from the important percentage of GDP spent on research (3.4%) but also from its high-quality tech education, represented by ETH Zurich, which is one of the world’s leading universities in Sciences and Technology.
4. Sweden – Stockholm
Sweden is one of the most innovative economies for two main reasons: its good productivity and its high investment in technology, mainly in telecommunications and computer equipment.
3.4% of its GDP is spent on R&D, placing Sweden in the fourth position in the ranking of the countries that spend the most in research.
5. Japan – Tokyo
Japan’s performance in research and development is not as impressive as it used to be, even if R&D expenditures remain particularly important, representing 3.2% of its GDP in 2019.
However, the country has built a strong reputation over the years on technologies related to people’s daily life, like automotive, consumer electronics, medical devices, cameras and more. The country is additionally the world’s third-biggest automotive manufacturer.
Famous for offering high-quality products, Japanese companies continuously improve their outcomes to remain competitive, and companies like Toyota, Honda and Nissan intended to focus on technologies like AI, autonomous driving and energy efficiency in 2019.
Conclusion
In these times of uncertainty, R&D and international collaboration will be decisive for the future of the global economy.
Finding new technologies to make work easier for researchers and healthcare workers to tackle the crisis is presently vital. Even more, it will stay vital in the future and every business leader will need to find new tools to provide greater intelligence and build a resilient supply chain to fight against potential disruptions.
In that way, Countries investing in technology should be able to boost their economy and secure new jobs. Being aware of the greatest spenders in technology research and their strengths can help businesses ensure stability but also have an edge on their competitors, and help professionals make the right decisions in their career path.
