UK lands third place in tech disruptor ranking

Written by Hannah McGrath

11/03/2019

The UK has risen one place, to third, in a global ranking of most promising countries in the world for innovation, disruption and technology, according to a report from KPMG.

The UK came in behind the USA and China in the accounting firm’s 2019 assessment of the countries expected to produce the most disruptive technologies, but managed to break away from closest rival Japan, which nearly tied the UK for fourth place in 2018.

Japan was followed by Singapore and India, which dropped from third place to sixth.

The global survey of 740 business tech executives globally from companies, venture capital firms and angel investors focussed on technology, also found that nearly 60 per cent believe that it is likely or very likely that the technology innovation centre of the world will move away from Silicon Valley to another region by 2023.

The city most likely to lead technology innovation according to the tech industry leaders surveyed was New York, while London was deemed to be the third global city for tech growth, tied with Tokyo. London was voted a key hub for innovation in the field of FinTech, big data analytics and digital.

Ian West, UK head of technology, media and telecoms at KPMG, said: “It is great that the UK’s technology sector is appreciated as the most promising market for technology breakthroughs in Europe, and that London is seen as a major hub for big data, FinTech and a variety of digital technologies.

“Despite the uncertainties presented by political hesitations and other economic factors, the UK and London has not lost its shine when it comes to its technology pedigree.”

More than $7.7 billion was invested in UK startups over the course of 2018, according to research by KPMG.

This was more than 1.5 times the level invested in fast growth businesses in Germany, and 2.6 times the levels of investment seen by the startup ecosystem in France.

West noted that the UK’s investment in autonomous vehicle technology, artificial intelligence and robotics is “hugely encouraging” and will make a real difference to the UK being seen as a tech destination of choice for scientists, entrepreneurs, investors and tech companies.