12 Jan Fastest Growing Tech Hubs in the World
Fastest Growing Tech Hubs in the World | NAOS International is a recruitment and executive search firm based out of Paris, Dubai and Singapore. As NAOS International hires actively in the tech space it is interesting for us to see where the world’s fastest growing tech hub is located.
Bengaluru has emerged as the world’s fastest growing tech ecosystem in the world since 2016. Following Bengaluru, London, Munich, Berlin and Paris top the list too.
According to Economic Times, the investment in the Karnataka capital of Bengaluru grew 5.4 times from US$1.3 Bil in 2016 to US$7.2 Bil in 2020. Bengaluru is also ranked 6th for the world’s tech VC investment on a global list topped by Beijing, San Francisco, New York, Shanghai and London.
The city of Bengaluru also the world’s fourth largest technology and innovation cluster and home to more than 400+ global R&D centres. Alongside Mumbai, a number of other Indian hubs made it into the Top 100 Emerging Ecosystems’ list, including Chennai, Pune, and Hyderabad.
The primary contributing factor here is the heavy concentration of high-tech talent who can build custom software for your business at a lower cost. It has a unique appeal to Western companies whose increased market pressure means the need for skilled developers without the eye-watering costs of labour.
NAOS International has been operating for a decade on this sector addressing the growing needs of international enterprises to build and hire teams in the region, particularly emerging markets like India, Vietnam. NAOS Internationals regional teams work closely with Head quarters to understand the recruitment requirements and work with local talent to find the best fit.
The pace at which European companies are establishing and expanding technology centres in India is accelerating, driven by the need for traditional firms to digitalise, and the surge in unicorns.
The other fast growing tech hubs include the German cities, Munich and Berlin and the French capital of Paris with all three cities more than doubling their investments in the 2016-2020 period. For NAOS International tech recruitment in France and Germany was always a key focus, we have seen more interest in recruiting specialised talent in these regions in the past few years.
In 2016, Berlin continued to increase its number of startups and number/size of funding rounds year over year which gave it an edge over other German cities as well as Paris. With a new startup being founded every 20 minutes in the city, Berlin is a breeding ground for entrepreneurs who want to change the world. As NAOS International recruits actively in Berlin we have seen a rise in international talent, a great sense of community coupled with a huge concentration of capital in Berlin.
After Berlin, the Munich metropolitan area, including Gilching (home to Agile Robots), and Weßling (Lilium), is by far the second most well-established ecosystem in Germany. Munich startups raised €1.4B in 2019, and is increasingly taking a larger share of total German funding. At NAOS International we have identified some of Munich’s particular strengths lie in Enterprise Software, construction tech and companies adopting industry 4.0 technologies, though the city is also home to rising stars across nearly every industry vertical. This has led to rising demand in tech talent and movement in the recruitment industry across Europe. NAOS International has been part of the German tech ecosystem working with clients across industries since the beginning.
The technology and innovation ecosystem of Paris keeps on growing nicely. The city is also host to big international startup events like Viva Technology.
The French capital’s growth as a technology innovation hub owes much to the presence of well-funded and highly regarded universities and research institutes specialising in the aforementioned technologies. But Paris is also benefiting from the central government’s determination to fuel start-up growth and technology commercialisation in these and related areas, with the capital city as the showcase. NAOS International identified areas like AI, blockchain, manufacturing and medtech to be rapidly growing in France. This has also led to creation of jobs and enthusiastic tech talent in France.
NAOS International, the recruitment and executive search firm helps international organisations expand and hire teams across APAC, MEA and Europe. Which market in Asia and/or Europe are you planning to expand into? Reach out to our Senior Consultants to hire your key leadership team as you continue to grow.
To learn about DeFi Consulting Group (DCG) – our consulting firm focusing on digital assets and decentralized finance advisory – please click here.
Read more about the the Tech industry in Europe through our article here.