In a stunning confirmation of the UK’s tech prowess, a highly respected league table has crowned London as the tech capital of the world, while Oxford and Cambridge are rapidly closing in on New York.
London took first place in the index, with New York and San Francisco in second and third.
The Z/Yen Smart Centres Index (SCI), which ranks 79 global commercial hubs on their ability to create, develop, and deploy technology, has confirmed London’s dominance.
The SCI is a factor assessment index, combining a number of instrumental factors – data measures drawn from a range of data providers across the world – and assessments given by business and finance professionals of three dimensions related to innovation and technology in major commercial and financial centres:
- Innovation Support – the support provided by regulatory and other systems to innovation and technology in a centre.
- Creative Intensity – the intensity of technology and innovation services and opportunities in a centre.
- Delivery Capability – the quality of the technology and innovation work that is taking place in a centre.
London has held the top spot in this biannual ranking since surpassing New York last May. The latest edition reveals a shake-up with Zurich leaping from fourth to second place, pushing New York down to third.
Meanwhile, Oxford and Cambridge have also made impressive gains, rising to fourth and fifth places respectively. Oxford moved up one place, while Cambridge soared four places.
These historic British university cities are now hubs for some of the world’s most sought-after tech firms and research facilities. Cambridge’s tech ecosystem alone is valued at a staggering $191bn (£150bn), surpassing the combined worth of Spain and Italy, according to Dealroom data.
Among Cambridge’s tech stars are chipmaker Arm, whose market value has more than doubled since its Nasdaq debut last September, now standing at $130bn (£102bn). Cybersecurity firm Darktrace is also making waves, expected to join the FTSE 100 next week, further boosting this thriving ecosystem.
Prime Minister Rishi Sunak has said he has big plans to propel Britain into a “science and technology superpower” by 2030. Last year alone saw a record-breaking 51,017 new tech companies spring up in the UK, according to RSM, an audit, tax, and consulting firm. Earlier this month, Sunak celebrated a major win for the sector when Wayve, a Cambridge-founded AI start-up for autonomous driving, secured over $1bn (£800m) in backing and relocated to London.
Lord Mayor of the City of London and Z/Yen chair Michael Mainelli commented:
“Commercial centres across the world continue to drive innovation in technology and science. Our community’s focus on artificial intelligence, electronics, and energy technology as pivotal developments for the next five years indicates a clear direction forward.”
The index was compiled using 135 factors provided by third parties such as the World Bank, OECD, and the United Nations, as well as 1,661 assessments through an online questionnaire.
These results highlight the enduring strength and dynamic evolution of the UK’s tech sector. With London leading the global charge, the rapid ascent of Oxford and Cambridge underscores the broader reach of the UK’s innovation ecosystem. This trajectory, supported by strategic initiatives and record-breaking new company formations, solidifies Britain’s position as a key player on the global technology stage.
Source: https://www.zyen.com/publications/public-reports/the-smart-centres-index-7/
