Silicon Valley has long held the crown as the global epicenter of all things tech. But that status could be starting to shift as more young workers — and women in particular — are betting on fast-growing IT hubs in Asia.
In a new study of 12,000 women developers across 100 countries, tech hiring site HackerRank found that Gen Z workers were up less likely than their older counterparts to view San Francisco as the guiding light for future tech careers.
Gen Z refers to the post-millennial generation, or those born after 1997.
Globally, Gen Z-ers saw Chinese financial city, Shanghai, as one of the world's leading tech hubs within the next five years. Meanwhile, respondents from Asia Pacific specifically were 14 percent more likely to pinpoint India's tech hub, Bangalore, than Silicon Valley, as the IT center of the future.
To be sure, based on responses from millennials and Gen Z across all regions, Silicon Valley remained the number one choice as the global tech center through to 2024. However, the study points to a longer-term shift in the global tech industry as high expenses cause the Valley to lose its charm.
"The cost of living in Silicon Valley is skyrocketing at a rapid pace, causing talent and entrepreneurs to explore other cities and opportunities across the United States," HackerRank's vice president of people, Maria Chung told CNBC Make It via email.
That has spurred the emergence of new American tech hubs, including in cities such as Austin, Boston and Seattle, Chung noted. Elsewhere, countries like China and India have been working hard to innovate attract more investment.
"India and China are experiencing their own tech entrepreneurial boom," Chung continued. Indeed, in 2018 China had more venture capital money invested in start-ups than the U.S. Meanwhile, Bangalore has become home to the largest number of tech start-ups in India and the third largest in the world.
That will stand the two countries in good stead going forward, as businesses look to harness an emerging generation of top tech talent. This year marks the first year that the oldest members of Gen Z will enter the workforce, the majority of whom will be based in Asia.
More than 50 percent of India's population are 25 years old, or younger. The country is also on track to have the largest population of tech developers in the world by 2023.
"This is leading to the rise of tech industries in cities like Shanghai and Bangalore, whose start-ups are having an impact not just on the local tech scene, but also on the U.S. market," said Chung.
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