Many of the key US markets also provide access to the best and brightest in technology as well as science, with the Californian markets and New York City being leaders in automation, robotics, and generative AI (Gen AI). These technologies are having a profound impact on the industry, as discussed later in this report, and so access to the top multidisciplinary talent pools helps companies to plan for future growth and stay ahead of the competition.
In Europe, the UK’s Golden Triangle is the highest-ranking non-US market, taking the third position in the global index. This cluster – consisting of London, Cambridge, and Oxford – is home to exceptional multidisciplinary talent which is comparatively lower cost than US counterparts, global leading academia, a deep funding environment, and attractive lifestyle for talent. It also benefits from the UK recently rejoining Horizon Europe, the €95.5bn ($103bn) collaborative research programme created by the European Union. Of note is that Cambridge leads our rankings overall in terms of research intensity, measured as patent-filing activity and article publication in relation to size of workforce.
Asia-Pacific provides strong competition. When compared to top locations in the US and Europe, its markets typically offer more cost-efficient access to property and talent, as well as strong lifestyle and cost of living scores. Beijing leads the region, with several globally renowned universities, a large talent pool, and considerable funding availability from government and VC sources. Beijing and Singapore are also home to thriving AI and tech ecosystems, key to the future of the industry.
