Switzerland has long been a world leader in innovation and technology. Ranked as the most innovative country in the world by the Global Innovation Index, the country remains at the forefront of science and technological research. Switzerland has always been quick to utilize new technologies to create robust innovation across a range of industries, from the financial services to healthcare and life sciences.
Over the years, Switzerland has gained a reputation for being the centre for research around artificial intelligence. Indeed, the country currently holds the most AI patents in the European health care industry. And as Switzerland continue to invest in new technologies, we can expect smarter applications to appear across all industries. With all this in mind, let’s take a look at Switzerland’s thriving technology market in more detail.
Switzerland’s tech hubs
In Switzerland, fintech is a key driver of innovation, paving the way for several tech hubs. For example, the Swiss city of Zug, not too far from Zurich, is home to bitcoin and blockchain start-ups. Blockchain technology is used in a wide range of industries, including insurance and logistics. The city has become so synonymous with the tech movement that it earned the nickname “Crypto Valley”. According to Deep Knowledge Analytics, there are over 355 fintech companies in Switzerland, of which 37% are based in Zurich.
While the Crypto Valley has delayed an unwavering commitment to fintech and neo-banking, it's not the only city that should be on tech professionals' radars. With its ever-expanding pool of developers and software companies, Switzerland as a nation has become a tech hub paradise. Basel and Lausanne are all home to note-worthy technology companies thanks to their focus on AI, health tech and energy.
The rise of tech start-ups
It’s common knowledge that Switzerland is one of the most expensive places to start a business, due to high living costs. Despite this, the nation has also earnt itself a reputation for being one of the go-to countries for starting a technology company.
In 2022, investment in tech startups skyrocketed by 30%. One of the most notable tech start-ups in recent years is Yokoy, a fintech company that makes the promise of 'Company expenses and credit cards on autopilot'. Founded in 2019, Yokoy already has over 500 customers and their funding totals $107 million.
Other Swiss startups worth a mention include Deploy for their commitment to creating a cleaner world and CUTISS for their contribution to the biotech scene.
What are the key trends?
Several key technology trends are making waves in Switzerland. Wearable technology, for example, is having a huge impact on the Swiss insurance industry. It has the potential to help companies better understand their customers with the use of data, and as a result, manage risk and improve processes.
Despite being known for having a first-class health system, Switzerland is yet to fully harness the power of digitization. But the tides seem to be changing. McKinsey outlined a CHF 8.2 billion opportunity for Switzerland, where bid data, robotics, automation are AI are all used to tackle challenges in the healthcare sector. There’s no doubt Switzerland, known as most the innovative country in the world, will tap into new technology trends to improve elements such as health outcomes, treatment quality, and patient experience and empowerment.
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