US tech firms plan Asian expansion to secure talent
Some 85% of technology firms in the US have plans to expand internationally soon, with Asia-Pacific markets particularly enticing.
Survey firm Censuswide conducted the research on behalf of international employment solutions company Velocity Global. About 54% of the 500 companies surveyed said they operated in the US only, but this figure was expected to fall to 22% by the end of 2019.
It’s not just new consumers that technology firms are after. Access to talent is also a key reason to expand into international markets, second only to growing the customer base.
Ben Wright, CEO of Denver-based Velocity Global said that people are crucial to the technology, that US tech companies want to ensure they have a presence in markets with the brightest talent.
In the Asia region, China is the clear front-runner for expansion, Wright said. About 57% of US organisations chose the country as the most important outside market, followed by Japan (41%), and India (38%).