Posted by : Tubai Paul
Author Designation : Marketing & PR
From India to Ireland choosing the best overseas education consultants
Indeed, San Francisco, Tel Aviv, and Beijing are the world’s most popular tech hubs and now Ireland is the new addition to the family. With the latest infrastructure, strategic location, structured taxation system and Brexit effect, many renowned companies are shifting their European headquarters from the UK to Ireland. This is now it; there are many reasons to support why Ireland is ranked high in the list of tech hubs.
Businesses expanding into Europe might assume that the Republic of Ireland is one of the region’s major tech hubs by default. In fact, the rise is by design and the rate of growth far more rapid than anyone would have expected.
Ireland is now the number one overseas destination for American tech investment, with foreign direct investment (FDI) topping US$1tn in 2019. On a per capita basis, Ireland’s US $498bn GDP in 2021 makes it the world’s third richest country. That figure has doubled since 2014 and is five times the the GDP in 2000. Ireland enjoyed the fastest growing economy in the EU for five consecutive years.
Ireland may be best known for shamrocks, Guinness and leprechauns, but it’s also gained prominence for something a little different in recent times: its tech industry.
The country has legitimately earned a reputation as an international tech hub, as epitomized by the likes of Facebook, Amazon, Apple, Netflix and Google all setting up their European headquarters in the capital of Dublin. Meanwhile, tech employment in Ireland continues to grow despite global layoffs, and new tech startup levels are at their highest number on record.
Ireland is often referred to as the "Silicon Valley of Europe" due to several factors that have contributed to its emergence as a hub for technology and innovation. Here are some key factors that have contributed to Ireland's reputation:
- Dublin as the center of tech companies
With the favorable taxation system, innovative and supportive business environment, Dublin is not only the EMEA headquarters for the companies like Google, Slack, Facebook, Drop box, LinkedIn, and Zen desk but also home to several start-ups. Besides, Dublin enjoys the advantage in terms of extraordinary talent from the EU and beyond. - Strategic business location
As Ireland is a fast-paced economy; it’s a wise decision to invest in the country. Not only this, *Ireland has the most favorable tax regimes in the world, attracting hundreds of foreign companies to locate here. This increases the demand for a highly educated and flexible workforce to enable global business strategy. Ireland is also considered to be the most globally connected country in the world. - Welcomes overseas talent
Ireland is famous for its business-friendly environment which not only supports the smooth functioning of existing companies but also motivates new companies to set up their operations. Besides, IDA’s visa and work permit assistance programs and welcoming Irish citizens promote multiculturalism thereby providing opportunities to people who plan to relocate to Europe. - The Insight Centre for Data Analytics
The entity combines the skills of well-experienced researchers with the knowledge of industry leaders?to build analytics solutions and next-generation data acquisition for various application streams.
Besides, the entity is one of the largest data analytics centers in the European region. Primarily, it undertakes high-impact research, extracts valuable information from Big Data to provide innovative industry-oriented technology solutions, enables better decision-making and hence leads to the betterment of society. - Irish Research and Development
Irish research and development centers contribute to corporate research projects with public funding. This public research further complements the private research groups, which are also financially supported through IDA’s grant support and Ireland’s 25% R&D tax credit. - The Centre for Research on Adaptive Nanostructures and Nano devices (CRANN)
This is a partnership between foremost researchers in material science and industry to devise the latest materials and technology for multiple sectors like healthcare, manufacturing, ICT and many more. In addition, this is one of the largest research institutions based in Trinity College Dublin and the country’s leading Nano science institute. - Tech history
Ireland's tech history began in the mid-1950s when IBM opened offices in Dublin. Other companies followed, including HP in the 1970s, Microsoft, Dell, and Intel in the 1980s, and SAP and others in the 1990s.
Big tech calls Ireland home
Technology, media and telecommunications (TMT) companies generate 16% of Ireland’s GDP. Large multinational corporations (MCN) employ one in every eight workers in Ireland and account for 80% of corporation tax receipts. Their names are instantly familiar. Facebook, Amazon, Apple, Netflix and Google all have their European headquarters in Ireland and Dublin’s Silicon Docks area is one of the primary European tech hubs.
The tech giants retain the following number of employees around the country:
- Facebook: 3,000 full-time and 3,000 contractors.
- Amazon: 5,000+ employees (including fulfillment).
- Apple: 6,000 employees in Cork.
- Google: 8,000 employees in Dublin.
The influx of big tech companies in Ireland contributes €16bn to the economy each year. Ireland’s tech-heavy focus has proven resilient during recent economic crises, such as the pandemic. The economy expanded 6% during Q2 2022 while the EU average was 0.6%.
Future ahead
In 2008, MasterCard set up its Irish office and since then the number of people employed by the company in Dublin has increased by 880%. Given the growth, the company has bought extra space in Mountain View headquarters in Leopards town on lease till 2026 for their growing number of staff.
Based on the facts, Dublin has become the new home to tech companies and is also set to be MasterCard’s Technology Hub* for the European region with a plan to create 1,500 jobs over the next three years and a new campus site in Leopards town. Since the company is a leader in payments technology, it aims to expand its workforce with significant investments in artificial intelligence, block chain, cyber security, user experience teams, and many more sectors. Broadly, the company plans to recruit technologists with adequate development and software skills to work on impactful and cutting-edge technology projects.
In fact, due to its strong production and exports by the pharmaceuticals and IT sector, the Irish economy has proved to be one of the best performers in Europe in the most uncertain times of COVID-19.
In a nutshell, since the UK economy is experiencing uncertainty around Brexit, there are a lot more opportunities for upcoming tech businesses to call Ireland their European home.
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