Switzerland rises to second place in IMD’s 2024 Digital Competitiveness Ranking

Switzerland has reached its highest position yet in the IMD World Digital Competitiveness Ranking, securing second place among 67 countries.

Switzerland has achieved its highest ever position in the IMD World Digital Competitiveness Ranking (WDCR), climbing to second place among 67 economies. The ranking, published on 14 November 2024 by the Lausanne-based Institute for Management Development (IMD), assesses digital competitiveness across three pillars: knowledge, technology and future readiness. Switzerland’s rise reflects its robust performance in high-tech exports, e-participation and cybersecurity, securing its status as a global leader in digital innovation.

This year’s top five countries are Singapore, Switzerland, Denmark, the United States, and Sweden. Switzerland continues to dominate in the knowledge pillar, while improving to fourth place in technology and securing fifth in future readiness. Its strengths in talent development, a solid regulatory framework, and scientific concentration have made it a preferred hub for digital investment and international collaboration.

However, the country’s advancements highlight areas requiring further attention. While Switzerland excels in knowledge transfer, ranking first globally, its performance in funding for technological development is relatively modest at sixth place. It ranks 15th for venture capital availability and 49th for IT and media stock market capitalization, indicating potential barriers to scaling digital innovations.

Setting the standard for global digital innovation

Additionally, key national initiatives like the digital identity (E-ID) and the electronic patient record (EPR) still face challenges. Franziska Barmettler, CEO of digitalswitzerland, emphasized the need for not only investments but also public trust in technology and data security to drive these projects forward: “Building digital trust is essential to secure Switzerland’s long-term competitiveness and develop a sustainable digital infrastructure.”

Switzerland’s progress in the WDCR demonstrates its commitment to fostering a digitally advanced society. By addressing gaps in venture funding and promoting secure, citizen-centric digital solutions, the country can maintain its competitive edge and continue to set the standard for global digital innovation.