From biotech and digital health to software, gaming, and green data infrastructure, Iceland's Innovation and Technology sector is growing fast with a keen eye on the future.
From biotech and digital health to software, gaming, and green data infrastructure, Iceland's Innovation and Technology sector is growing fast with a keen eye on the future.
Innovation is in our nature
Innovation is in our nature
Innovation is
in our nature
From biotech and digital health to software, gaming, and green data infrastructure, Iceland's Innovation and Technology sector is growing fast with a keen eye on the future.
A Growing export
Iceland may be known for its raw landscapes and renewable energy, but its most dynamic export is increasingly innovation. As the global economy shifts, Iceland is doubling down on knowledge, sustainability, and creativity. Government policy reflects this priority, with strong support for R&D, startup investment, and international collaboration.
This is a place where innovation and sustainability thrive side by side. Iceland’s 100% renewable energy system powers everything from data centers to biotech labs, proving that carbon-neutral operations are not just possible—they’re practical. The country leads in circular economy solutions, particularly in geothermal utilization and food production.
Entrepreneurs and investors benefit from a flexible, trust-based society, generous tax incentives, and one of the world’s most advanced R&D frameworks. Iceland’s compact size and strategic location between North America and Europe make it an ideal testbed for new ideas and global collaboration.
Of course, innovation doesn’t happen in isolation. That’s why Iceland is committed to attracting global talent and growing its reputation not just as a place to visit, but as a place to live, work, and thrive. With world-class digital infrastructure, a collaborative business environment, and a high quality of life rooted in equality and balance, Iceland offers a compelling home for future-focused professionals.
Whether you’re an investor, founder, or specialist, here are Iceland’s innovative industries where ideas move fast and ambition runs deep
Entrepreneurs and investors benefit from a flexible, trust-based society, generous tax incentives, and one of the world’s most advanced R&D frameworks. Iceland’s compact size and strategic location between North America and Europe make it an ideal testbed for new ideas and global collaboration.
Of course, innovation doesn’t happen in isolation. That’s why Iceland is committed to attracting global talent and growing its reputation not just as a place to visit, but as a place to live, work, and thrive. With world-class digital infrastructure, a collaborative business environment, and a high quality of life rooted in equality and balance, Iceland offers a compelling home for future-focused professionals.
Whether you’re an investor, founder, or specialist, here are Iceland’s innovative industries where ideas move fast and ambition runs deep
Entrepreneurs and investors benefit from a flexible, trust-based society, generous tax incentives, and one of the world’s most advanced R&D frameworks. Iceland’s compact size and strategic location between North America and Europe make it an ideal testbed for new ideas and global collaboration.
Of course, innovation doesn’t happen in isolation. That’s why Iceland is committed to attracting global talent and growing its reputation not just as a place to visit, but as a place to live, work, and thrive. With world-class digital infrastructure, a collaborative business environment, and a high quality of life rooted in equality and balance, Iceland offers a compelling home for future-focused professionals.
Whether you’re an investor, founder, or specialist, here are Iceland’s innovative industries where ideas move fast and ambition runs deep
Life Science
Iceland’s life sciences sector is thriving, with more than 130 companies active in pharmaceuticals, biotechnology, medical technology, and digital health. Since 2019, annual industry turnover has grown by 24% and now exceeds USD 1.9 billion. The sector employs approximately 4,400 people and continues to grow, especially in digital therapeutics, marine-based biotech, and biosimilars.
Iceland’s life sciences sector is thriving, with more than 130 companies active in pharmaceuticals, biotechnology, medical technology, and digital health. Since 2019, annual industry turnover has grown by 24% and now exceeds USD 1.9 billion. The sector employs approximately 4,400 people and continues to grow, especially in digital therapeutics, marine-based biotech, and biosimilars.
The country offers a distinctive environment for innovation and scale-up, driven by close collaboration between academia, healthcare, and industry. Companies benefit from clean energy, rich natural resources, a highly educated workforce, and strong public support for R&D. With 81% of life sciences firms based in the Reykjavík capital area, Iceland is emerging as a Nordic hub for sustainable, high-value life science development.
The country offers a distinctive environment for innovation and scale-up, driven by close collaboration between academia, healthcare, and industry. Companies benefit from clean energy, rich natural resources, a highly educated workforce, and strong public support for R&D. With 81% of life sciences firms based in the Reykjavík capital area, Iceland is emerging as a Nordic hub for sustainable, high-value life science development.
Green Tech
Green Tech
Green
Tech
Iceland is a global leader in renewable energy, with nearly 100% of its electricity and heating powered by domestic geothermal and hydroelectric sources. This foundation has helped the country become a thriving hub for green technology, where clean energy powers everything from data centers to carbon capture and circular economy solutions.
Iceland is a global leader in renewable energy, with nearly 100% of its electricity and heating powered by domestic geothermal and hydroelectric sources. This foundation has helped the country become a thriving hub for green technology, where clean energy powers everything from data centers to carbon capture and circular economy solutions.
The roots of Iceland’s Green Tech sector date back over a century to the harnessing of geothermal heat for homes and greenhouses. Today, the country is home to cutting-edge projects that use innovative CCUS technologies to remove carbon from the atmosphere and support a circular, low-emissions economy.
Innovation is supported by strong public investment in R&D, robust infrastructure, and a culture of sustainability. Iceland’s compact size, stable energy prices, and trust-based society create an ideal environment for scaling climate solutions. From carbon-neutral industrial parks to geothermal-powered food production, Iceland is shaping a greener future—at home and abroad.
Iceland is a global leader in renewable energy, with nearly 100% of its electricity and heating powered by domestic geothermal and hydroelectric sources. This foundation has helped the country become a thriving hub for green technology, where clean energy powers everything from data centers to carbon capture and circular economy solutions.
The roots of Iceland’s Green Tech sector date back over a century to the harnessing of geothermal heat for homes and greenhouses. Today, the country is home to cutting-edge projects that use innovative CCUS technologies to remove carbon from the atmosphere and support a circular, low-emissions economy.
Innovation is supported by strong public investment in R&D, robust infrastructure, and a culture of sustainability. Iceland’s compact size, stable energy prices, and trust-based society create an ideal environment for scaling climate solutions. From carbon-neutral industrial parks to geothermal-powered food production, Iceland is shaping a greener future—at home and abroad.
The roots of Iceland’s Green Tech sector date back over a century to the harnessing of geothermal heat for homes and greenhouses. Today, the country is home to cutting-edge projects that use innovative CCUS technologies to remove carbon from the atmosphere and support a circular, low-emissions economy.
Innovation is supported by strong public investment in R&D, robust infrastructure, and a culture of sustainability. Iceland’s compact size, stable energy prices, and trust-based society create an ideal environment for scaling climate solutions. From carbon-neutral industrial parks to geothermal-powered food production, Iceland is shaping a greener future—at home and abroad.
Blue Tech
Blue Tech
Blue Tech
Iceland’s Blue Tech sector is at the forefront of sustainable fisheries innovation, combining advanced maritime technologies with centuries of fishing expertise. As a cornerstone of the nation’s blue economy, the sector spans fisheries, aquaculture, marine engineering, data analytics and forecasting, food processing, and biotech, driving the smarter and cleaner use of ocean resources.
Icelandic companies have pioneered cutting-edge fish processing systems that use robotics and AI to scan, fillet, and package seafood with remarkable efficiency, reducing waste and maximizing value. By-product innovation has also taken hold, with products ranging from collagen and cosmetics to animal feed and bioplastics being produced from materials once considered waste.
With strong momentum in aquaculture, kelp farming, and ocean monitoring, the sector is expanding into new areas of blue biotechnology and marine data management. Organizations like the Iceland Ocean Cluster play a major role in connecting businesses, start-ups, and researchers to accelerate development and global collaboration.
Backed by clean energy, world-leading fisheries management, and a deep cultural connection to the sea, Iceland is building a model for a resilient and resourceful blue economy.
Iceland’s Blue Tech sector is at the forefront of sustainable fisheries innovation, combining advanced maritime
technologies with centuries of fishing expertise. As a cornerstone of the nation’s blue economy, the sector spans fisheries, aquaculture, marine engineering, data analytics and forecasting, food processing, and biotech, driving the smarter and cleaner use of ocean resources.
Icelandic companies have pioneered cutting-edge fish processing systems that use robotics and AI to scan, fillet, and package seafood with remarkable efficiency, reducing waste and maximizing value. By-product innovation has also taken hold, with products ranging from collagen and cosmetics to animal feed and bioplastics being produced from materials once considered waste.
With strong momentum in aquaculture, kelp farming, and ocean monitoring, the sector is expanding into new areas of blue biotechnology and marine data management. Organizations like the Iceland Ocean Cluster play a major role in connecting businesses, start-ups, and researchers to accelerate development and global collaboration.
Backed by clean energy, world-leading fisheries management, and a deep cultural connection to the sea, Iceland is building a model for a resilient and resourceful blue economy.
Fintech
Fintech
Iceland’s fintech sector is rapidly evolving, blending innovation from startups with the digital transformation of established banks. From mobile wallets and online lending to AI-powered fraud detection, the industry is reshaping financial services through smart, secure, and scalable technologies.
Established Icelandic banks, are
investing heavily in digital platforms and partnering with fintech startups to modernize their offerings. At the same time, emerging companies are gaining global attention for using artificial intelligence to detect financial crime, including money laundering and fraud.
The sector’s strengths lie in digital payments, data-driven lending, and financial analytics, underpinned by a tech-savvy population, a high rate of mobile adoption, and a supportive regulatory environment. Iceland’s compact market makes it an ideal testing ground for new technologies before scaling them internationally.
With growing investor interest and a culture of innovation, Iceland is positioning itself as a rising hub for smart finance solutions tailored to the global digital economy.
Iceland’s fintech sector is rapidly evolving, blending innovation from startups with the digital transformation of established banks. From mobile wallets and online lending to AI-powered fraud detection, the industry is reshaping financial services through smart, secure, and scalable technologies.
Established Icelandic banks, are investing heavily in digital platforms and partnering with fintech startups to modernize their offerings. At the same time, emerging companies are gaining global attention for using artificial intelligence to detect financial crime, including money laundering and fraud.
The sector’s strengths lie in digital payments, data-driven lending, and financial analytics, underpinned by a tech-savvy population, a high rate of mobile adoption, and a supportive regulatory environment. Iceland’s compact market makes it an ideal testing ground for new technologies before scaling them internationally.
With growing investor interest and a culture of innovation, Iceland is positioning itself as a rising hub for smart finance solutions tailored to the global digital economy.
Iceland’s fintech sector is rapidly evolving, blending innovation from startups with the digital transformation of established banks. From mobile wallets and online lending to AI-powered fraud detection, the industry is reshaping financial services through smart, secure, and scalable technologies.
Established Icelandic banks, are investing heavily in digital platforms and partnering with fintech startups to modernize their offerings. At the same time, emerging companies are gaining global attention for using artificial intelligence to detect financial crime, including money laundering and fraud.
The sector’s strengths lie in digital payments, data-driven lending, and financial analytics, underpinned by a tech-savvy population, a high rate of mobile adoption, and a supportive regulatory environment. Iceland’s compact market makes it an ideal testing ground for new technologies before scaling them internationally.
With growing investor interest and a culture of innovation, Iceland is positioning itself as a rising hub for smart finance solutions tailored to the global digital economy.
Gaming
Gaming
With more than 20 studios and 500 developers in a nation of just 400,000, Iceland boasts the highest game developer density per capita in the world. The breakout success of EVE Online laid the foundation for a thriving ecosystem of indie studios and global partnerships, many of which are now launching internationally acclaimed titles.
This close-knit, agile industry is driven by collaboration, creativity, and a player-first mindset. Icelanders are not just making games—they’re playing them too, with the country topping global charts for Steam users per capita. Over 85% of Icelanders under 30 play video games, fueling a deeply engaged local audience.
Supported by one of the world’s most sustainable energy systems and a progressive innovation landscape, Iceland’s gaming sector is attracting new attention from investors, publishers, and event organizers. From immersive VR to tactical MMOs, the country is exporting more than entertainment; it is sharing a vision of play, creativity, and connection.
With more than 20 studios and 500 developers in a nation of just 400,000, Iceland boasts the highest game developer density per capita in the world. The breakout success of EVE Online laid the foundation for a thriving ecosystem of indie studios and global partnerships, many of which are now launching internationally acclaimed titles.
This close-knit, agile industry is driven by collaboration, creativity, and a player-first
mindset. Icelanders are not just making games—they’re playing them too, with the country topping global charts for Steam users per capita. Over 85% of Icelanders under 30 play video games, fueling a deeply engaged local audience.
Supported by one of the world’s most sustainable energy systems and a progressive innovation landscape, Iceland’s gaming sector is attracting new attention from investors, publishers, and event organizers. From immersive VR to tactical MMOs, the country is exporting more than entertainment; it is sharing a vision of play, creativity, and connection.
With more than 20 studios and 500 developers in a nation of just 400,000, Iceland boasts the highest game developer density per capita in the world. The breakout success of EVE Online laid the foundation for a thriving ecosystem of indie studios and global partnerships, many of which are now launching internationally acclaimed titles.
This close-knit, agile industry is driven by collaboration, creativity, and a player-first mindset. Icelanders are not just making games—they’re playing them too, with the country topping global charts for Steam users per capita. Over 85% of Icelanders under 30 play video games, fueling a deeply engaged local audience.
Supported by one of the world’s most sustainable energy systems and a progressive innovation landscape, Iceland’s gaming sector is attracting new attention from investors, publishers, and event organizers. From immersive VR to tactical MMOs, the country is exporting more than entertainment; it is sharing a vision of play, creativity, and connection.
Iceland offers an agile, transparent, and green economy poised for smart growth.
Iceland offers an agile, transparent, and green economy poised for smart growth.
Iceland offers an agile, transparent, and green economy poised for smart growth.
