Silicon Valley has long held the crown as the global epicenter of all things tech. But that status could be starting to shift as more young workers — and women in particular — are betting on fast-growing IT hubs in Asia.

In a new study of 12,000 women developers across 100 countries, tech hiring site HackerRank found that Gen Z workers were up less likely than their older counterparts to view San Francisco as the guiding light for future tech careers.

Gen Z refers to the post-millennial generation, or those born after 1997.

Globally, Gen Z-ers saw Chinese financial city, Shanghai, as one of the world's leading tech hubs within the next five years. Meanwhile, respondents from Asia Pacific specifically were 14 percent more likely to pinpoint India's tech hub, Bangalore, than Silicon Valley, as the IT center of the future.

To be sure, based on responses from millennials and Gen Z across all regions, Silicon Valley remained the number one choice as the global tech center through to 2024. However, the study points to a longer-term shift in the global tech industry as high expenses cause the Valley to lose its charm.

"The cost of living in Silicon Valley is skyrocketing at a rapid pace, causing talent and entrepreneurs to explore other cities and opportunities across the United States," HackerRank's vice president of people, Maria Chung told CNBC Make It via email.