MAYASIA BUSINESS OUTLOOK19As per report by EY, consumer usage of FinTech-based services in several important Asia-Pacific markets have increased significantly, doubling or even tripling within a two-year period. Countries such as Hong Kong, Singapore, and South Korea have seen a 67 percent adoption rate, while Australia now stands at 58 percent . However, China remains the leader in FinTech adoption with an 87 percent penetration rate, followed closely by India.Smart CitiesAs urbanization continues to accelerate in Asia, metropolises are investing in smart city technologies to elevate the standard of living for their inhabitants. As per Straits Smart Cities market new research analysis forecast 2030, Asia-Pacific is the most significant shareholder in the global smart cities market and is expected to grow at a CAGR of 25.5 percent during the forecast period.CybersecurityAs businesses and individuals increasingly rely on digital technology in Asia, the importance of cybersecurity is growing rapidly. The Asia-Pacific region has become a prime target for cybercriminals, and governments and organizations are investing heavily in cybersecurity measures. As per Statista, Revenue in the Cybersecurity market is projected to reach US$37.59bn in 2023 and average Spend per Employee in the Cybersecurity market is projected to reach US$47.28 in 2023.Quantum ComputingQuantum computing is an emerging technology with the potential to revolutionize industries in Asia such as finance, logistics, and healthcare. China is investing heavily in quantum computing research and development and is expected to become a leader in the field. As per Business Wire's APAC Quantum Computing Market Report 2022, APAC quantum computing market will grow by 31.9 percent annually with a total addressable market cap of $ 10.5 Billion over 2022-2031.BlockchainBlockchain technology is becoming increasingly popular in Asia, with several countries in the region adopting the technology in various sectors. Blockchain is being used for supply chain management, digital identity, and even voting systems. China has been leading the way in blockchain adoption, with the country launching its digital yuan and investing heavily in blockchain research and development. Other countries like South Korea and Singapore are also investing in blockchain technology, with the latter establishing a regulatory framework for digital asset exchanges and payments.Big DataBig data is becoming increasingly important in Asia as businesses seek to better understand their customers and markets. As per a report by Business Market Insight, The APAC big data analytics market is expected to grow from US$ 77.12 million in 2022 to US$ 194.79 million by 2028; it is estimated to grow at a CAGR of 16.7 percent from 2022 to 2028. Companies are using big data analytics to gain insights into consumer behavior, improve operational efficiency, and drive innovation. Artificial Reality & Virtual RealityArtificial reality (AR) and virtual reality (VR) technologies are gaining popularity in Asia, with several companies and industries embracing the technology. AR and VR are being used for marketing, training and even healthcare. China has been leading the way in AR and VR adoption, with companies like Tencent and Alibaba investing heavily in the technology. Other countries like Japan and South Korea are also embracing AR and VR, with the former using the technology for tourism and the latter for education and gaming. BiotechnologyBiotechnology is yet another burgeoning sector in Asia, with countries like China and South Korea allocating significant investments in biotech research and development. As per a report by Techwire Asia, Asia Pacific's biotech market is expected to expand with a CAGR of 16.8 percent up to 2028.E-commerceE-commerce has been on the rise in Asia for years, with the region's digital economy growing at an unprecedented rate. As per a report by McKinsey and Company, Southeast Asian markets have the potential to maintain strong annual growth rates between 15 and 25 percent over the next five years, with China serving as a benchmark. Currently, the average e-commerce penetration rate in Southeast Asia (excluding food and beverage) is only 20 percent, which implies that there is significant room for growth before reaching China's e-commerce penetration rate of 47 percent. It is projected that the Southeast Asian market will triple in size between now and 2026, with a compound annual growth rate of 22 percent, resulting in a gross merchandise volume of approximately $230 billion.
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