Tech Innovation: What's Next for Businesses in Asia in 2024

Asian enterprises own 87 percent of the top ten patents for solid-state battery. Many firms in Asia are spending a lot of money on developing solid-state batteries that are viewed as the next frontier for the automotive industry.This shows how seriously Asian businesses concentrate on technology research and development.

As new trends in technology appear, digitalization can improve productivity, customer attraction, employee development, changing products and services. Governments across the world are investing in digital economies. From cloud computing to robotics to artificial intelligence to digital currencies, current possibilities and future prospects for businesses and nations are growing. As we approach the end of 2023, let's look at technology-driven industry trends and which ones will have the biggest impact in 2024.

“Artificial intelligence (AI) is transforming many industries in Asia, with countries like China and Singapore spearheading its adoption, from healthcare and finance to manufacturing and transportation. According to IDC's latest Worldwide AI Spending Guide, spending in Asia/Pacific on AI will grow to $49.2 billion in 2026, with a compound annual growth rate (CAGR) of 24.5% from 2021 to 2026,” says Shoaib Syal, Vice President, Multinet Pakistan Private Limited.

Next-Gen Connectivity: Unleashing the Power of 5G across Industries

The advent of 5G technologies is a game changer in how businesses do business and interact. The rise of Asia as a home for groundbreaking 5G will have a huge impact on several sectors. One notable example is the automotive industry where 5G is driving the development and implementation of connected autonomous vehicles. In particular, China leads in deploying 5G.

Companies like Huawei are key to enabling the infrastructure required to advance this technology. This power does not lie solely with traditional car makers but also extends an opportunity for tech firms to collaborate with engineers. For example, Tencent has joined with BMW to integrate 5G into its vehicles thereby adding modern functionalities like real-time traffic updates, remote vehicle tracking and navigation safety. Moreover, the small size and high-speed capabilities of 5Gand are driving growth in augmented reality (AR) and virtual reality (VR) applications. By using this technology, Asian companies have been able to change areas such as health and education. For instance, South Korean SK Telecom has implemented 5G-based VR into medical training where doctors can execute operations in a virtual world. Apart from enhancing medical education, it also contributes towards better patient outcomes.

“Emerging technologies and applications like generative AI, wireless and RF for 5G/6G telecommunication, autonomous electric vehicles, and an increasing focus on environmental sustainability are profoundly accelerating the pace of technological advancement. “SaysJoseph Soo, VP, APAC Sales Applications, National Instruments.

AI and Data Analytics: Decoding Insights for Smarter Decision-Making

The combination of AI and data analytics will continue to change the game for Asian businesses as it provides historical insights and drives decision-making. China and its tech giants, including Alibaba or Baidu, lead on AI innovation, contributing to local growth and popularity. E-commerce is another industry where AI and data analytics change customer experience. Alibaba and the e-commerce platform Taobao use artificial intelligence algorithms to analyze user behaviour and preferences before making further product recommendations. This will not only increase customer satisfaction but also help in raising sales significantly

Companies are exploring how AI-powered conversations may improve customer service by promptly answering clients’ questions. Furthermore, it is essential to note that AI plays a significant role in the healthcare sector across Asia. Practo in India is one example of an organization that has revolutionized healthcare delivery using AI with services

Such as virtual consultations, predictive analytics for disease prevention, personalized treatment plans, etc. This solves access issues in remote areas and offers better; more affordable healthcare solutions. Data analytics is a crucial driver for agriculture as companies use AI to optimize crop yield and resource use.

“With advent of Artificial Intelligence and Machine Learning, decision-making in business has been revolutionised. AI and Data Analytics are now automating tasks and activities which were pre-requisites for decision-making like creating data reports, understanding of trends are now done at much faster speed which is leading to more effective and efficient decision-making models in business.” says Sudeep Chatterjee, Director, Capital Markets Technology, London Stock Exchange Group.

Blockchain Technology: Transforming Trust and Transparency

Blockchain technology has emerged as a disruptor, providing a decentralized and secure way of transacting. Asian companies are increasingly recognizing blockchain’s potential to create trust, transparency and efficiency in various fields. Within the financial sector, blockchain is changing the dynamics of payment and transaction delivery. Singapore, which is recognized for its robust financial ecosystem, has embraced blockchain to expedite swift and safe cross-border payments.

The Monetary Authority of Singapore (MAS) has partnered with banks to develop Project Ubin, which is a blockchain platform for financial settlements. This will reduce transaction costs while mitigating the chances of fraud or mistakes.

Another significant area where blockchain plays a crucial role is supply chain management. Blockchain is being used by many firms in Asia particularly in countries such as South Korea and China to enhance transparency across their supply chains. This ensures that goods move from manufacturing to delivery points while addressing issues like counterfeiting and unethical practices. VeChain, a Chinese blockchain platform, has partnered with many firms in China so as to enable product tracking solutions that ensure that customers can trust what they buy based on its origin and quality.

It is, therefore, undoubtedly true that the innovative technology in Asia is very promising as we look forward to 2024. The combination of 5G technology, artificial intelligence and blockchain will result in a revolution of the industry; stimulate economic growth and position Asian as leaders in global innovation. By embracing and implementing these new technologies, Asian corporations shall not only remain competitive but shall also shape the future business and technology trends globally.