Asia-Pacific Digital Transformation Market Is Expected To Foresee Significant Growth. China To Lead The Growth
Asia-Pacific Digital Transformation Market is expected to reach the market valuation of US$ 1,334.3 billion by 2027 expanding at a reasonable CAGR of 13.53% during the forecast period (2021-2027) from US$ 558.4 billion in 2020. The process of integrating digital technologies to create new or modifying existing business processes, culture, operations, and customer experience to meet changing business and market requirements is known as digital transformation. Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk.
Digital technologies are dramatically reshaping every industry, several companies are doing large-scale change efforts to capture the benefits of the ongoing digital transformation trend or simply to keep up with their competitors. The rapid and continuous advancement in digital technologies such as AI, ML, IoT & Cloud, among others is redefining society. In recent years, countries in the Asia-Pacific have made significant advances on the path to becoming digital societies. For instance, according to the GSMA intelligence’s digital society index 2019, Japan, Australia, Singapore, and South Korea were cited as advanced countries in terms of the digital landscape and received the overall digital society index score of 72, 75, 76, and 78 respectively. Furthermore, countries such as India, Vietnam, Indonesia, Thailand, and Malaysia were cited in the transition category and are notably performing strongly on the index.
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The collective efforts of government and various digital ecosystem players including mobile operators are working together to invest in the underlying networking infrastructure and deploy innovative digital solutions & services are further propelling the growth of the Asia-Pacific digital transformation market. For instance, according to the leading global technology market analyst firm, China’s cloud infrastructure services market grew 67% Y-O-Y in Q1 2020 and its spending reached USD 3.9 billion. Also, the top four cloud service providers (Alibaba, Huwaei, Tencent & Baidu) in China collectively accounted for 81% of the total spend in Q1 2020.
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Based on end-users, the Asia-Pacific digital transformation market is bifurcated into large enterprises and SME’s. The large enterprise segment accounted for the major market share of about 66.2% in 2020. However, the SME segment is expected to grow at the highest CAGR of 15.13% during the forecast period owing to a large number of small companies in the region and the growing adoption of numerous digital transformation strategies. For instance, according to a survey of more than 1,400 SMEs in APAC, there is a significant increase in digital adoption depicting 16% growth for SMEs intending to integrate digital transformation strategies in 2020, compared to 11% growth last year.
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Based on industry vertical, the market is fragmented into BFSI, healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. BFSI industry dominated the Asia-Pacific digital transformation market and generated revenue of USD 133.4 billion in 2020. However, the healthcare segment is anticipated to grow at the highest CAGR of 16.14% due to the adoption of digital health initiatives in the APAC region which in turn is attracting huge venture capital investment in the digital healthcare landscape. For instance, APAC digital health attracted US$2.3 billion in venture capital funding in the third quarter of 2020, tripling total funding for the same period in 2019, across 237 deals.
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Additionally, the report provides detailed initiatives that are being taken in the field of digital transformation. The market is classified into distinct countries including China, India, South Korea, Australia, Singapore, Japan, and the Rest of Asia-Pacific. China dominated the Asia-Pacific digital transformation market, accounting for nearly 25% share in 2020 as many industry players are adopting digital technologies such as AI, cloud & ML, among others. For example, the Chinese company Midea, worked with Intel to build an AI-based cloud platform to increase the accuracy and efficiency of its product inspection processes.
Asia-Pacific Digital Transformation Market Segmentation
Market Insight, by Component
- Cloud Computing
- Big Data & Analytics
- Disruptive Technology
- Social Media
- Professional Services
- System Integration
Market Insight, by Deployment Type
Market Insight, by End-User
- Large Enterprises
- Small and Medium Enterprises
Market Insight, by Industry Verticals
- Banking Financial Services & Insurance (BFSI)
- Telecommunication & IT
- Retail & Consumer Goods
- Media & Entertainment
Market Insight, by Country
- South Korea
- Rest of Asia-Pacific
Top Company Profiles
- Accenture PLC
- Adobe Systems Incorporated
- Google Inc
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE