Asia’s tech spend is surging – four ways to optimise investment
All companies are digitally reliant today, and those that were slow to adopt technology before the pandemic have accelerated transformation plans in the past 24 months.
Extended lockdown periods drove everyone online for work, study, shopping, entertainment, news, and communications, forcing companies to quickly upgrade technologies to meet new consumer behaviours and demands.
Across Asia, companies are embracing this trend. For instance, in Southeast Asia, TechNavio predicts that IT spend in Southeast Asia is expected to increase to US$33.97 trillion from 2021 to 2026, accelerating at a CAGR of 8.4% in the period.
Like all large-scale purchases, spending wisely is recommended for tech stack upgrades. It is far more important to formulate a tech stack strategy, shopping list, and budget that meet your unique needs, rather than blindly getting swept up in the next big thing.
Keeping your wits about you amid surging transformation
It is easy to get carried away by trends, especially when those around you are jumping on any bandwagon without much thought for what they actually bring to the business. This is particularly important for Asia, due to its incredible potential for growth. In Southeast Asia, for example, tech spend is predicted to increase significantly as gross merchandise value is projected to grow by a whopping 20%, reaching US$200 billion. Google’s e-Conomy SEA 2022 report found that the region is on track to hit this milestone three years earlier than expected.
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