Capgemini has published a new report, APAC Innovation Report 2017, which evaluates the state of innovation activities in the Asia Pacific region. Findings indicate a very promising future for Singapore, which offers a wide array of opportunities for growth in the tech sector.
In its recently released publication – APAC Innovation Report 2017 – global consultancy leader Capgemini named Singapore a leader on the forefront of digital technology in the Asia Pacific region. The availability of a wide variety or digital technologies across many industries in the region has grown to become a highly important driver of new revenues and decreasing costs. APAC is undoubtedly one of the fastest growing innovation centres of the world, and companies, entrepreneurs, and venture capitalists around the globe are vying to invest in the region.
Market growth in the APAC region now lies at approximately 4% and an ever-increasing culture of improvement in services and software offerings is helping to foster continued growth. Increasingly, firms are compelled to increase spending on innovation to keep up with competitors. This growing spirit of innovation has set the stage for Singapore, India, and China to experience significant boosts in growth. Meanwhile growth in Australia and Japan is set to grow at half that pace. One thing is certain though – an increase in thought leadership, continuing investments in R&D, and a large talent base are helping to make APAC a prime area for innovative technology.
With respect to opportunities, Singapore has become a vibrant, innovation centre for growth, with strong financial services, stability, market access and a straightforward government for business. The tiny city-state was ranked as Asia’s top financial centre by the Global Financial Centers Index 2016, and boasts a highly developed financial system that is well integrated with the ASEAN region. In 2016, the World Bank classified Singapore as a hub for rapid business incorporation, low start-up costs, world-class infrastructure, and a highly skilled workforce. Singapore stands out as a key area for technological innovation with its strong connections to the ASEAN region, high economic growth, and strong political support for entrepreneurship.
The new APAC Innovation Report by Capgeimini covers four key areas, starting with an introduction to the topic of innovation within the APAC region. Next, the report outlines industries that are experience strong innovative growth, placing particular focus on digital banking, blockchain growth, the market for cloud services, and IoT. The report further addresses the state of research and development in the APAC region, giving special focus to virtual, augmented and mixed reality technologies, AI & chatbots, and cybersecurity. Finally the report outlines opportunities for investment and creative talent, and provides examples of players to watch in the future.
To read or download the full Capgemini APAC Innovation Report 2017 in PDF format, click here.