What's intensifying the Digital Revolution in South Asia
South Asia has become a proving ground for technology driven companies as well as enthusiasts looking to tap the digital market.
The digital revolution era is transforming all aspects of businesses and society. The cutting edge technologies & platforms have drastically altered the industry segments. The products/services have a real growth potential in these markets. Internet has been the main contributor to the evolution and growth in the economy in the past decades.
With more than 400 million Internet users and double-digit growth in most segments & countries of the region, the digital sector is booming and attracting a lot of interests.
South Asia is rapidly experiencing growth of the internet, social media and smartphones of-course. What we keep hearing today is excitement about the growth in digital economy, considering cashless transactions, digital lifestyles, adopting smart technologies, app based business etc. This move is sure to generate new insights, new solutions and new opportunities.
The region is constantly seeking new markets and products that bring new technologies and capabilities, and generate scale and synergies.
Why does South Asia present so much opportunity
- The political factors affecting business are often given a lot of importance which can lead to major losses and add a risk factor. Several aspects of government policies can affect business and its growth. This region offers political stability and hence gives a stable platform to global companies.
- South Asia holds on to its top spot as the world’s fastest growing region, with growth set to step up to 7.0 percent in 2019, then 7.1 percent in 2020 and 2021. It is considered to be the growth capital and is a potential market for global companies looking to expand.
- Diversity fosters innovation. The diverse & complex, yet interconnected societies within these countries is shaped by globalisation. These form the fabric of modern society which becomes an integral part when it comes to inviting and accepting new business in the region.
- With a population close to 1.7 billion, there is already a huge market for innovative products and services in the region. To enable progress towards an innovation-powered economy, governments in South Asia are now ready to onboard technology companies, that will define the future of work for citizens of the region.
- Asian Countries have been leading the chart of start-up ecosystem in growth indicators. As investor interest grows in the region, and society is fast catching with tech utilities – such as smartphones, high-speed internet etc, this region has become a melting pot for technology disruptions and ideations. The local startups are ready to collaborate with the global firms for a win-win situation for both.
- Rapid pace of digitalisation offers wide-ranging opportunities. Local strategic enablers and government initiators of the region embraces the opportunities. This collaborative approach with local partners and enablers of digitalisation help global firms to turnaround things in an effective manner.
The relationship of the global companies entering these markets will remain strong because of the diverse culture & societies, democratic values, entrepreneurial vigour, and being the real game changers. The shared passion of acceptance for the global innovations, also helps in strengthening the strategic partnerships within the region.