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Business Services in Asia Pacific

January 2018

With production of USD2.8 trillion, Asia Pacific is the world’s third-largest business services market by revenue, following North America and Western Europe. Asia Pacific is the fastest developing region in business services globally. Future revenue growth is expected to accelerate due to government support, improvements in investment climate and rising FDI in high-tech business services. China will remain the top performer driving industry expansion.

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Business services revenues are expected to reach record growth over 2016-2025

Asia Pacific is the third largest business services provider after North America and Western Europe. Industry performance has been subdued over 2016-2017 due to a complex regulatory and legal environment, rising labour costs and increasing Chinese protectionism. However, business services turnover is projected to reach a CAGR of 4% over 2016-2025 with government support, improving investment climate and growing FDI in high-tech business services.

China, India and the Philippines are the key contributors to future growth

China will remain the second largest business services market in the world and is forecast to record a CAGR of 8% over 2016-2025. The country is gradually transitioning to a higher value added economy and largely focuses on innovation and high-tech services. India and the Philippines are also expected to witness significant growth mainly due to business and management consultancies, accounting and auditing, and computer and related services expansion.

OECD members in Asia Pacific are projected to grow moderately

Japanese and South Korean business services industries are expected to witness CAGRs of 0.4% and 2%, respectively, over the forecast period. The growth will be moderate as high-tech industries, such as R&D and computer and related services, are largely developed in these economies. In addition, the growth is projected to be lower due to demographic challenges and weak economic outlook in Japan.

Industries remain highly fragmented due to growing role of SMEs

Due to government support, improving business environment and increasing FDI, the number of new entrants is growing rapidly, thus business services industries continue to be quite fragmented in the majority of Asia Pacific countries. SMEs dominate in the business services industries and account for more than 80% of total number of firms.

INTRODUCTION

Scope
Key findings

Production Outlook

Asia Pacific : World’s fastest-growing region in business services
After a slowdown, industry growth will recover in 201 9
Growth prospects in the major Asia Pacific economies
Top performers: China, India and the Philippines
China will drive business services expansion in Asia Pacific over 2016-2025
Asia Pacific specializes in R &D and c omputer and related services

Competitive Landscape

Industries remain highly fragmented due to growing importance of SMEs
SMEs dominate in business services industr y (China)
SMEs dominate in business services industr y (Japan)
SMEs dominate in business services industr y (South Korea)

Country Snapshots

China : production context
Japan : production context
South Korea: production context
India: production context
Singapore: production context
Taiwan: production context
Indonesia: production context
Philippines : production context
Malaysia : production context
Thailand : production context
Kazakhstan: production context
Vietnam: production context
Uzbekistan: production context
Bangladesh : production context
Azerbaijan : production context

Appendix: Competitor Analytics

Competitor Analytics tool
Overview
Competitors
Market Overlap
Treemap
Overlap Matrices

Appendix: Industry Forecast Model

About Euromonitor International’s Industry Forecast Model
Soft drivers and the Industry Forecast Model
Growth decomposition explained
Significance and applications for growth decomposition
Key applications for Industry Forecast Models
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