Asia Pacific became the largest information and communications industry in the world in 2017 with a turnover of USD2.2 trillion. The Asian industry is fuelled by rapid adoption of technologies and countries’ overall modernisation, which will further drive the growth above the global average. China is confidently taking the lead from developed countries, and will account for 86% of the region’s growth over 2017-2030, showing exceptional results in telecommunications and IT services.
In 2017 Asia Pacific became the leading region in the world in terms of turnover generated in the information and communications industry,surpassing North America. Over 2013-2017 it accounted for two-thirds of the total global industry’s growth, thanks to modernising economies and the region’s growing service sector. The 2017-2030 period is set to be no different, driven by ICT’s rising importance in the region’s economic progress.
China is anticipated to drive the industry‘s progress in Asia Pacific, accounting for 86% of the total region’s turnover growth over 2017-2030. Rapidly improving ICT infrastructure quality, growing penetration of modern devices and awareness of technologies will be key factors contributing to performance.
Information and communications’ turnover in developed countries is set to stagnate. Matured economies with low investment in infrastructure, coupled with sluggish GDP growth, will hamper further expansion. Nevertheless,development of advanced technologies in fields such as 5G internet, Internet of Things, Industry 4.0 and other provide some positivity for future growth.
The competitive landscape remains fragmented, as rapid growth in demand spurs the emergence of numerous companies operating in the fields of IT,media and telecommunications. Nevertheless, emerging innovative technologies pose an opportunity for large companies to increase presence.
Trade of services in contrary to trade of goods has typically been small in AsiaPacific due to relatively closed economies and weak companies. The tendency is set to persist, with only Indian and Chinese companies potentially yielding opportunities for stronger growth internationally.
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