60% of market leaders in Asia Pacific will have systematic digital innovation programs and investments by 2027, says IDC

By 2027, 60% of market leaders will have systemic, structured digital innovation programs and investments that support ongoing iterative innovation, enabling growth, scale, agility, and resilience, according to IDC, a global provider of market intelligence and advisory services focusing on the information technology, telecommunications, and consumer technology markets

This is just one of IDC’s predictions unveiled in its latest report IDC FutureScape : Worldwide Future of Digital Innovation 2023 Predictions – Asia/Pacific excluding Japan ( APeJ ) Implications.

The pace of digitalization and innovation has accelerated in the Asia Pacific region after the pandemic, as many countries have eased the restrictions. Many APeJ companies are advancing into the digital world by exploring high-impact use cases across industry sectors. According to IDC FERS Survey 2022, more than 40% of organizations will continue to deliver innovative digital products or services at a faster pace compared to the last 2 years.

Competition from global counterparts and the emergence of the digital ecosystem driven by personalization has compelled APeJ enterprises to invest in strengthening their innovation capabilities.

“The imminent shift towards a data-first approach, collaboration with business partners, and support from government authorities will create a resilient, secure, and trusted environment for unlocking multiple growth opportunities in terms of revenue, customer experience, and digital innovation during a global crisis (war, inflation, and recession),” says Dhiraj Badgujar, Senior Research Manager, Future of Digital Innovation and DevOps, IDC Asia/Pacific.

By 2024, the top five companies in each sector will be those that used technology to innovate their way out of a global crisis such as a recession or supply chain disruption, IDC predicts. It also predicts that by 2024, 30% of businesses that build innovative algorithms to glean intelligence from unique data sets will deliver successful new product offerings and pricing models; and tap new customer segments.