SINGAPORE, October 26, 2022 /PRNewswire/ — According to Forrester (Nasdaq: FORR) 2023 Asia Pacific (APAC) Forecasts, out today, geopolitical tensions, global economic pressures and post-pandemic challenges will force APAC companies to prioritize their technology investments in 2023 will struggle to keep up with rising customer expectations for omnichannel experiences and environmental, social and governance (ESG) commitments.
To accelerate growth, APAC companies will sharpen their regional focus by investing in opportunities that reduce their reliance on global solutions. In 2023, for example, the expansion of cross-border trade, investments in digital industrial platforms and the use of new technologies will be the new growth drivers.
Forrester’s forecast reports analyze the dynamics and trends across a variety of topics and industries, including technology and innovation, customer experience, commerce, and ESG. These insights illustrate Forrester’s bold demands for the next year and help business and technology leaders see around the corner and gain a competitive advantage to thrive in the year ahead.
Highlights of Forrester’s 2023 APAC forecasts include:
Regional cross-border trade will grow by 20%. Major economies in the region, such as China, Indiaand South East Asia, rely on modern payment networks. The Regional Comprehensive Economic Partnership (RCEP) agreement will further boost cross-border trade. In addition, modern cross-border payment networks are poised to replace the 50-year-old SWIFT system that the region still uses as its payment infrastructure.
Adoption of digital industrial platforms in the region will increase by 30%. Among APAC business and technology leaders who prioritize platform adoption, 43% use industry-specific cloud solutions. The region’s manufacturing, construction, utilities and other industrial companies currently account for 45% of the global industrial sector. These companies will lead the industry-wide adoption of clouds via digital industry platforms to create sustainable customer value.
Process intelligence will revitalize 20% of failed Robotic Process Automation (RPA) programs. While most large companies in APAC have adopted RPA in the past five years, many are struggling to identify high-value processes to automate. With APAC accounting for 11% of the global process intelligence market, by 2023 one in five companies in the region will adopt process intelligence solutions to revitalize stalled or stagnant RPA programs.
Four out of five new omnichannel programs will fail. After the pandemic lockdowns, companies are reprioritizing the personal customer experience to improve quality. However, the siled nature of most of these efforts will result in disconnected initiatives that fall short of customer demand for real-time, connected and personalized services across all channels.
At least 50 companies in APAC are being penalized for high-performing ESG efforts, with five facing heavy regulatory fines. Value-based consumers are forcing companies to publicly commit to ESG efforts, but the pressure to act quickly will prompt some to misrepresent or exaggerate their actions. The perpetrators face fines of $10 million or more as APAC regulators follow in the footsteps of their US and European counterparts in cracking down on greenwashing.
“As the region tries to deal with the aftermath of the global economic slowdown, we will see the emergence of an APAC that is even more regionally focused on trade and technology strategies than ever before,” he said Ashutosh Sharma, vice president and director of research at Forrester. “Reducing reliance on global solutions will be key to growth in the region. Businesses must focus on accelerating the adoption of technology-enabled solutions to improve the lives of customers, employees and citizens.”
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