SINGAPORE, October 26, 2022 /PRNewswire/ — According to Forrester’s (Nasdaq: FORR ) 2023 Asia and the Pacific (APAC) Forecasts published today geopolitical friction, global economic pressures and post-pandemic challenges will force Asia Pacific firms to prioritize their technology investments in 2023. However, despite adopting technology-led solutions to improve the lives of customers and citizens, businesses will struggle to keep up with growing customer expectations for omnichannel experiences and environmental, social and governance (ESG) commitments.
To accelerate growth, Asia Pacific firms will strengthen their regional focus by investing in capabilities that reduce their reliance on global solutions. For example, in 2023, the expansion of cross-border trade, investment in digital industrial platforms and the use of emerging technologies will be the new drivers of growth.
Forrester’s forecast reports analyze dynamics and trends across a variety of topics and industries, including technology and innovation, customer experience, commerce and ESG. These insights showcase Forrester’s bold calls for the year ahead, helping business and technology leaders see around the corner and gain a competitive edge to thrive in the coming year.
Highlights of Forrester’s 2023 APAC forecasts include:
Regional cross-border trade will grow by 20%. Key economies in the region such as China, Indiaand Southeast Asia, accept modern payment networks. The Regional Comprehensive Economic Partnership (RCEP) Agreement will further promote 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.
The adoption of digital industrial platforms in the region will grow by 30%. Among business and technology leaders in APAC who view the use of platforms as a high priority, 43% use industry-specific cloud solutions. Manufacturing, construction, utilities and other industrial firms in the region currently account for 45% of the global industrial sector. These firms will lead industry cloud adoption through digital industrial platforms to deliver sustainable value for customers.
Process intelligence will revive 20% of failed robotic process automation (RPA) programs. While most large firms in APAC have adopted RPA in the past five years, many struggle to identify high-value processes to automate. With Asia Pacific accounting for 11% of the global process intelligence market, in 2023 one in five businesses in the region will adopt process intelligence solutions to revive stalled or bogus RPA programs.
Four out of five new omnichannel programs will fail. After the pandemic lockdown, businesses are re-prioritizing personal customer experience to improve quality. However, the siled nature of most of these efforts will result in disjointed initiatives that do not meet customer demand for connected and personalized real-time services across channels.
At least 50 firms in the Asia-Pacific region will be penalized for performative ESG efforts, with five facing serious regulatory fines. Values-based consumers are pushing firms to publicly commit to ESG efforts, but the pressure to act quickly will cause some to misrepresent or overstate their actions. Violators may receive sanctions from 10 million US dollars or more as Asia Pacific regulators follow in the footsteps of their US and European counterparts and curb greenwashing.
“As the region seeks to deal with the consequences 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,” said Ashutosh Sharma, vice president and research director at Forrester. “Reducing dependence on global solutions will be key to driving growth in the region. Businesses must focus on accelerating the adoption of technology-led solutions to improve the lives of customers, employees and citizens.”
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