As we move into 2024, the APAC region has high expectations for technological advances. We know that new technology is impacting every area of business, but where are the game-changing roles and what type of services will attract the attention of investors in 2024?
Media and Advertising
On a global basis, hyper-personalised advertising is a new trend, allowing more focused interactions with potential customers using AI and generative AI. This can potentially create a vast media ecosystem across the APAC region, allowing businesses to broadcast their services and products to the masses. However, there are several challenges, which include:-
· Maintaining content quality
· Accessing targeted traffic
· Quality, standardisation and transparency
· Automation with holistic measurement strategies
For many, it is the use of generative AI which will make the difference between successful and unsuccessful campaigns. However, the quality of generative AI advertising is increasing constantly, and quality is likely to succeed over quantity.
Software development
A number of software companies have been discussing the growing developer community in Singapore. Even though Singapore already has a strong position in AI and generative AI, there are ongoing programs backed by the authorities to increase the number of software practitioners.
We only need to look to the likes of Vietnam to recognise the importance of solid foundations in cutting-edge technology as digitised economies become the norm. As Singapore continues developing the technology community, this will likely attract overseas investment, increasing economic activity and productivity. While many efficiency gains are already evident across the Singapore economy, the ongoing development of software and new technology will further enhance these.
Data management centres
The APAC region has long been at the forefront of cutting-edge technology, which has prompted significant growth in data management and storage centres in recent years. Data storage requirements across the APAC region are anticipated to double by 2025, challenging current infrastructures and encouraging considerable investment – failure to do so will limit scalability.
AI computing is a significant factor in the growing demand for storage facilities, with many governments looking at a unified data ecosystem across the APAC region. This would enhance the broader APAC economy, encouraging further trade between APAC countries and strengthening the region's already strong position on the global stage. One note of caution; companies and governments have already identified the need to balance the adoption of cutting-edge technology with environmental responsibilities – could this be the year ESG makes a real difference?
Cyber security
There is constant growth in physical IT infrastructure and the number of companies, governments and individuals adopting cloud-based services. While this will increase data storage requirements, there will also be a renewed focus on cyber security to avoid potentially damaging threats. While AI will be heavily involved in cyber security developments, rather than a total focus on AI-led services, the IT management industry is taking a more AI-human hybrid approach.
It is likely that 2024 will also see the rollout of more mobile network services based on the 5G model. To put this into perspective, 4G mobile networks offer speeds up to 50 Mb per second, while the 5G networks are likely to do more than a gigabyte per second. The difference is night and day, which also brings reliability and cybersecurity issues.
Summary
Technology is revolutionising economies worldwide, and the APAC region is at the forefront of many of these developments. Consequently, we will likely see increased investment in FinTech opportunities, incorporating media services and cyber security, as well as growing interest in physical attributes such as data management and storage centres and wider IT infrastructure. Don't underestimate the power of new tech and the difference it can make to economies, creating foundations for the future development of a digitised world.