Digitalization

[New] By 2025, banks will lose out on $280 billion in payment revenue due to competition from digital payments and non-banks.
[New] The average spend per digital consumer will be around US$390 by 2025, over three times more than last year.
[New] The number of Southeast Asian digital consumers has grown exponentially and their consumption habits are shaping today's new norm and looking forward, online spending is expected to triple by 2025 and reach close to US$ 150 billion.
[New] The impact of digital adoption on businesses has never been more apparent with five years of digital acceleration condensed into one year and in Malaysia we are expecting approximately four million new digital consumers in 2020.
[New] Almost 70% of Southeast Asian consumers will go digital by year-end and the growth of digital consumers in Southeast Asia is expected to reach around 310 million by year-end, with millions more expected to join in the coming years.
[New] Ecommerce is giving retailers hope: In the U.S., online retail sales are expected to grow 18% in 2020, driven by an increasing number of digital buyers and a rise in average spending.
[New] As economic challenges remain for both consumers and retailers, digital loyalty will become a prized differentiator as retail markets become increasingly commoditised.
The growth of China's digital economy will reach RMB 60 trillion while the revenue of software and information service industry will reach RMB 13.1 trillion by 2025, demonstrating vast market potential.
The digital workplace market size to grow from USD 13.4 billion in 2018 to USD 35.7 billion by 2023, at a Compound Annual Growth Rate of 21.7% during the forecast period.
Beijing seeks to build on big data analytic technologies and skills to become, by 2030, the global center for AI or, as Chinese leaders call it, intelligentized decisionmaking.
National defense big data undergirds Beijing's longer-term effort, articulated by President Xi in his 19th Party Congress speech, to ultimately become the global center for AI by 2030.
The North American digital respiratory solutions market is expected to grow by 34.4% annually in the forecast period and reach $155.05 million by 2030, driven by the rising demand for respiratory aids and air purification amid COVID-19 pandemic.
The growth in digital advertising will continue on its upwards trend, predicting that by 2022 digital media will account for 55% of the total ad market.
Digital advertising is expected to account for more than half of total global ad spend for the first time in 2020, amid a forecast decline in global advertising investment of 9.1%.
GroupM is forecasting that ad spend will grow by 4.2% (current 2020 ad spend is down 12.9%), with digital ad spend predicted to be up 11.8%.
The global pandemic has driven an explosion in digital payments and demand for new features.
Digital payments and e-wallet adoption are projected to increase rapidly in Singapore over the next two years, comprising 22.5% of all sales by 2021.
The market for big data in the sports industry is expected to reach $4.6 billion by 2025.
Increasing adoption of IoT, AI, big data, machine learning, among others in the healthcare industry is further expected to foster the market growth over next few years.
Google's net advertising revenue is expected to drop for the first time in 2020, allowing Facebook's share of the digital ad market to grow to nearly a quarter.

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Last updated: 20 September 2020