Emerging Technology - Industry - Asia Pacific Market, Share and Trends 2023-2028

Summary of Emerging Technology

The Asia Pacific region has emerged as a global leader in the development and adoption of emerging technologies. Several countries across APAC are investing heavily in innovative technologies to gain competitive advantages and boost economic productivity. China, India, South Korea, Singapore and other nations have established ambitious national programs and initiatives to promote sectors like — artificial intelligence, blockchain, Internet of Things, augmented/virtual reality, 5G, robotics and more.

Major technology companies from the region are also at the forefront of advancing these technologies. For example:- Chinese firms like Alibaba, Tencent, Baidu and Huawei are making huge investments in AI and contributing significantly to the global AI talent pool. In India, IT giants like –Infosys, Tata Consultancy Services and Wipro are partnering with clients worldwide on digital transformation projects utilizing emerging technologies. South Korean chaebols such as Samsung and LG are manufacturing cutting-edge electronics and deploying new-age networks.

The widespread adoption of digital services by consumers and businesses in APAC has created a massive market for emerging technologies. Sectors ranging from fintech, edtech, healthtech, retail, manufacturing, agriculture are all being revolutionized. It’s estimated the emerging tech market in the region will grow to $1.087 trillion by 2029 from $360 billion currently, representing a CAGR of 12.63%. With continued government backing and an innovation-driven private sector, APAC is well-positioned to lead in developing and commercializing the technologies of the future.

Recent Trends and Insights

Venture funding for technology startups in Asia Pacific reached unprecedented levels in 2022, indicating strong investor appetite for innovative companies. China emerged as the top destination for tech investments, with over $120 billion poured into Chinese startups for the year. India also saw massive funding rounds and had more unicorns than any other country outside the US and China. This funding is fuelling rapid growth in application areas such as :– fintech, edtech, logistics and more.

The adoption of cloud and edge computing infrastructure is enabling more powerful and affordable applications of technologies like :– AI, IoT, AR/VR across various industry verticals. 5G rollouts progressed significantly in major APAC markets, with cellular connectivity expected to reach over 2.8 billion subscriptions in the region by 2025. 5G will lay the groundwork for billions of devices to come online, from consumer electronics to industrial systems.

Issues around data privacy, cybersecurity and equitable access to emerging tech continue gaining prominence. As digital adoption rises, concerns grow over how user data is collected, stored and utilized. Ensuring networks and systems remain resilient against cyber threats is also a priority. There is work to be done in bridging the digital divide within and between countries. Governments are enacting new laws while companies invest in responsible innovation.

Overall, the APAC region demonstrates strong momentum carrying into 2023 and beyond. Continued investments, 5G deployments, and a thriving startup ecosystem will likely see the region maintain its position at the forefront of technology development and integration globally. Challenges exist but so do opportunities for inclusive growth through collaborative efforts across industry, government and community stakeholders.

Product Insights

Several innovative products are emerging that have the potential to transform industries across APAC. Explainable AI (XAI) aims to ensure transparency and understanding of how AI systems reach decisions. As AI adoption grows rapidly in fields like healthcare, finance and autonomous systems, XAI becomes increasingly important to build trust.

Intelligent agents powered by advances in natural language processing are enhancing self-service options and delivering more personalized experiences for consumers. Chatbots and virtual assistants are the face of this emerging trend, supporting customer interactions for leading brands in a cost-effective manner.

Privacy-preserving technologies (PPT) aim to secure the collection, storage and processing of sensitive user data throughout its lifecycle. With data privacy regulations strengthening across APAC, PPT solutions allow organizations to reap analytics-driven insights while assuring compliance and user consent.

Autonomous vehicles continue making strides, with pilot tests of driverless taxis, delivery bots and trucks in various cities. While full commercialization will take time, AVs have the potential to revolutionize logistics networks, urban transportation systems and more. They also provide an example of how emerging technologies can work together through sensor fusion and edge computing.

Overall, these innovative products exemplify how organizations are leveraging the latest advances in areas like :– AI, cloud and robotics to develop solutions tailored for the unique opportunities and challenges within APAC markets. With continued R&D investments and enabling policy frameworks, the region is well-positioned to lead globally in both technology development and deployment.

Key Companies

Some major players within this vast domain of industry are

• Megvii
• Kelton Global
• Hanwell Holdings
• Securelytics
• Group8
• Cyfirma
• Ant Group
• Lufax
• Paytm
• Xiaomi

Regional Analysis

The Asia Pacific region has emerged as a global powerhouse for emerging technologies. As per the market share statistics, China currently accounts for the largest portion of the total APAC emerging tech industry valued at $1.087 trillion. Specifically, China holds a 37.6% share amounting to $390 billion in 2023. China’s massive domestic market, strong government backing for innovation and presence of technology heavyweights have made it the dominant force.

India follows in second place with a 21.3% share of the APAC pie, which translates to $221 billion. India is a hotbed of startup activity with the second-largest tech startup ecosystem globally. Robust private sector participation and initiatives like Digital India are fuelling the country’s rise.

Japan comes in third with a 14.2% market share valued at $147 billion. As an early adopter of technologies, Japan leads in areas such as robotics, AI and renewable energy. Other major country-level emerging tech hubs in the region include Indonesia, South Korea and Australia. Indonesia’s digital economy is one of the fastest growing in Southeast Asia. South Korea and Australia have highly developed innovation ecosystems as well.

The figures indicate the APAC region has developed diverse national strengths, from China’s scale to India’s entrepreneurial zeal. Continued investments and cross-border collaborations present opportunities to further accelerate progress. While language and regulatory barriers exist, the region demonstrates strong collective leadership of the global emerging tech revolution.

Market Segmentation

By Type:

• Information Technology
• Biotechnology
• Robotics and Automation
• Internet of Things (IoT)
• Nanotechnology

By Industry/Application:

• Healthcare and Life Sciences
• Finance and Banking
• Manufacturing
• Energy and Environment
• Transportation

By Market Segment:

• Startups and Innovators
• Corporate Enterprises
• Government and Public Sector
• Research and Development
• Consumer Electronics

By Country:

• China
• India
• Japan
• Indonesia
• South Korea
• Australia

Our Methodology

We have offered a well-founded review of the Asia-Pacific’s regional emerging technology market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.