Spending on digital technology by organizations in Asia Pacific will more than triple the economy in 2023, IDC Predicts

International Data Corporation (IDC) just announced its top technology predictions for 2023 and beyond, stating that in the next few years, enterprises in Asia Pacific need to slice through storms of disruption brought about by talent gaps, cybersecurity intensity, supply chain dynamics, COVID restrictions, inflation and the risk of recession to achieve their business objectives to reduce costs, increase profits, improve operational efficiency, grow revenue, and improve customer experience.

Aside from C-suites driving digital-first strategies and using technologies to compete and implement digital innovation programs that deliver tangible outcomes at scale and create quantifiable business value, they need to transform their enterprises into becoming resilient digital businesses.

IDC predicts that by 2024, 30% of organizations will have a business continuity crisis management strategy that includes continuous intelligence and enables an agile reaction to future economic shocks and disruptions.

“CIOs need to actively harness their organization’s resilience capabilities to their competitive advantage. They should use this to not only adapt and survive, but more importantly to thrive and deliver financial, supply chain, ecosystem, and sustainability differentiation,” says IDC’s Sandra Ng, GVP and General Manager for Asia/Pacific Research.

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To establish a foundation for operational excellence, competitive differentiation and long-term growth, IDC predicts that spending on digital technology by organizations will grow at 3.5 times the economy in 2023. IDC sees that the traditional recession IT budget playbook of cutting capital expenditure by extending PC and infrastructure upgrades, cutting contract staff, and delaying new projects by one year will not be effective. Instead, the recessionary playbook for 2023 will consist of adopting as-a-service delivery and operating models, leveraging contract staff to address labor shortages, and focusing on high-impact digital business projects.

By 2026, 40% of total revenue for the top 2000 Asia-based organizations will be...