A look at the boom of IoT and the general internet shows that Southeast Asia’s digital economy is set to hit USD$1 trillion by 2030 and the region has said to add 60 million new internet users annually, led by Thailand and the Philippines
- E-commerce, travel, media, transport and food are driving the region’s digital growth, with online spending rising 49% in 2021 to USD$174 billion
- OTT (over the top) businesses are set to shape online shopping to a forecasted USD$234 billion in 2023 versus previous USD$172 billion thus making up 64% of the region’s total estimated digital GMV (gross merchandise value) of USD$363 billion
All of this advancement is taken into perspective when also looking at the speed of the running of the internet. A decade ago the average download time of a webpage was 16 seconds and today it takes only 6 second. And the statistics is the same with music where it took 12.5 minutes on a 56k modem and today only 18 seconds.
With the digital and mobile technology’s continued rise in development the market is faced with a dichotomy of being especially a target for cyber security and have higher inclusiveness. When aiming to serve the market demand as to connect the unconnected, HGC understands the risk of cyber security with it being more a highlighted business issue rather just an IT problem.
It has been stated that the ASEAN region is a prime target for cyber attack because of a boom in the digital economy. The many factors that will proliferate the cyber risks is estimated to affect the top 1000 ASEAN companies which could see them losing close to USD$750 billion in market capitalization. Therefore at HGC we have worked with enterprises in Malaysia, Thailand, Indonesia, etc. amongst many regions to put in place initiatives to address this issue. And in terms of capturing the boom in the South East Asian region, HGC further scaled Eyeball-as-a-ServiceTM to Singapore and the Philippines to support digital globalization and faster market entry by international players to reach 400 million eyeballs in the Southeast Asia.
Therefore it is with acclaim we celebrate HGC’s win in the Titan Business Awards in the platinum category for achievement in product innovation. The Titan Business Awards celebrates business exceptionalism across many categories. Entrants have come from 28 countries amounting to 650 individual applicants. The businesses were all blind judged by distinguished professionals of the international business scene and evaluated on criteria determined by the merits of the Titan business Awards.
