The research also found that six in 10 organisations in APAC are keen to expand overseas, be it within the region or in global markets. Of these, more than half plan to begin within the next 12 months.
Six in 10 organisations recently surveyed in APAC are keen to expand overseas, be it within the region or in global markets, new research has revealed.
This research, conducted by Telstra and published on 23 March 2021 (Tuesday), involved more than 400 business leaders across seven markets including Australia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Of the leaders who indicated an intent to expand their business overseas, more than half said they plan to execute their plans for expansion within the next 12 months, even in light of the COVID-19 pandemic.
Within Asia, three markets - China (39%), Japan (32%) and Singapore (29%), emerged top as potential expansion markets, as organisations see these markets as having strong growth potential and digital readiness.
Commenting on this, Oliver Camplin-Warner, CEO Telstra International, said: "It's unsurprising that organisations look to China, Japan and Singapore for expansion. Each country has a track record of strong economic development and a positive outlook for further growth.
"What’s potentially even more enticing is that each of these countries has a strong culture of innovation and collective willingness to embrace shifts in the technology landscape."
Top three reasons for expansion
According to the research, the top three drivers cited for the expansion plans include:
#1 Gaining competitive in-market advantages (36%);
#2 Increasing potential revenue (34%); and
#3 Diversifying revenue streams (34%)
In line with this, the research also showcased the top five ICT investment priorities for organisations when they expand, given the increased spending in this field to accommodate transformative shifts.
The top-most priority was cybersecurity (56)%, followed closely by cloud infrastructure and services (52%), and remote working quality and uptime (50%). And rounding up the list was applications and data (49%), and wireless networks and related services (45)%.
By market, the specific data is as follows: