Organisations across Asia Pacific are increasingly turning to cloud innovations as the foundation for their digitalisation efforts, in a strategic move to become faster, leaner, and better at delivering results for their customers, a new study by Cisco and the Boston Consulting Group (BCG) shows.
Titled The Future of Cloud in Asia Pacific, the report highlights that overall cloud spending is expected to reach USD200 billion in the region by 2024 according to Gartner, with investment into the cloud growing at a compound annual growth rate (CAGR) of over 20% since 2018.
Singapore is among the top three markets in Asia Pacific with the largest overall IT spend across applications, platforms, infrastructure, and services. Across ASEAN, economies such as Indonesia, Malaysia, the Philippines, and Vietnam will lead the pack in terms of cloud spending growth at a CAGR of 25% by 2024.
Naveen Menon, President, ASEAN at Cisco, says, “Cisco takes a cloud-neutral approach to capture the many benefits that cloud technologies offer.
“Our full-stack observability capabilities enable our customers to see and manage their infrastructure and applications, connect securely, optimize operations, and improve application experience. Looking ahead, cloud investments will continue to dominate boardroom conversations, with enterprises being the chief architects in their own cloud journey, and in shaping the future of cloud.”