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PR Newswire

Forrester: Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion

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The Asia Pacific region will see the fastest growth; six countries forecasted to have the largest GDP growth are in Asia

SINGAPORE, Jan. 19, 2024 /PRNewswire/ — Forrester’s (Nasdaq: FORR) Global Tech Market Forecast, 2023 To 2027, reveals that as economic conditions continue to improve, technology spend will grow 5.3% in 2024 — up from 3.5% in 2023. Two factors will primarily contribute to this growth: Increased spending on software and IT services, including generative AI (genAI), cloud, security, and digital, and economic growth in Asia Pacific. By 2027, software and IT services will capture 69% of global tech spend, with investments in genAI software predicted to reach $227 billion by 2030 at a 36% compound annual growth rate. Asian countries, especially India, the Philippines, Vietnam, Indonesia, Malaysia, and China, will see the fastest tech spend growth in 2024.

Global tech spend is expected to reach $4.7 trillion in 2024, with growth occurring across all regions:

  • Asia Pacific will grow 5.7%. India is one of the largest exporters of technology services: IT exports will reach $194 billion in 2023, and total technology and service industry revenues could reach $350 billion by 2025.
  • North America will grow 5.4%. Software and IT services will capture 60% of US tech spend in 2027, up from 53% in 2018. Financial services and healthcare will see the fastest tech spend growth in 2024, with more modest growth in retail, manufacturing, transportation, and logistics.
  • Europe will grow 5.1%. After a challenging 2023, the European economy will recover in 2024 to grow almost double the rate compared to the previous year. Longer term, European tech spend will see 5.1% to 5.7% growth from 2024 to 2027, driven by higher enterprise digital maturity and more advanced cybersecurity adoption.

“Technology companies faced significant economic headwinds this past year, but 2024 promises a better outlook,” said Michael O’Grady, principal forecast analyst at Forrester. “Asia will see the fastest economic growth due to India’s growing IT export market as well as significant investments in tech innovation. Similarly, in the US, heavy investments in emerging technologies through the development of three primary CHIPS and Science Act agencies will fuel tech spend growth. In Europe, greater investment in cybersecurity and the EU’s Coordinated Plan on AI will help the region bounce back. Demand for cloud and AI is strong across all regions, with genAI expected to boost the tech market over the next three years.”

Resources:

About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

PR Newswire

SOFTSERVE NAMED AS A CHALLENGER IN 2023 GARTNER MAGIC QUADRANT FOR CUSTOM SOFTWARE DEVELOPMENT SERVICES, WORLDWIDE

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Recognized for our ability to execute and completeness of vision

SINGAPORE, Dec. 14, 2023 /PRNewswire/ — SoftServe, a premier IT consulting and digital services provider, today announced it has been named by Gartner® as a Challenger in the 2023 Magic Quadrant™ for Custom Software Development Services, Worldwide. SoftServe was recognized for its ability to execute and completeness of vision.

“SoftServe is celebrated across the Asia Pacific region as a trusted partner for some of the world’s leading technology providers and enterprises,” said Wen Huang, SoftServe’s APAC CTO. “Our approach involves a holistic perspective encompassing business acumen, user experience, cloud and data engineering, along with cutting-edge technologies – such as Generative AI – that enable our clients to build award-winning digital products and transform their businesses.”

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct.

In the vibrant landscape of Asia Pacific, SoftServe has been a stalwart, providing advanced expertise to clients in various industries, including Banking, Financial Services, and Insurance (BFSI), gaming, and more. The region has witnessed SoftServe’s commitment to delivering unparalleled support and fostering innovation in software development. For more than 30 years, SoftServe’s clients have relied on advanced expertise from a global team of high-caliber technology experts to provide unparalleled support and burgeoning innovations in software development.

“We believe SoftServe’s recognition as Magic Quadrant Challenger culminates from the depth and breadth of our technical capabilities, decades of experience, and exceptional engineering talent that delivers world-class value to our clients every day,” Wen Huang said.

The Magic Quadrant evaluation is based on criteria for the vendor’s ability to execute and completeness of vision. Read the report to learn why we are recognized and to learn more about the insights Gartner provides for the Custom Software Development Services market.

View a complimentary copy of the Magic Quadrant report to learn more about SoftServe’s recognition here.

###

Gartner Disclaimer

Gartner, Magic Quadrant for Custom Software Development Services; Luis Pinto, Deacon D.K Wan, Gunjan Gupta, Jaideep Thyagarajan, Ben Pring; Published 27 November 2023.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

ABOUT SOFTSERVE

SoftServe is a premier IT consulting and digital services provider. We expand the horizon of new technologies to solve today’s complex business challenges and achieve meaningful outcomes for our clients. Our boundless curiosity drives us to explore and reimagine the art of the possible. Clients confidently rely on SoftServe to architect and execute mature and innovative capabilities, such as digital engineering, data and analytics, cloud, and AI/ML.

Our global reputation is gained from more than 30 years of experience delivering superior digital solutions at exceptional speed by top-tier engineering talent to enterprise industries, including high tech, financial services, healthcare, life sciences, retail, energy, and manufacturing. Visit our website, blog, LinkedIn, Facebook, and X (Twitter) pages for more information.

PR Newswire

INDONESIA MUST ACCELERATE DELIVERY OF DIGITAL STRATEGY TO ACHIEVE GOVERNMENT’S “TOP 10 GLOBAL ECONOMY BY 2030” AMBITIONS, SAYS GSMA REPORT

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The new report from the GSMA, published at its Indonesia Digital Nations Summit in Jakarta, evaluates Indonesia’s progress to becoming a digital nation and recommends action points to accelerate progress

JAKARTA, Indonesia, Dec. 9, 2023 /PRNewswire/ — The Indonesian government has made strong steps towards becoming a leading digital nation, according to a report published today at the GSMA’s Indonesia Digital Nations Summit in Jakarta. However, the country needs to adopt a “whole-government” approach and be more joined-up around critical policy requirements, if Indonesia is to achieve its goals of digitally transforming society and becoming a top 10 global economy by 2030.

By doing so, Indonesia stands to unlock circa $18 billion in investment from the mobile industry between 2024 and 2030, mostly on 5G networks. This, in turn, is expected to contribute $41 billion to GDP over the next six years.

As part of its key recommendations, the GSMA report, entitled “Forging a resilient digital nation: Proposals for Indonesia’s future”, analyses Indonesia’s journey to becoming a digital nation and recommends action points the government and industry must expedite to achieve this transition. Above all, the report outlines opportunities to improve and accelerate progress in each of the five pillars – Infrastructure, Innovation, Data Governance, Security and People – that will help it meet its ambition to becoming one of the world’s top digital nations.

Digital nations incorporate digital technologies and services into all sectors of the economy, with the aim to drive productivity and improve the livelihoods of citizens. 5G is a key component of the infrastructure required to power future digital nations, given its ability to deliver reliable network-based services and enable the emerging technology that will help to reshape the local economy and modernise industries.

Julian Gorman, Head of APAC at the GSMA, said: “While Indonesia has achieved notable success in its journey to become a digital nation, transforming the country’s digital ecosystem won’t be possible without the necessary investment from the private sector. To unlock this, a whole-government approach is needed to ensure the right measures are in place which encourage this, including incentivising infrastructure investment, simplifying sector-specific fees, and cutting red tape.”

Despite the country consisting of over 18,000 islands, Indonesia has achieved an expansive network of digital infrastructure with 96% of the population now covered by 4G networks. However, 5G mobile connectivity will be crucial to achieving new economic targets and investment will require “policy imperatives” to accelerate the rollout of 5G infrastructure, where it is needed the most. These recommendations include:

Ensuring sustainable investments in digital networks

The rollout of 5G is set to drive an increase in smartphone demand and data traffic. In Indonesia, shipments of 5G models grew 54% in Q3 2023 and accounted for 19% of the total. However, operators’ ability to expand network capacity and coverage is often hindered by regulatory constraints, market structures and excessive tax burdens. This has created an investment gap where market conditions for private investment in telecoms networks are not favourable enough to meet ambitious national and regional digital policy targets.

Therefore, the GSMA report calls on all parts of government to work together with industry stakeholders to:

  • Encourage voluntary infrastructure sharing (passive and active) to reduce the cost of network rollout, particularly in difficult terrains.
  • Reduce red tape for obtaining the necessary permits and right-of-way (RoW) for cell-site location and fibre deployment to ease network rollout, particularly 5G densification. For example, the amendment of RoW rules in India in 2022 has been credited for the rapid rollout of 5G and fibre infrastructure in the ensuing months.
  • Reduce and simplify sector-specific taxes and fees (including tower taxes and tower building permission fees, and various fees imposed by municipal authorities) to ease the cost burden of network rollout and operations and ensure the financial sustainability of the mobile industry.
  • Provide policy incentives to encourage investment in infrastructure. In South Korea, government incentives in the form of tax credits and tax reductions for operators announced in 2020 helped unlock investment of around KRW25.7 trillion ($22 billion) in 5G networks.
  • Allow further consolidation in the telecoms sector to drive synergies and the scale required for expansive infrastructure rollout.

Achieving sustainable spectrum pricing

As recently warned by the GSMA, Indonesia also risks a $14 billion (IDR 216 trillion) productivity loss to its economy, unless it focused on ensuring future mobile spectrum prices are sustainable. It therefore recommends that:

  • Reserve prices are set conservatively below estimates of market value to enable price discovery and reduce the risk of unsold spectrum.
  • Government reviews the formula for calculating annual spectrum fees (BHP IPFR) and consider adjustments to the parameters to provide the right long-term incentives and avoid disproportionate increases in costs that are not aligned with evolving market conditions.
  • A clear spectrum roadmap is laid-out that considers not only current bands being planned but also the longer term needs for Indonesia, especially for mid-bands in the 2025–2030 timeframe. Greater certainty around the availability of spectrum and associated conditions is crucial for operators to prepare investment plans, secure financing and develop strategies for network deployment and service delivery.

The Indonesia Digital Nations Summit

The report findings were published as the GSMA hosted its Indonesia Digital Nations Summit at The Westin Jakarta. To download the Indonesia Digital Nations report, please click here.

Indonesia has emerged as a key player in the global community, and the full-day event provided a platform to explore the country’s digital landscape in the context of its digital ambitions and cultivate engagement aimed at harnessing the potential of its digital ecosystem.

The GSMA welcomed a distinguished roster of speakers to the stage for several keynotes, fireside chats, and panel sessions on topics such as the vision for digital Indonesia, the role of telecoms networks in supporting its digital future, and the potential for 5G in the country.

About GSMA

The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation foundational to positive business environments and societal change. Our vision is to unlock the full power of connectivity so that people, industry, and society thrive. Representing mobile operators and organisations across the mobile ecosystem and adjacent industries, the GSMA delivers for its members across three broad pillars: Connectivity for Good, Industry Services and Solutions, and Outreach. This activity includes advancing policy, tackling today’s biggest societal challenges, underpinning the technology and interoperability that make mobile work, and providing the world’s largest platform to convene the mobile ecosystem at the MWC and M360 series of events.

We invite you to find out more at gsma.com

PR Newswire

Big Science Art: Openverse’s black hole spins visualization on NATURE journal

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HANGZHOU, China, Nov. 1, 2023 /PRNewswire/ — The following is a report about Openverse originally published by WSJ.China.

Humanity has always been curious about the supermassive black hole in the center of the galaxy. “A black hole is the most ideal and simplest celestial body to verify the correctness of the theory of general relativity, it occupies a significant position in theoretical physics.” Cui Yuzhu explained why the scientific community has persistently studied the black hole problem during the century since the theory’s emergence.

Since enrolling as a doctoral student in 2017, Cui Yuzhu’s research direction has been firmly anchored on the M87 black hole. In the same year, she participated in the Event Horizon Telescope Project (EHT) to work on data and picture processing. In addition, she is also responsible for processing and analyzing data from the East Asia VLBI Network (EAVN) composed of telescopes in China, South Korea, and Japan. Via the Event Horizon Telescope observations, Cui Yuzhu can obtain information on micro-scales and slightly larger scales, including observations of black hole scales and jet structures.

The first author of the paper "The M87 black hole is confirmed to have spin" Cui Yuzhu. The Co-founder of OPENVERSE, digital designer Budda. The Schematic diagram of the tilted black hole accretion disk model, produced by OPENVERSE's independent Big Science and Art Studio intouchable®
The first author of the paper “The M87 black hole is confirmed to have spin” Cui Yuzhu. The Co-founder of OPENVERSE, digital designer Budda. The Schematic diagram of the tilted black hole accretion disk model, produced by OPENVERSE’s independent Big Science and Art Studio intouchable®

Cui Yuzhu found the M87 black hole jet shows a periodic swing of about 11 years, and the swing amplitude is approximately 10°. “Demonstrating this breakthrough result via visualization was not smooth, I was learning 3D software and planned to make this cover myself.” Cui Yuzhu said with a smile. At this time, Cui Yuzhu encountered the Openverse founder, former senior IP lawyer Jo Xu (Xu Wen), and co-founder digital designer Budda. Based on the simple schematic diagram and detailed text description hand-drawn by Cui Yuzhu, the Openverse team used AI-empowered patented technology to quickly complete the rendering from sketch to flat 2D to 3D stereoscopic drawing. The most significant difficulty in the process was the alignment of ideas between designers and scientists due to widely differing knowledge backgrounds. The digital designer Budda said: “Scientists have very high requirements for the accuracy of model performance, including which angles should be selected to show the precession of the accretion disk, and how much it swings, all of which must be able to correspond to the observation data. This scientific research result visualization has a strong visual impact, like a graphic artwork. This is where Openverse shows its talents as a soul painter.”

This image released with the discovery of the spin of black hole M87 has received enthusiastic attention from all over the world. ” As Smart IP Maker, what we are doing is not simply to use technology to do the ‘transformation of scientific research results’ or ‘cross-border cooperation in science and art’, but to use the power of IP to start a sustainable value cycle, “Budda said, in his view, scientific discoveries themselves have great IP potential, just as the famous astronomer Carl Sagan launched world-renowned popular science works ‘Cosmos,’ which are not only timeless but also have incredibly high commercial value.

After the visual realization of this accretion disk precession model picture, Dr. Cui Yuzhu, who has made intellectual contributions, can use it permanently and free of charge in the academic and popular science fields. Openverse focuses on this black hole IP’s development, management, and commercialization, “such as making IP into a digital art collectible with part of the revenue donated to scientific research institutions including Zhijiang Laboratory,” Budda said, “This mechanism is similar to that of donors or sponsors supporting potential artists and researchers in the 15th century Renaissance period.” At the same time as the interview was being conducted, the 10,000 digital collectible of the “M87 Black Hole Jet Accretion Disk Precession 3D Model” was sold out within 1 second by Openverse on the Whale Explorer platform.

When we asked Openverse how the “Make Science Popular” slogan came up, Budda answered: “The European Renaissance Movement inspired it.” The Openverse team looked back at that period of human civilization, which shows that art and science were not as distinct as they are today but were integrated and intertwined. This inspired the Openverse team to initiate the concept of “Big Science and Art.” After accumulating strength for decades, Chinese science and technology is experiencing an explosion of results. Budda said: ‘We jokingly say to the scientists, if you save time on drawing pictures, you may win the Nobel Prize earlier, and Openverse hopes to become the name behind the most Nobel laureates.”

Finally, we asked Cui Yuzhu: What is the significance of the research on black holes to ordinary people? She smiled: “Today, people will ask about the significance of studying black holes. More than 50 years ago, about the significance of exploring Mars. More than 60 years ago, about the significance of lunar exploration. More than 480 years ago, about the significance of ‘heliocentric theory.’ Many years ago, people would ask about the meaning of ‘geocentrism,’ just like hundreds of thousands of years ago, people would ask about the importance of ‘fire’… so if you look at it with too much pragmatism, it is difficult to get the expected answers in a short period time. The progress of scientific research subtly changes the way we look at the world around us, consolidating the steps of human thinking and scientific and technological progress, and our world view and even the universe.”

In the vastness of the universe, mysterious black holes have never been the limits of human exploration. The fusion of art and science will gradually expand human cognitive boundaries into the lives of every ordinary person, one step at a time.

PR Newswire

New Veritas Research Reveals Nearly Half of Organizations Underestimate Their Level of Risk

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Top risks include data security, economic uncertainty and emerging technologies such as AI

SINGAPORE, Oct. 18, 2023 /PRNewswire/ — Veritas Technologies, the leader in secure multi-cloud data management, today released findings of new research that shows 45% of organizations may be miscalculating the severity of threats to their business. The study, Data Risk Management: The State of the Market—Cyber to Compliance, which polled 1,600 executives and IT practitioners across 13 global markets, provides insights into the most pressing risks, their impacts and how organizations plan to navigate them.

Despite risk factors like interest rates and inflation pressing hard on organizations, ransomware and multi-cloud complexity are also growing concerns for businesses of all kinds. However, when survey respondents were initially asked whether their organizations were currently at risk, almost half (48%) said no. But after being presented with a list of individual risk factors, respondents of all levels recognized the challenges facing their organizations, with 97% then identifying a risk to their organizations.

Notably, 15% of those surveyed did not believe their organizations could survive another 12 months given the risks they currently face. There was a disconnect, however, between the C-suite and those working in the trenches of protecting their organizations’ data, which could point to a communications issue: 23% of senior executives predicted the demise of their organizations in the next year, compared to just 6% of analysts and technicians.

Matt Waxman, senior vice president and general manager for data protection at Veritas, said: “The first step in addressing a problem is recognizing it’s there. When the risks are laid out in black and white, it’s hard to ignore the reality of today’s complex business operating environment. The risks are everywhere and require constant vigilance. While an overwhelming majority of respondents ultimately acknowledged the presence of risks and most said they’re taking steps to address them, the data suggests it may not be enough.”

Clear and present danger

Given the macro landscape and daily news headlines, the survey responses are a clear reflection of the times. Participants identified data security (46%), economic uncertainty (38%) and emerging technologies, such as artificial intelligence (AI), (36%) as the top threats faced by their organizations today from among an extensive list of possible hazards. Traditional threats like competition and a shortage of talent took fourth and fifth place. Geopolitical instability fell even further down the list to seventh place.

AI is proving to be a double-edged sword for organizations. There have been numerous reports over recent months of bad actors adopting AI solutions to create more sophisticated and compelling ransomware attacks on organizations. It has additionally been recognized as a risk factor for businesses who fail to put proper guardrails in place to stop employees from breaching data privacy regulations through the inappropriate use of generative AI tools. Conversely, AI is also tipped to be one of the best solutions for businesses to fight back against hackers since its capabilities can be harnessed to automate the detection of, and response to, malicious activities.

Additionally, 87% of those surveyed admitted they had experienced a negative impact from risks, including reputational and financial harm. When asked which risks had resulted in actual damage to their organizations, data security was again highest, with 40% of respondents attesting to related damages. Economic uncertainty was the second most common risk to have affected organizations, with 36% having been hurt. Damages from competition came in third at 35% and emerging technologies, such as AI, at 33%.

The effects of data security breaches were underscored by the number of organizations who had been hit by ransomware attacks. A sizable majority (65%) said that over the past two years their organizations had been the victims of at least one successful ransomware attack in which hackers were able to infiltrate their systems. Twenty-six percent of those who experienced a successful attack said they did not report it. Breaches that caused a failure to comply with regulatory requirements cost respondents’ organizations, on average, more than US$336,000 in regulatory compliance fines during the last year.

Caught in the crosshairs 

For many respondents, the level of risk is rising. More (54%) were likely to say risks to data security have increased rather than decreased (21%) over the last 12 months. Yet they may not fully appreciate their own vulnerabilities. This perception gap emerges in light of how organizations representing specific sectors assessed their risk versus how their responses were scored via a risk rating scale.

Researchers assigned each respondent a “risk ranking” score based on their answers and what these revealed about their adherence to security best practices. While the public sector ranked as the most at-risk group, just 48% of those respondents rated themselves as being at risk. Similarly, only 52% of respondents from the energy, oil/gas and utilities sector viewed themselves at risk.

Most at-risk sectors

Most at-risk countries/regions

1

Public sector

1

UK

2

Energy, oil/gas and utilities

2

France

3

Media, leisure and entertainment

3

China

4

Construction and property

4

Singapore

5

Manufacturing and production

5

Japan

6

IT, technology and telecom

6

US

7

Business and professional services

7

Australia

8

Financial services

8

Nordics

9

Healthcare

9

DACH

10

Biopharma

10

India

Shoring up their defenses, but are they doing enough?

For organizations aiming to mitigate data security risks, many have increased their data protection budgets as much 30% over the last 12 months. The average data protection and security team size also grew by 21-22 staff members. Eighty-nine percent said staffing levels are now at an adequate level for keeping their organizations secure.

Along with staffing additions, organizations are exploring other ways to fortify their defenses. Despite ranking AI and emerging technologies as a top risk, 68% are looking at AI and machine learning to boost security. Given AI’s dual nature as a force for both good and bad, the question going forward will be whether their organizations’ AI protection can evolve ahead of hackers’ AI attacks.

The research also appears to expose another chink in the armor with more than a third (38%) reporting that they have no data recovery plan in place or have only a partial plan. That presents cause for concern considering nearly half (48%) experienced data loss at least once in the past two years.

Waxman continued: “The caution is for organizations to avoid approaching their data security strategy with a false sense of confidence. The recent spate of high-profile data breaches has proven no organization is immune. If data is like gold dust, guard your treasure. Be prepared with a comprehensive cyber resiliency plan for protecting and recovering your data from edge to core to cloud. Rehearse the plan regularly and recalibrate as needed. Being forewarned is forearmed and by strengthening your data security posture, you can successfully navigate the risks.”

For more survey findings, download the report: Data Risk Management: The State of the Market—Cyber to Compliance.

Research methodology

Veritas commissioned Vanson Bourne to survey 1,600 respondents in August and September 2023 across Australia, Brazil, China, the DACH region, France, India, Japan, the Nordics, Singapore, South Korea, the United Arab Emirates, the United Kingdom and the United States. Respondents held executive or practitioner level positions in organizations of at least 1,000 employees from any sector.

About Veritas

Veritas Technologies is the leader in secure multi-cloud data management. Over 80,000 customers—including 91% of the Fortune 100—rely on Veritas to help ensure the protection, recoverability and compliance of their data. Veritas has a reputation for reliability at scale, which delivers the resilience its customers need against the disruptions threatened by cyberattacks, like ransomware. No other vendor is able to match Veritas’ ability to execute, with support for 800+ data sources, 100+ operating systems and 1,400+ storage targets through a single, unified approach. Powered by Cloud Scale Technology, Veritas is delivering today on its strategy for Autonomous Data Management that reduces operational overhead while delivering greater value. Learn more at veritas.com. Follow us on X at @veritastechllc. 

Veritas and the Veritas Logo are trademarks or registered trademarks of Veritas Technologies LLC or its affiliates in the US and other countries. Other names may be trademarks of their respective owners.

PR Newswire

Majority of Arab youth say social media addiction is leading to decline in mental well-being: 15th annual ASDA’A BCW Arab Youth Survey

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DUBAI, UAE, Oct. 10, 2023 /PRNewswire/ — While the Middle East and North Africa (MENA) has among the highest levels of per capita adoption of social media networks globally, a majority of Arab youth say they are struggling to disconnect, and that social media addiction is negatively impacting their mental health.

Three-quarters of Arab youth say they struggle to disconnect from social media
Three-quarters of Arab youth say they struggle to disconnect from social media

These are some of the key findings under the theme, ‘My Lifestyle,’ of the 15th annual ASDA’A BCW Arab Youth Survey, the most comprehensive study of its kind of the Arab world’s largest demographic, its over 200 million youth, conducted by ASDA’A BCW, MENA’s leading communications consultancy.

This year’s survey reveals that nearly three-fourths (74%) of young Arabs are struggling to disconnect from social media. Additionally, about two-thirds (61%) agreed that social media addiction negatively impacts their mental health. 

The findings of the survey were launched at a special event organised by blinx, the new digital media hub focused on youth in the Middle East, to mark the World Mental Health Day. Sunil John, President, MENA, BCW and Founder of ASDA’A BCW, and Nakhle Elhage, General Manager of blinx, discussed the findings.

Asked which social channels are most important to them, 18% said of the respondents said Facebook, followed by Instagram (17%), WhatsApp (16%), YouTube (13%), TikTok (12%), SnapChat (11%), X/Twitter (8%) and LinkedIn (4%).

But most Arab youth (92%) also said big tech companies such as Meta, Apple, Netflix and Google have ‘too much power’. Similarly, an overwhelming majority (92%) said social media companies need to do more to stop disinformation on their sites.

Despite their struggle to disconnect, many young Arabs are swayed by the prospect of fame via social media, reflecting their ‘soft career’ choices rather than pursue challenging jobs in technology, medicine or engineering.

Asked which field they would want to achieve fame, the highest percentage (13%) of Arab youth said they would rather be famous as ‘a social media influencer.’ The respondents had the option of naming multiple fields from over 30 options including careers in industry, education, business, healthcare, tourism, and others.

To be known as chefs, food critics or food bloggers was equally popular (12%) while 11% each said they would like to be known for their humanitarian work or for their contribution to technology.

Social media as top source of news

Nearly two-thirds (61%) of the respondents said they get their news from social media, but this is a significant drop from 2019 when almost 80% of young Arabs surveyed said they get their news from social channels. Television, however, continues to be the second most preferred source of news – named by nearly half of young Arabs (45%).

Television is the most trusted source of news for young Arabs – named by 89% followed by online news portals (79%) and print dailies (76%). Social media influencers are not as trusted with 42% saying they are ‘not trustworthy’.

Announcing the findings, Sunil John, said: “The overt dependence on social media appears to have left many young people living in a bubble, unaware of the socioeconomic realities. With the highest levels of youth unemployment in the world, it is important for the MENA region to channel the energies of these young men and women into vocational training and quality education for the jobs of the future.”

“In the face of intriguing revelations by the ASDA’A BCW Arab Youth Survey, blinx, with its focus on Gen Z and Millennials across the Middle East, finds these insights particularly enlightening,” said Nakhle Elhage. “As we learn more about Arab youth media consumption habits and preferences from the recent survey findings, we, at blinx, are committed to keeping it real and genuine, away from fake news, misinformation, and disinformation.”

ASDA’A BCW commissioned SixthFactor Consulting, a leading research company, to conduct the 15th edition of the Arab Youth Survey. Face-to-face interviews were conducted with 3,600 Arab citizens aged 18 to 24 in 53 cities across 18 Arab states, the largest sample in the survey’s history. All the published findings are freely available with expert commentaries at arabyouthsurvey.com

Young Arabs would rather be a famous social media influencer, chef or charity worker
Young Arabs would rather be a famous social media influencer, chef or charity worker
PR Newswire

Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges

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  • Major payment delays and high costs of cross-border transactions were listed as the main drivers for local companies to seek improved fintech solutions
  • Among those surveyed, 38% have listed payment digitization as a top priority, with another 29% listing it as one of the top priorities

SINGAPORE, Oct. 10, 2023 /PRNewswire/ — A recent study on B2B cross-border payments by global fintech leader Rapyd has revealed that nearly 1 in 2 businesses in Singapore expressed a strong need for innovative fintech solutions to tackle business concerns.

Despite the accelerated adoption of digital payments across businesses and consumers in recent years, there is a consensus among local businesses that fintech solutions can be further improved to better serve their specific needs. While innovations have been made within consumer payments, they have not been carried over to B2B transactions. Many Singapore businesses making B2B payments still rely on expensive wire transfers and slow bank transfers to make and receive payments overseas, hindering the efficiency of cross-border transactions.

In the latest report by Rapyd, titled “2023 State of B2B Cross-Border Payments in Singapore“, Rapyd dove into the payment preferences and obstacles of 100 B2B businesses in Singapore. The Singapore report is part of a larger global research study by Rapyd, which gathered insights from 715 business proprietors and payment decision-makers across key markets, including Brazil, Canada, Germany, Mexico, Singapore, the UK, and the US. The overarching objective of this research study was to assess the prevailing sentiments regarding market conditions, the cross-border payment complexities confronting B2B enterprises, and the potential role of fintech solutions in addressing these challenges.

Singapore businesses maintain confidence on global outlook

Singapore businesses have emerged as cautious optimists when it comes to their perceptions of market conditions. Approximately 60% of respondents from Singapore expressed confidence in prevailing market conditions, indicating a measured level of trust in their business environment.

Moreover, while the majority of the markets surveyed have listed inflation, increasing interest rates, and market volatility as top concerns, Singapore businesses have taken a different stance. They have rated market volatility and economic stability as the least troublesome, highlighting their confidence in Singapore’s position as a robust global business hub. Conversely, local enterprises have identified increasing interest rates (53%) and a reduction in incoming work (43%) as their primary concerns. This indicates that Singapore businesses are closely tracking financial developments and their potential impact on the demand for their products and services.

Figure 1: Rapyd: Business Concerns
Figure 1: Rapyd: Business Concerns

Payments take a toll: Singapore businesses reported biggest delays and costlier transactions

One of the ways for companies to increase their profits and tackle financial anxieties is by improving business efficiency and cutting down on operational expenses. Notably, payment delays have surfaced as a substantial operational hurdle experienced by businesses throughout the markets surveyed. Among the seven markets, Germany and Singapore reported the greatest payment delay. Singapore businesses reported a 2 to 10 days delay, and in many cases, even more than 10 days delay in sending or receiving payments (refer to Figure 2 below).

Figure 2: Rapyd - Delay in Cross-border payments
Figure 2: Rapyd – Delay in Cross-border payments

The delays could be attributed to the fact that a significant portion of Singapore enterprises still lean on traditional wire and bank transfers for making and receiving payments. Many businesses have deep-rooted relationships with traditional banking methods and, as a result, gravitate toward these long-standing practices. The resulting delays add complexities to cross-border business operations, impacting cash flow, supplier relationships, and overall business efficiency. Such delays underscore the critical need for efficient and reliable payment solutions to facilitate seamless cross-border transactions.

Further, the Rapyd research also highlighted that 43% of B2B companies in Singapore incur cross-border fees ranging from US$10 to US$25 per transaction. This rate is above the average observed across the surveyed markets, where approximately 36% of businesses face cross-border transaction fees within the same US$10 to US$25 range.

These elevated costs can hinder growth, limit expansion opportunities, and strain resources, posing a direct challenge to firms striving to capitalize on cross-border commerce and highlighting larger inefficiencies in the system.

Figure 3: Rapyd - Cross-border transaction fees
Figure 3: Rapyd – Cross-border transaction fees

48% of Singapore businesses hope innovative payment technology can solve their challenges 

A growing number of businesses in Singapore today realize the imperative for change. Digitization is no longer a luxury but an absolute necessity. Nearly half – 48% – of respondents from Singapore identified ‘Better Fintech Solutions’ as the paramount factor in addressing their most pressing business concerns. This percentage surpasses any other category in Singapore and demonstrates that B2B businesses in the country prioritize fintech as a way to solve business problems more than their counterparts in any other country surveyed.

Despite Singapore being one of the world’s most advanced payment markets, many B2B businesses have yet to adopt digital payments. This presents a valuable opportunity for these enterprises to collaborate with innovative fintech firms and embrace modern payment solutions to harness the full benefits of Real-Time Payment networks and streamline payment processes to enhance their operational efficiency.

Figure 4: Rapyd - Easing payment concerns
Figure 4: Rapyd – Easing payment concerns

Moreover, Singaporean businesses themselves are displaying a strong commitment to digitization, particularly for expediting payment processes. Approximately 38% of these businesses consider it a top priority, with an additional 29% identifying it as one of their primary objectives. This approach aligns with local government initiatives, which have introduced numerous schemes to encourage businesses to digitize and integrate financial technology into their operations.

Arik Shtilman, CEO, and co-founder of Rapyd, shared the company’s commitment to addressing evolving business needs through innovative fintech solutions. He mentioned, “Our latest B2B cross-border payment report highlights Singapore’s strong confidence in its business environment, while also showing a widespread desire for efficient and cost-effective fintech solutions. We understand how important it is to be efficient and adaptable in today’s ever-changing business world. With our recent addition of card acquiring services to our Fintech as a Service platform in Singapore, we’re doubling down on our promise to provide the innovative fintech solutions Singapore businesses are looking for that will empower them on their payment journey and help them handle payment complexities with confidence and ease.”

In September 2023, Rapyd expanded its offerings in Singapore by introducing a card acquiring solution, enhancing its comprehensive Fintech as a Service platform. This addition equips businesses with a unified and efficient platform for accepting a wide array of payment methods, including credit and debit cards, popular e-wallets such as ApplePay, GooglePay, and GrabPay, bank transfers through PayNow, and the ability to conduct international money transfers to over 190 countries via the extensive Rapyd Global Payment Network. Rapyd’s swift onboarding process and strong payment capabilities enable businesses to quickly access the market, enhance cost-effectiveness, and efficiently navigate complex business models.

About the Study (THE STATE OF B2B CROSS-BORDER PAYMENTS)

In 2023, Rapyd conducted a research study to understand the payment preferences and challenges faced by business-to-business cross-border companies in seven markets. The study includes responses from 715 business owners worldwide. The Singapore report focuses on insights from 100 B2B cross-border businesses located in Singapore. The survey, which was administered online, was targeted at individuals responsible for payment-related decisions within medium (50 to 499 employees) and large-scale enterprises (500 employees and over) spanning diverse verticals and industries.

For the Singapore report, please visit here.

For the full global report, please visit here.

About Rapyd

Rapyd lets you build bold. Liberate global commerce with all the tools your business needs to create payment, payout and fintech experiences everywhere. From Fortune 500s to ambitious business and technology upstarts, our payments network and powerful fintech platform make it easy to pay suppliers and get paid by customers – locally or internationally. With offices worldwide, including Tel Aviv, Dubai, London, Iceland, San Francisco, Miami, Hong Kong and Singapore, we know what it takes to make cross-border commerce as easy as being next door. Rapyd simplifies payments so you can focus on building your business. Get the tools to grow globally at www.rapyd.net. Follow: Blog, Insta, LinkedIn, Twitter.

PR Newswire

With nearly 70,000 Units Shipped, Pudu Robotics Leads Global Market as China’s No.1 Service Robot Exporter

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SHENZHEN, China, Oct. 9, 2023 /PRNewswire/ — Pudu Robotics, a global leader in the development, production, and sales of commercial service robots and China’s No.1 ranking commercial service robot exporter, has shipped a cumulative number of nearly 70,000 units as of August 2023, according to the “China Service Robot Industry Research” (the “Report”) published in October by EO Intelligence of EqualOcean. The global sales of Pudu Robotics mainly come from Japan, South Korea, the U.S., Germany, and etc. Covering more than 600 cities in 60 countries and regions, the brand has become one of the largest service robot manufacturers in the world.

EO Intelligence is the professional industry research and consulting service platform under EqualOcean with focuses on forward-looking technology research fields such as AI, big data, and mobile internet. The Report offers insight into the development trends of service robot industry, a sector that’s on the rise with unlimited growth potential – the complementary capabilities of service robots and managing staff can effectively help companies optimize costs, while China’s commercial service robot providers are laying out diverse scenarios with advantages in both technology and pricing.

Global Shipments of Major Chinese Service Robot Manufacturers from Report
Global Shipments of Major Chinese Service Robot Manufacturers from Report

The report points out that in the exploration of overseas markets, Chinese service robot manufacturers have begun to form different patterns from the perspective of global shipment volume. Manufacturers with a global shipment volume of less than 40,000 units are mostly in the startup stage. The companies are just beginning to take shape and are still unable to penetrate the entire industry chain.  For manufacturers with a global shipment volume of 40,000 to 60,000 units, they are in the stage of rapid development. The company’s supply chain system is beginning to take effect, and they have a rich product matrix, and the global market is also expanding rapidly. Manufacturers with a global shipment volume of more than 60,000 units are in the stage of leading the market. The companies possess industry-leading technology and have a complete system of research and development, production, sales, and services.

Leading the global industry with integrated advantages of R&D and customized solutions

Pudu Robotics has two main product lines of delivery robots and cleaning robots as the solid foundation, boasting a diverse portfolio that meets various needs. Its delivery robot BellaBot and cleaning robot PUDU CC1 have won recognition from global customers for excellent performance and user-friendly designs.

Successful products are built on technology and innovation. Pudu Robotics has invested heavily in R&D and independently developed four core components and tackled the full algorithm development for mobile robots, including PUDU OS, PUDU Open Platform, PUDU VSLAM+ and more.

Pudu Robotics offers comprehensive solutions to meet the needs of customers from different industries, it not only provides highly efficient service robot products, but also supports software and services that enable customers to achieve automated, intelligent operations. Its solutions are widely used in the industries of food and beverage, hospitality, healthcare, logistics and more.

“Going global is also about going local, we’re not selling the standard products in the international market, but products, brand, and services that are closely related and inseparable from the local markets, accelerating service robot export has always been one of Pudu Robotics’ key strategies, and by deeply cultivating the two main product lines of delivery and cleaning, we aim to fully satisfy the diversified needs of the market,” said Felix Zhang, founder and CEO of Pudu Robotics.

The market size of commercial service robots has grown robustly in the past few years as a solution to the pain points of service industry. Looking ahead, Pudu Robotics will focus on customized services and scenario-based solutions to transform the business models, driven by technological innovation that continually adapts and expands application scope of service robots.

About Pudu Robotics

Pudu Robotics is a global leader in design, R&D, production, and sales of commercial service robots with nearly 70,000 units shipped in over 60 countries worldwide. The company’s robots are currently in use across a wide variety of industries including restaurants, retail, hospitality, healthcare, entertainment, and manufacturing. Founded in 2016 and headquartered in Shenzhen, China, its mission is to use robots to improve the efficiency of human production and living. For more information on business developments and updates, follow PUDU on Facebook, YouTube, LinkedIn, Twitter and Instagram.

PR Newswire

Trip.com Group Records Soaring International Travel Demand during China’s Golden Week

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  • Outbound travel volume surged by over eight times this year compared to the same period in 2022
  • Long-haul destinations such as Switzerland, Spain, UK, experienced the fastest growth in tourists numbers
  • Cruise tourism a sector poised for growth in 2024

SHANGHAI, Oct. 7, 2023 /PRNewswire/ — Trip.com Group, a leading global travel platform, recorded a significant surge in outbound travel during China’s 8-day Golden Week holiday period, which encompasses both the Mid-Autumn Festival and National Day. Data from Trip.com Group reveals that during the holiday this year, outbound travel volume surged by over eight times compared to the same period in 2022.

The appetite for international travel was particularly evident among younger travellers. Looking at flight booking data, the post-90s remain the dominant group, accounting for nearly 30% of outbound tourists. Meanwhile, the younger post millennium generation, which includes the Gen Zs, exhibited the fastest growth rate, with a 22% share, equal to that of the post-80s generation.

Destinations of choice for Chinese tourists during the Golden Week period continued to include Thailand, Singapore, Malaysia, and South Korea. Notably, long-haul international destinations such as Switzerland, Spain, Turkey, the United Kingdom, and France experienced the fastest growth in tourist numbers compared to the Labour Day holiday in May.

China Travel Guide resource launched for international travellers

The resurgence of international travel has generated a positive ripple effect globally. An increasing number of overseas tourism businesses are gearing up to welcome Chinese tourists. In particular, hotels in more than 15 popular destinations, including Dubai, Paris, and Kuala Lumpur, have offered tailored services such as Chinese language support and payment options exclusively for Chinese travellers.

Additionally, Trip.com recently launched the “China Travel Guide”, a comprehensive guide which includes travel-related information such as hotel reservations, travel advice, transport options, payment methods, insights into popular destinations, and more, enabling international visitors to better explore the beauty of China.

Cruise tourism: A promising growth sector in 2024

Cruise tourism is emerging as a significant growth opportunity in the 2024 tourism market. During the 34th Shanghai Tourism Festival which took place partly during Golden Week, the debut of the first domestically produced large-scale cruise ship, Aida Modu, marked a milestone as being certified all ready to take to the open seas from its Shanghai dock. Domestically, daily ticket sales for its 2024 voyages surpassed 100. The ship’s cruising routes will include ports in Southeast Asia.

International cruise ships returning to Shanghai in 2024, including Royal Carribean’s Spectrum of the Seas and MSC Bellissima, also witnessed a substantial increase in ticket sales.

Jane Sun, CEO of Trip.com Group said, “As international travel makes a strong comeback, we are witnessing a surge in demand from Chinese travellers seeking diverse and enriching experiences abroad. This Golden Week has been a remarkable turning point. The recovery of international flights and the optimisation of visa policies will increase the enthusiasm for travel to overseas destinations. At Trip.com Group, we remain dedicated to providing our customers with seamless travel experiences and helping them discover the beauty and culture of destinations worldwide. At the same time we will continue to collaborate with our partners and promote their offerings to all travellers, including high-spending travellers.”

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here.

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PR Newswire

Harnessing AI to Find Ideal Business Partners in International Trade

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REHOBOTH BEACH, Del., Sept. 23, 2023 /PRNewswire/ — Securing trustworthy business partners in international trade has always been a challenging task, requiring years of meticulous and painstaking groundwork, careful analysis, and the courage to deal with uncertainty. This article explores how cutting-edge AI tools, such as Volza, have been innovatively tackling these persistent challenges.

Evaluating potential partners from their online presence has been a formidable hurdle. There are no foolproof methods to ensure the competency and reliability of these entities based solely on their digital footprint. Conducting in-person visits, although insightful, is both time-consuming and costly. Moreover, transactions with unfamiliar buyers could result in bad debts, while dealings with unknown suppliers might yield subpar products or even lead to a total loss of the advance payment.

These hurdles are particularly daunting for professionals in the export-import industry aiming to broaden their global trade reach. In response, an AI-Powered tool like Volza allows professionals to strategically use the power of artificial intelligence and machine learning to navigate these challenges and make informed decisions. Volza provides an extensive global trade database, including complete shipment details through bills of lading. This tool arms users with essential information about active exporters and importers, capturing years of their export-import experience, current buyers and suppliers, transaction frequency, ongoing orders, shipment volumes, pricing, consignment numbers, and an exhaustive trade history. With this wealth of data, users can confidently assess and choose suitable business partners.

Vijay Sethia, Director of Chamanlal Sethia, one of India’s foremost rice exporters, testifies to the transformative impact of these tools. According to Sethia, the introduction of trade data portals has empowered them to dramatically expand their business operations. Gone are the days of protracted struggles, with years spent on marketing, traveling, and product sampling. Today, importers and exporters can swiftly map out their market, efficiently identifying trustworthy and reliable business partners in just a matter of hours.

While other trade databases like Panjiva and ImportGenius offer similar services, they seem to cover fewer countries. A glance at the Volza website shows that it provides trade data for more than 80 countries, while Panjiva and ImportGenius support a trade base across 10 and 14 countries, respectively.

Michael Robinson, Director of Volza, emphasizes their mission to expedite the entire process of identifying suitable business partners. “We aim to make it quicker, more cost-effective, and feasible. Users can bypass years of relentless effort, elevating their businesses to new heights with confidence, and in a fraction of the traditional timeframe,” he explains.

Platforms like Volza also overcome the obstacle of procuring direct contact details for key decision-makers. Whether it’s the export head, import head, or other relevant stakeholders, Volza’s built-in function provides access to their contact information and even links to their LinkedIn profiles.

In conclusion, AI’s integration into international trade is ushering in a transformative era. Platforms like Volza are making the identification and evaluation of business partners more efficient and reliable. By offering extensive trade data and essential contact information, these platforms are setting new benchmarks in the sector. It’s clear that AI-powered trade data tools are more than clever business strategies; they are now a prerequisite for success in the globalized marketplace. As AI and Big Data technologies continue to evolve, their impact on facilitating international trade will only expand, heralding a future where global business expansion is seamless and confident.

About Volza:

Founded in 2017, Volza is dedicated to propelling global business expansion for export-import companies. Harnessing advanced analytics and dashboard tools, Volza unveils hidden opportunities and threats, empowering import-export businesses to thrive in today’s competitive market. As an industry disruptor, Volza offers access to comprehensive global trade data, facilitating confident decision-making. Discover more at https://www.volza.com/.