Malaysia’s Big Data Analytics Market to Grow to US$1.9b by 2025?

 

The big data analytics (BDA) market in Malaysia is expected to grow to US$1.9 billion (about RM7.85 billion) in 2025, from US$1.1 billion in 2021, according to Malaysia Digital Economy Corp’s (MDEC) commissioned study by IDC.

The study noted that the services sector will contribute 64% of total data-driven spending, with the banking and telecommunications sectors contributing nearly a third, MDEC noted in a statement on May 10. With Covid-19, the demand for data and cloud services surged more.

“COVID – 19 has been a true game-changer in terms of demand for BDA which is backed by the surging demand for data and cloud services, both accelerating digital transformation and enabling business sustainability,” MDEC investment and brand Senior Vice President and Chief Marketing Officer, Raymond Siva said in an Edge report. Companies investing in BDA would continue to expand their presence by having Malaysia as a base for its regional and global businesses and operations to manage its core functions.

“As Asia maintains its momentum as the fastest growing region in the world, we see investors’ confidence in Malaysia’s digital ecosystem continue to soar amid the global pandemic. Existing companies have also started reinvesting in Malaysia,” Siva said.

Engagement of the private sector is essential in attracting the desired level of digital investment into the country. Through public-private partnership, programmes such as Premier Digital Technology Institution (PDTI), Industrial Skills Framework (IndSF) and Digital Skills Training Directory were introduced to better equip the local workforce with in-demand and rapid growth digital led jobs ranging from online content creation, data science and analytics, and programming.

These programmes could further accelerate development of digital talents as part of MDEC’s efforts to push Malaysia to make the digital leap into the era of the Industrial Revolution 4.0 (IR4.0). MDEC is committed to supporting talent development in BDA, as the agency believes it helped Malaysia’s talent and economic players to tap into the global economy worth US$13 trillion revenue by 2030.

What could hinder the plan? Politics of course! We have an innate ability to send talent overseas because the local environment is not conducive to enterprise. So, if they do remain in Asia it will be the likes of Singapore that gain talent and enterprise. We remain a good starting and training ground for many.

 

Reference:

1.     Arjuna Chandran Shankar, MDEC’s commissioned study shows Malaysia’s big data analytics market expected to grow to US$1.9b by 2025, 17 May 2021, The Edge

2.     MDEC eyes high – value big data, analytics market, 11 May 2021, The Sun Daily

3.     Mdec Confident Growth Of Digital Economy Will Continue To Strengthen, In Line With Gdp Performance, 12 May 2021, https://mdec.my/