In every sector, innovation is the inevitable next step. Companies everywhere are under immense pressure to generate new product and service innovations even faster than before.
What was once revolutionary has quickly become the norm, and organisations are beginning to realise that they need to be able to move just as fast to stay ahead of increasingly saturated markets. Which brings to mind, how then can today’s companies reinvent the wheel?
Home to the world’s largest population of Internet users and bolstered by a thriving mobile-savvy millennial generation, Asia is leading the pack.
IDC forecasts that Asia Pacific (excluding Japan) will represent the largest market for innovation accelerators, reaching more than US$600 billion by 2020. We explore the key driving forces—‘M factors’ as we call it—leading innovation in Asia and how these will continue to shape device innovation as we know it today:
MILLENNIAL EXPECTATIONS
Millennials are taking over. A recent report by PwC found that Malaysian millennials make up 40 - 50 per cent of the workforce.
For companies looking to capture their attention, they need to realise that millennials bring an entirely new set of expectations to the consumer market. They want things wherever they are, whenever they want it.
The rise of the “sharing-market” has also lessened the need for millennials to own things. This has led to the emergence of an “experience economy” — where personalised and interactive experiences are top priority.
This story is from the May 2018 edition of SME Magazine Singapore.
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This story is from the May 2018 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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