Singapore to benefit by $8.19b from cloud-based technology: Deloitte

For the Asia Pacific as a whole, adoption of cloud technology could contribute US$160b to the economy.

The Singapore economy could benefit by US$6b (approximately $8.19b), or approximately 1% of the gross domestic product, if businesses increase their investment in cloud-based technologies.

This is according to Deloitte Asia Pacific’s latest report, “The cloud imperative, and Asia Pacific’s unmissable opportunities,” which looks into the challenges and barriers, opportunities, and case studies on how cloud is driving business success.

Deloitte surveyed approximately 600 business leaders across Australia, China, Hong Kong, India, Japan, New Zealand, Singapore, and South Korea.

For the Asia Pacific as a whole, the adoption of cloud technology could contribute US$160b to the economy. Public expenditure for cloud will grow at 28% per year, from US$32.1b in 2019 to US$116b in 2024.

“Cloud helps unlock organisations’ digital potential, address multiple challenges, and offers strong foundations to ensure they are prepared to tackle new shocks and future disruption caused by the likes of climate change, increased competition and exposure to cyber risks,” said Deloitte Asia Pacific Cloud Transformation leader Dan Newman.

“Cloud has endless potential to enhance operations, support competitive advantage and drive opportunities for significant business value and growth across the likes of productivity, operational efficiency, new customer segments, market share, revenues and profit. That it can also deliver significant economic benefits makes the argument even more compelling, for individual businesses, for industries, for nations, and for the wider Asia Pacific region,” he added.

Deloitte gave the following outline on how businesses can adopt cloud technology or build on their existing capabilities:

• Set out a leader-led cloud strategy.

• Don’t be held back by legacy systems – look beyond them to realise the cloud’s potential.

• Be bold in experimenting – go further with business innovation.

• Work with partners, do not do it alone.

• Develop a cloud-fluent workforce.

• Rethink risk – it will look different and business leaders need to shift their approach.