Good evening ladies and gentlemen and welcome to the 12th Frost and Sullivan Asia Pacific Awards banquet. I am delighted to be here with you tonight. As always, in our industry, the last 12 months has been very exciting.
We had the largest IPO in history with Alibaba.
We had a datacentre building frenzy.
We had the launch of the Apple watch and the emergence of a definable wearables market.
We had the launch of music streaming services including Apple and Tidal supported by Jay Z and Dr Dre respectively.
We had cybersecurity becoming a major political and military defence issue.
The Internet of Things and helping customers to manage digital transformation have been growing areas of focus in our industry and look set to lead the way over the next few years.
We have already experienced the digital transformation of a number of industries such as music and media.
Indeed, digital technology is radically changing the way we do things.
We are increasingly using mobile devices to manage aspects of our lives from banking to booking flights.
Think how you would have done this before. I used to have a huge CD collection. I have no idea where it has gone. It’s just vanished. Is there some magic CD fairy that collects people’s CDs?
I now stream music. The way I consume music has completely transformed in just a few years.
You probably now use apps on your smartphones to get a taxi. The way you engage with taxi firms has been digitally transformed.
Think of other industries and how they are transforming.
For example, we have recently done work with one of the world’s largest smartphone manufacturers. It wants to understand the role it can play in the transformation of the healthcare industry.
As the cost of healthcare rises and countries wrestle with the challenges posed by ageing populations, much greater focus is placed on preventive care and providing care in the home.
The hospital is coming to you rather than you going to the hospital.
In this new healthcare paradigm, there are huge new opportunities for ICT suppliers.
It is your technology that will enable and drive this transformation.
We also recently undertook a project with one of the world’s largest automotive manufacturers.
It wants to understand how its cars can become more intelligent and who it should work with to achieve this.
It wants its cars to learn and to customise the driving experience for individual drivers.
For example, it learns your typical routes and can drive them for you, taking shortcuts where necessary, if for example, there are roadworks.
It can adjust its route and its driving based on weather conditions.
It can anticipate danger and eliminate accidents.
These are some of the things that today’s automotive manufacturers want to do.
Again, it is your technology that will enable this.
We, at Frost & Sullivan are doing more of this kind of work across all industries.
From our recent experience, we can say that you, are moving into unchartered territory.
Technology firms are being forced to change the way they look at the world and engage with their customers.
For example telecoms companies traditionally report their activities in terms of broad product categories such as mobile or fixed line.
This will change. In a few years telecoms companies, as well as other ICT firms, will report their activities in terms of the vertical markets that they are serving.
You will see revenues primarily segmented for example, by healthcare, by financial services and so on.
At Frost & Sullivan we are working to understand how whole industries are transforming. We are then identifying the opportunities that these transformations offer suppliers such as you, and how your customers can manage this enormous disruption. We’d love the opportunity to talk more about how you see digital technology transforming business and the role you play in helping your customers to benefit from these radical changes.
We’ll discuss these themes throughout this evening.