A Mass Middle-Class Rise will Shape Asia’s Economic Clout Through 2030
Blog: NASSCOM Official Blog
The new decade, or the TECHADE, brings with itself tectonic global shifts, or MEGATRENDS. We introduced them briefly in our Global Megatrends of the Techade 2020–2030 post.
Nearly 65% of the middle-class population will reside in Asia by 2030, close to 3.5 billion people. As we grow in number, the distribution of economic impact will also shift East, in what we are calling the ASIAN ECONOMIC EMINENCE.
Asia’s Economic Rise Equation
90% of “new” middle-class urbanites will reside in Asia by 2030
+ fastest rising average per capita disposable income of USD 41,000
= Digital-native ‘Asian’ business models
= new FT500 and FT Global 500 Asian companies rising from nothing within a decade
= 50% of global GDP controlled from Asia by 2030
Opportunities: Asians will consume at 9% annual rate of consumption through 2030, nearly 1.7X of the 5.4% current rate.
Technology At Play:
- AI and deep learning technologies to will help create vernacular, hyper-local, and ‘Segment of One’ strategies
- Trust-based fintech solutions using blockchain and cybersecurity will make mass financial inclusion a profitable reality
- Big data analytics, IoT and Edge computing will help with extreme response agility in all situations, while generating rich data sets for any level of analysis
Read all about the five megatrends in this report on “Megatrends Shaping Future Tech Opportunities”.
For more on technology industry outlook and emerging technologies in 2020 and beyond, read our research on “Technology Sector in India 2020 – Techade the New Decade”.
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