Also present, PIKOM Research Committee chair Woon Tai Hai (pic above) also noted the impact of the recent depreciation of the Ringgit against the US Dollar and the imminent changes in US policy especially on trade related matters, which may have far reaching dampening impact; depressing an earlier expectation of a more positive outlook for 2017.
According to the ICT Strategic Review 2016/2017, the total ICT value in Malaysia for 2015 of RM155.2 (US$34.77) billion, based on the Average Annual Growth Rate (AAGR) of 8 percent for the period 2010-2015.
"The share of the overall ICT industry to the economy expanded from 16.5 percent in 2010 to 17.6 percent in 2015 and is on track to reach 20 percent by 2020," he said.
Woon said that "the underlying growth in the industry arises from the ICT services (ICTS) sector clocking an average annual growth rate (AAGR) of 11 percent at RM70.2 (US$15.73) billion in 2015 and projected to reach RM77.5 (US$17.37) billion in 2016."
"The ICTS sector alone contributed up to 6.6 percent of GDP in 2015 and is projected to reach 7 percent by end of 2016," he said, adding that it was "important that business and government leaders keep themselves abreast of all these disruptive technologies including the new ones that are coming in the near future.
"While you may not necessarily rush in to adopt them, it is important that you are aware of the impact and implication should you or should you not adopt them," Woon said.
In addition, the Global Business Services sector (also known as the Outsourcing industry) is also now taking a more prominent place in ASEAN. Also, for the first time in its eight year history, the ICT Strategic Review report writes about the growth journey of young and established startups who are making a mark in the industry and perhaps one day in the world.
He said PIKOM has focused on several key technology disruptors in the 11-chapter report, which also covers a broad range of topics such as Big Data, Internet of Things (IoT) and Digital Governance.
"Obviously there is no perfect answer to this and hence, realising that dilemma, PIKOM has decided to adopt this theme - Age of Disruptive Technology for this year's ICT Strategic Review publication," Woon said.
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