Emerging markets of conventional and new-age industries continue to experience major activity from China with its innovations, acceptance, and GDP making headline every now and then. However, a considerable amount of investors, consultancies, and startups have turned their attention towards Southeast Asian (SEA) countries in recent times. With the Association of Southeast Asian Nations (ASEAN) registering a combined GDP of $2.4 trillion in 2013, increasing ease of doing business index has invited a substantial number of small and medium enterprises of domains ranging from technology to consultancy to set up shop in the region.
Primarily, the flexible policies and inter-intra trade regulations of ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) have stimulated the corresponding economic growth. As a result, the investor confidence and subsequent quotient of Foreign Direct Investment (FDI) has increased with each passing year. SEA is not confined to favorable regulations, rather it also features an open market for technology driven entrepreneurs.
(Related Read : Data Warehousing- The new way to business insights )
With the fourth revolution casting its shadow on nearly every industry, startups and entrepreneurs working on next-generation technologies have been surfacing every now and then. And unlike China that faces domination in some of its industries by veteran players, SEA offers an open field and lucrative set of opportunities to upcoming ideas. With a levelled playing field, SEA market houses various companies that are doing substantial work in their domain along with a rather open market for internet businesses.
Furthermore, startups prefer SEA region because of its technological adaptability and real-time support alternatives. Consultancies such as Bhavyam Infotech, based in Singapore, help startups, and even established businesses, with services that enable them to adapt to dynamic customer demands. From infrastructure upgrades to strategic thinking and organizational management, leading consulting organizations as well as medium scale ones including Bhavyam Infotech provide external support to not only help startups sail through the hard times, but dedicate their resources to technical innovation, development, service, and troubleshooting.
ASEAN countries like Singapore, Indonesia, and Philippines have maintained a high rank with respect to innovation and technology-ready countries in the world. With consultancies, favorable market, policies, and ever-growing customer base, SEA fosters new ventures to establish themselves in its market while offering sources that help companies cope with increasing demands, in case the company transforms into an idea that appeals to the needs and understanding of masses across the globe.