Malaysia's big data analytics (BDA) market is projected to experience significant growth, increasing from US$1.1 billion in 2021 to an estimated US$1.9 billion by 2025. Dr. Ian Tan, an associate professor at Heriot-Watt University Malaysia, emphasized the critical role of BDA in driving economic growth and job creation. This trend aligns with the global BDA market, which is expected to reach US$103 billion by 2027 [87241418].
The COVID-19 pandemic has accelerated the adoption of digitalization and data analytics, prompting organizations to leverage data-driven applications. The World Economic Forum (WEF) estimates that these applications could contribute an additional US$13 trillion to the global economy by 2030. In Malaysia, the MyDIGITAL initiative aims to enhance the country's digital economy, further supporting the growth of BDA [87241418].
However, a significant skills gap exists within Malaysia's workforce, with 50% of employees globally needing reskilling by 2025 to keep pace with technological advancements. To address this gap, Heriot-Watt University is offering a 30% scholarship for its BSc (Hons) Information Systems with Data Analytics program, aiming to equip students with the necessary skills for the evolving job market [87241418].
In conjunction with these developments, Malaysia's Investment Development Authority (MIDA) reported attracting RM254.7 billion in investments in 2024, with a notable focus on digital economy sectors. The agency's CEO highlighted the potential for investments in technology and sustainability, aligning with the country's broader economic goals [17cbcc94].
As Malaysia prepares to chair ASEAN in 2025, the region anticipates significant benefits for micro, small, and medium enterprises (MSMEs) through the Digital Economy Framework Agreement (DEFA), projected to create an economic value of US$2 trillion by 2030. This agreement aims to bridge the digital divide among ASEAN nations, ensuring equitable growth across the region [ced4aedd].
The overall GDP of ASEAN is projected to reach US$3.8 trillion in 2023, making it the fifth-largest economy globally, with aspirations to become the fourth-largest economy by 2030. The digital economy within ASEAN is expected to grow to US$1 trillion by the same year, underscoring the critical role of digital transformation in driving economic growth [ced4aedd].
To support this growth, the Malaysia Digital Economy Corporation (MDEC) is exploring new international markets through its GAIN programme, which facilitates entry into 17 global markets. This initiative aligns with the broader goal of attracting investments in key areas such as artificial intelligence, blockchain, and cybersecurity [24964c15].
However, the region faces challenges, particularly from cybercrime, which costs ASEAN economies over US$100 billion annually. Addressing these security concerns will be vital for the sustainable growth of the digital economy [ced4aedd].
The ENS 2024 event in Dubai, taking place from October 13-16, will feature 6,500 companies and 1,800 startups, showcasing Malaysia's commitment to expanding its digital economy on a global scale [24964c15].