Home » News » MDEC eyes high – value big data, analytics market

MDEC eyes high – value big data, analytics market

Photo Credit: The Sun Daily

Malaysia Digital Economy Corporation (MDEC) is optimistic about the big data analytics (BDA) market growth outlook and the significant digital investment opportunities that it can bring, especially in the data technology and service related field.

In Malaysia, MDEC commissioned a study by IDC has forecast the BDA market to grow in 2021 from US$1.1 billion (RM4.5 billion) to US$1.9 billion in 2025 with the services sector contributing 64% of the total data-driven spending, while the banking and telecommunications sector contributing nearly a third.

“COVID – 19 has been a true game-changer in terms of demand for BDA which is backed by the surging demand for data and cloud services, both accelerating digital transformation and enabling business sustainability,” MDEC investment and brand Senior Vice President and Chief Marketing Officer, Raymond Siva said.

He said companies investing in BDA would continue to expand their presence by having Malaysia as a base for its regional and global businesses and operations to manage its core functions.

“As Asia maintains its momentum as the fastest growing region in the world, we see investors’ confidence in Malaysia’s digital ecosystem continue to soar amid the global pandemic. Existing companies have also started reinvesting in Malaysia,” Siva said.

According to MDEC, engagement of the private sector is essential in attracting the desired level of digital investment into the country.

It said supportive government policies and various MDEC led capacity building programmes with local and international partners, MDEC sought to better equip the local workforce with in demand and rapid growth digital led jobs ranging from online content creation, data science and analytics, and programming.

The programmes are implemented through public-private partnership initiatives driven by MDEC such as Premier Digital Tech Institutions, Industry Skills Framework, Digital Skills Training Directory for working professionals, and Data Technology Partnership Programmes with tech giants.

MDEC said these programmes were introduced to further accelerate data driven enterprises and develop digital talent which has been MDEC’s effort to propel Malaysia into the Fourth Industry Revolution era.

MDEC is committed to supporting talent development in BDA, as the agency believes it helped Malaysia’s talent and economic players to tap into the global economy worth US$13 trillion revenue by 2030.

  • The Sun Daily