Growth Industries in Asia: the East Leads the Way For Technology
Many Asian countries have a reputation for being tech-savvy and developing new and interesting technologies as well as supplying the whole world with components and products. A few sectors are standing out as growth champions, and each Asian country has its own focus when it comes to industry and business. These industries are riding waves of technological change and making a huge impact in the East (and beyond).
Esports and Gaming
Gaming is massive across Asia and some of the biggest gaming events take place on the continent.
The gambling industry has also continued to grow in certain parts of Asia and this has tied in closely with the esports world. In terms of peak viewership, League of Legends is still leading the way for esports. The most recent LoL Worlds tournament was held in South Korea and had a significant prize pool and loads of in-person attendees. Online, the event set a record for peak viewers, reaching a high of over 6,400,000 people watching the matches.
Esports fans may now have the option of betting on LoL matches if they wish, with lots of different markets offered on these games in the same way that traditional sports were available for betting in the past. Along with LoL, huge games like Dota are very popular and also reach millions of viewers in their big matches and tournaments.
Google estimates that there are as many as 1.5 billion gamers in Asia which is a figure it is hard to get your head around. While gaming is primarily a form of entertainment, it is also a huge industry and businesses involved in gaming (such as Nvidia) are among the biggest companies in the world. Nvidia is an American company, but it is a relevant example.
Tourism and Travel
Many people see the sights of Asia on social media or travel shows and decide that they might want to check it out themselves. With so much going on, it makes sense that there are more and more people from around the world looking to visit. The tourism industry is huge for backpackers and students as well as luxury travel.
Southeast Asia, in particular, is experiencing a resurgence in international and domestic travel. Indonesia and Vietnam are growing in popularity among global tourists and investing in infrastructure to attract visitors. Asia is such a varied and interesting continent that there are lots of areas people want to visit.
Some of the airlines based in Asia are among the biggest in the world already, and in the travel industry, there are new players are entering the market with innovative ideas and helping to grow the tourism and travel industries. Asia has some uniquely historic destinations. Jakarta is an example with lots to offer tourists in terms of historic interest (think temples and amazing historic monuments) but it is also a modern city with modern infrastructure.
Manufacturing
Few would argue the toss on whether Asia is the home of manufacturing or not. Around the world people who buy items like clothing or electronics may see “made in China” or “made in Indonesia” on the tag or packaging.
Manufacturing is now becoming even more modern and embracing technology – the industry has always been a key growth driver in Asia, but the focus is now shifting from low-cost production to high-value manufacturing. Companies are ramping up efforts in advanced manufacturing with innovations like smart factories, using the very latest in technology to improve the processes or even have less environmental impact. The trend is moving towards the production of high-tech goods such as smart cars.
Southeast Asian nations like Vietnam and Indonesia are also emerging as attractive alternatives to China for manufacturing, thanks to lower costs and favorable trade agreements.
Energy and Renewables
Energy production needed a rethink. Luckily, people have prioritized new and greener ways to make energy and electricity – not everyone realizes that China produces around 30% of the world’s renewable energy, and with the global push for green energy, more countries like India are scaling up investments in renewables.
Lots of Asian countries have set ambitious solar energy targets and are trying new technologies to meet their goals. Wind farms are sprouting up along coastlines in many different countries and there are even new technologies, such as floating wind turbines, being tested – once again, Asia is happy to innovate.
Conclusion
Multi-billion-dollar industries have cropped up in Asia as technology grows and there is a hive of innovation in many Asian countries.
Gaming is absolutely huge in the country and there are some gaming giants pushing innovation as millions (or even billions) on the continent of Asia have some interest in this form of entertainment. Other industries like energy and renewables are also growing as we look to more green ways to run the digital world.