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Asia, with its diverse cultures, vast landscapes, and rapidly growing economies, presents a multitude of opportunities for businesses. However, navigating this complex and dynamic region can be challenging due to the diversity of languages, customs, and regulatory environments across different countries.
At Standard Insights, we specialize in providing reliable market research services to help brands and organizations make informed decisions about their future.
With our unique approach, we revamped essential market research services, prioritizing data quality and transparency. This ensures our clients can access the highest quality insights to inform their decision-making in Asia and beyond.
Our solutions are designed to help you gain knowledge about what Asian consumers feel and want, allowing you to uncover new opportunities and optimize your strategy.
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Asia emerges as the world’s swiftest-expanding economic powerhouse, boasting the largest GDP in both nominal and PPP terms among continental economies. In 2021, Asia’s nominal GDP reached $36.8 trillion, representing 39% of the world’s GDP, while in PPP terms, it surged close to 47.5%, totaling an impressive $68.7 trillion. Furthermore, Asia spearheaded 57% of global GDP growth between 2015 and 2021. This enduring economic momentum has propelled major Asian economies into newfound positions of influence. Notably, China, Japan, and India claim the second, third, and fifth spots, respectively, in global economic rankings.
As global connections deepen, particularly through trade, Asia has emerged as the world’s largest economic and trading region. Indeed, in 2021, Asia represented 53 percent of global goods trade, and between 2001 and 2021, it accounted for 59 percent of trade growth.
Travel and tourism have played a crucial role in boosting employment and economic growth across various Asian countries. The sector saw a significant increase due to factors like a growing middle class, simplified visa processes, and better connectivity.
In 2019, travel and tourism revenues grew by 5.5% to USD 2,971 billion, making up 9.8% of the region’s GDP. Notably, in countries such as Cambodia, Thailand, and the Philippines, tourism contributed to over 20% of the economy. Research also found that between 2014 and 2019, the region created 21.5 million new jobs in tourism.
Over the years, technological advancements have significantly transformed the digital landscape, particularly in Asia. In 2022, Asia witnessed a remarkable internet penetration rate of 67.4 percent, more than doubling the rate observed in 2011. Comparatively, the global average internet penetration rate hovered just below 71 percent in 2022.
The influence of social media extends across the Asian continent. In 2023, the Asia-Pacific (APAC) region stood as the powerhouse of global social media usage, representing approximately 60% of the total user base. Projections indicate a consistent annual growth rate of 2.7% for this region, forecasting an influx of over 59 million new users in 2024. This surge is expected to surpass the combined user base of all other regions worldwide.
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