1. Growing environmental and geopolitical threats will make data sovereignty a primary concern
Cloud adoption has shown no signs of slowing down. In 2023, the cloud market is set to reach US$3.6 billion in Singapore alone – with similar growth trends replicated across other markets in the Asia Pacific (Apac) region as well. Especially as countries in the region pursue Smart Nation ambitions and efforts to grow their digital economy, the cloud will remain a massive enabler for digital transformation in the coming year.
However, this record growth does not come without costs and obstacles to manoeuvre. In 2023 – a year that will be driven by recession worries and extreme cost sensitivity – businesses will need to ensure their cloud strategies are built to scale without compromising security, governance, or agility to respond to the dynamic business environment.
