Blog post -
NCC Group’s global look ahead to 2022 with Charles Spencer
We’ve interviewed industry leaders from our four key geographies – the UK, the Asia and-Pacific (APAC) region, North America and Europe – to understand the key developments in each region over the last twelve months, and what we might expect from the year ahead and beyond.
The Asia and Pacific region with Charles Spencer, Regional Managing Director
Charles Spencer draws on his experience advising organisations in the Asia and Pacific region, to provide insights into the trends, opportunities and challenges we have seen and can expect in the years to come.
What are the three key developments you saw in the Asia and Pacific region in 2021?
Regulatory change has been a significant driver for security spend in Australia and Singapore, and both governments have strengthened their assurance of infrastructure critical to social and economic stability. As far as I can tell, the cyber security market has largely perceived this change as enabling.
Traditional banking continued its struggle to unlock the enormous potential for value creation in this diverse and eclectic region. Growth and innovation in digital banking and fintech delivered lower cost, access and a greater ability to move capital.
Singapore continued to attract investment from China and United States, with welcomed foreign super-tech firms acting as a magnet for further investment in the region and sustaining the city-state’s global significance. Meanwhile, the Australian security services market was disrupted by private equity-backed M&A and national border closures created a large skilled-talent shortage.
What are the three key developments we can expect to see in the Asia and Pacific region in 2022?
In Australia and Southeast Asia, a focus on securing critical infrastructure and increasing the pool of skilled talent will dominate political agendas. There will be a large focus on re-opening the region, and centralising R&D, higher-education and international co-operation to build vibrant and secure economies may factor.
Southeast Asian nations will issue more digital banking licenses and new fintech operators will further disrupt and connect financial services across the region.
Markets will bounce back to pre-pandemic levels of economic activity. Singapore will rely more on foreign direct investment and private equity from China and the United States, whilst Australia will turn to its government for liquidity in the market. Australia will see another year of M&A and newly formed organisations will aim to strengthen their balance sheets in preparation for a public offering.
Wildcard prediction for 2022 and beyond
5G, the war for talent and sustainability agendas will create global, virtual working spaces based in an augmented reality. Our avatars will go to work.