Malaysian global business services industry’s revenue to hit US$6.7 bil by 2025 — GBS Malaysia
08 Jul 2022
The Malaysian global business services industry is expected to grow at a five-year compound annual growth rate of 6.2% to US$6.7 billion by 2025, according to Digital Global Business Services Council Malaysia (GBS Malaysia).
The projection is contained in the strategic roadmap entitled “Global Business Services — Malaysia Strategy 2022-2027” which is being spearheaded by GBS Malaysia (formerly Outsourcing Malaysia), a chapter under the National Tech Association of Malaysia (PIKOM), to drive the industry forward.
GBS Malaysia chair Anthony Raja Devadoss said the industry has recorded growth for the past 15 years and is expected to continue growing in the future as Malaysia’s position in high-value digital global business services is pivotal.
He said four key pillars have been identified to help fuel the industry growth. The key areas include digital transformation, automation, data and analytics, and cloud-based services.
“GBS Malaysia resonates with the constant changes in the global business services sector and we must remain relevant with the times in representing our industry in Malaysia for the next five years.
“The report significantly lays out global and local companies’ focus on enhancing the skills of their employees that led to the creation of more than 250,000 trained talent currently, including in the areas of customer experience, digital technology, finance, accounting and human resources,” he told the media at the launch of the Global Business Services — Malaysia Strategy Report 2022-2027 on Friday.
Anthony noted that the industry experienced significant revenue growth and provided employment during the Covid-19 pandemic which started in 2020, and it has continued to grow, based on the report’s findings.
Meanwhile, Malaysia Digital Economy Corporation (MDEC) chief executive officer Mahadhir Aziz said the agency intends to accelerate the growth of the global business services industry to strengthen Malaysia’s position as its hub.
“Along with the heavy support from the government and effective collaborations between public-private partnerships, our nation will be able to assert and consolidate its leadership position in this focus sector,” he said.