The digital era has rattled multiple industries and signs indicate that this is just the beginning.
Disruption is the order of the day as startups offer increased convenience to customers at lower costs, facilitated by the integration of ubiquitous high-speed mobile connectivity, the Internet of Everything and advanced analytics. The barriers of entry have come crashing down with motivated and driven entrepreneurs competing with traditional businesses.
The new innovations are no longer just coming from the traditional epicenters of the various industries.
San Francisco, Beijing, Tel Aviv and Bangalore are some of the cities globally where the clusters of digital startups include entrepreneurs charting the future of industries ranging from finance to space travel.
The examples of industries disrupted by digitalization are all around us.
One of the earliest examples was the media industry impacted by the rise of online publications using real-time online journalism and crowd sourced content.
This has been taken one step further with artificial intelligence (AI) being used to write earnings stories.
Startups like Uber, Grab and Ola have transformed the taxi industry, which in the near future might get disrupted further with the coming of driverless cars.
Customer expectations have also evolved with the advent of new, personalized experiences enabled by digital startups, and there are a growing number of them in Asia.
India has more than 19,000 technology-enabled startups, China has doubled its startup population between 2010 and 2014.
Startup growth is also ramping up in developed countries.
For instance, the number of high-technology or knowledge-intensive startups in Singapore grew by more than 90 percent, since 2004.
In the Philippines, the number of startups is expected to jump to 500 with total valuation of $2 billion by 2020, creating 8,500 high-skilled jobs, enabling 1,250 founders, and acquiring 15.17 million users and 719,737 paying customers.
Enterprises in the region are realizing that they need to innovate fast or get disrupted.