Market Size of Malaysia Digital Transformation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.98 Billion |
| Market Size (2029) | USD 21.37 Billion |
| CAGR (2024 - 2029) | 18.92 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Malaysia Digital Transformation Market Analysis
The Malaysia Digital Transformation Market size is estimated at USD 8.98 billion in 2024, and is expected to reach USD 21.37 billion by 2029, growing at a CAGR of 18.92% during the forecast period (2024-2029).
- Malaysia is actively adopting digital transformation, reshaping its economic landscape and enhancing its digital economy. Driven by a commitment to innovation, the nation is leveraging advanced technologies to advance its digitalization efforts.
- The Malaysian government is involved in strengthening Malaysia's Digital initiative, aiming to accelerate the growth of Malaysia's digital ecosystem across nine key sectors including digital agriculture, digital services, digital cities, digital health, digital finance, digital trade, digital content, digital tourism, and the Islamic digital economy. These sectors are recognized as growth drivers, holding immense potential to boost Malaysia's digital transformation.
- In 2022, the Malaysian government launched the Malaysia Digital Initiative, focusing on the development of nine key sectors in the country's digital economy. Established by the Ministry of Communications and Multimedia through the Malaysian Digital Economy Corporation (MDEC), the initiative aims to attract companies, talents, and investments. It also seeks to enable Malaysian businesses and citizens to play a leading role in the global digital revolution and economy.
- The Malaysian digital economy is rapidly transforming the business landscape, experiencing significant growth and investment across diverse industries. Startups are driving the digital economy by changing markets with innovative technology and new business models.
- However, Malaysia struggles with a persistent shortage of skilled professionals capable of leading digital transformations. This talent deficit poses a significant challenge for local organizations, hindering their capacity to harness digital tools effectively.
