February 25, 2024

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China Bolsters Zhejiang’s Software Industry

Zhejiang Province’s software sector has emerged as a leader in both revenue and profitability within China. The province, situated on the country’s east coast, has not only established a distinct presence in the software industry but has also claimed the top spot nationally in terms of financial performance.

According to the 2023 Zhejiang Software Industry Development Report by the Provincial Department of Economy and Information Technology, the sector’s revenue soared to an impressive 915.29 billion yuan (S$128.06 billion) in 2022, securing the fifth position in the country’s industrial landscape.

What sets Zhejiang apart is not just the sheer magnitude of its software industry but the extraordinary profit margins it boasts. The report reveals a profit margin of 24.5%, outshining the national average by a substantial 12.3%. This remarkable feat propels Zhejiang to the forefront of profitability in the country’s software sector, reflecting a business environment ripe for innovation and growth.

Zhejiang’s commitment to technological advancement extends beyond the financial metrics, evident in the strategic development of 96 industrial brains tailored for various industries. Additionally, the province has nurtured 430 provincial-level industrial internet platforms, fostering connectivity and collaboration. The ambitious cultivation of 52 future factories signifies a forward-looking approach, positioning Zhejiang as a hub for cutting-edge industrial developments.

The province’s dedication to digital transformation is not confined to urban centres alone; it extends its benevolent embrace to rural landscapes. Zhejiang’s digital agriculture and rural development, standing at an impressive 68.3% in 2022, have consistently secured the first-place ranking in the nation for four consecutive years. This underscores the province’s commitment to inclusivity, ensuring that the benefits of the digital era permeate every corner, urban or rural.

The success story of Zhejiang’s software industry is mirrored in the staggering numbers of flourishing enterprises. In 2022, over 500 software companies in the province boasted a scale of over 100 million yuan.

Among them, 74 companies achieved a scale exceeding one billion yuan, while an impressive 14 companies soared past the ten-billion-yuan mark. These figures not only highlight the diversity and vibrancy of Zhejiang’s software ecosystem but also exemplify the entrepreneurial spirit thriving in the province.

Moving into 2023, the software and information services industry in Zhejiang achieved an added value of 404.14 billion yuan (S$80.83 billion) in the first three quarters, marking a substantial year-on-year increase of 11.5%. This growth, reflected in official statistics, catalysed a 6.2% increase in the added value of the core industries driving the digital economy.

Zhejiang’s ascendancy in the digital field serves as a beacon, not just for other provinces within China but on a global scale. It’s a testament to the province’s foresight, strategic planning, and unwavering commitment to embracing the digital age.

The ongoing commitment to pioneering innovative solutions and spearheading technological breakthroughs not only solidifies its position as a digital powerhouse but also positions it as a global leader in the ever-evolving digital landscape.

Zhejiang’s success story serves as a blueprint for regions worldwide seeking to navigate the complexities of the digital era, emphasising the importance of strategic foresight, adaptability, and a proactive approach to harnessing the potential of technology.

As the province continues to set benchmarks in digital transformation, its influence extends far beyond national borders, inspiring a collective global endeavour toward a future defined by technological innovation and resilience.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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