China ranked the top of the potential market in the application market among ten Asian countries, mainly because of the huge population using smartphones and high percentage of business participation in mobile software, according to a study by CA Technologies.

The study showed that China has rapid growth in social media and in applications, and China also performed well in the use of mobile payments and e-commerce.

CA Technologies also announced the results of a global study on how business leaders are surviving disruption, leading change and winning in today's application economy.

The study, conducted by Harvard Business Review Analytic Services and sponsored by CA Technologies, identifies specific actions being taken or considered by businesses to compete more effectively.

It also provides insight into how radically business models are likely to change.

Stephen Miles, chief technology officer, Asia Pacific & Japan of CA Technologies, said, "In today's application economy, digital transformation has become pervasive in every aspect of business.

Across Asia Pacific and Japan, organizations are increasingly leveraging modern technology and communications to transform one or more key aspects of the business to achieve a state of digital readiness.

Applications are becoming the primary mode for consumers to connect with businesses. With a high device penetration rate and rising smartphone subscriptions, the region is well-poised to leverage the application economy.

Moreover, the large demographic of millennials who have grown accustomed to the transformative digital technologies that exist currently, will play an important role moving forward fueling the application economy further."

Nearly half (44 percent) of respondents expect their industries to experience significant digital disruption over the next three years; more than a fifth (22 percent) say that significant disruption has already taken place.

Recognizing the pervasiveness and pace of change, about two-thirds (66 percent) of respondents expressed the view that their companies' future depends on the quality of their software.

More than half of all respondents (53 percent) indicated that their companies are already investing or plan to invest in modern technology that will enable them to develop digital products and/or services more quickly, an idea advocated by CA Technologies.

"Without question, the key to building something great is being able to iterate quickly – to be constantly taking customer feedback and improving continuously," said Miles. "Without sustained development velocity, it doesn't matter how good your version one is. That is the whole idea behind continuous delivery and the agile management philosophy that we support for our customers."