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Forrester: APAC Tech Spend To Grow 7% Annually, Reaching US $876 Billion In 2027

2024/6/11 12:25:35

Spending in AI-augmented software and services will outpace other IT categories

SINGAPORE, June 11, 2024 /PRNewswire/ -- Forrester's (Nasdaq: FORR) Asia Pacific Tech Market Forecast, 2023 To 2027 reveals that technology spending in Asia Pacific (APAC) will remain robust and grow by a Compounded Annual Growth Rate (CAGR) of 6.4% to 7.4% per year from 2024 to 2027, reaching US $876 billion in 2027.

Over the next few years, software spending will continue its rapid growth, followed by spend on IT services, communications equipment, and computer equipment. The share of software purchases will climb from 26.4% in 2024 to 30% of total tech spend in 2027, outpacing the other IT categories due to demand generated by AI and AI-augmented enterprise software and services.

In 2024, Forrester projects tech spend growth across countries in the Asia Pacific to be: 

"While challenges such as regulatory environments, global economic conditions, and talent shortages in the region present hurdles, overall, the APAC market is well-positioned for tech growth," said Leslie Joseph, principal analyst at Forrester. "As the region continues to grow in importance in the tech world, new opportunities offered by the explosion of AI and the increased demand for cloud can be significant revenue and growth drivers for firms."

Resources: 

About Forrester 
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; more than 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

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