Forrester’s Global Tech Market Forecast, 2023 To 2027, technology spending will grow 5.3% in 2024, which increased from 3.5% in 2023 due to increased spending on software and IT services, including generative AI (genAI), cloud, security, and digital, and economic growth in Asia Pacific.
“Technology companies faced significant economic headwinds this past year, but 2024 promises a better outlook,” said Michael O’Grady, principal forecast analyst at Forrester.
Asia logs the fastest growth
“Asia will see the fastest economic growth due to India’s growing IT export market as well as significant investments in tech innovation,” reports O’Grady.
The report predicted Asia Pacific to grow 5.7%, with India becoming one of the largest exporters of technology services. IT exports will reach $194 billion in 2023, and total technology and service industry revenues could reach $350 billion by 2025.
Forrester reports that Asian countries, especially India, the Philippines, Vietnam, Indonesia, Malaysia, and China, will see the fastest tech spending growth in 2024.
Global tech spend
Global tech spending is forecasted to reach $4.7 trillion in 2024 across all regions.
“Demand for cloud and AI is strong across all regions, with genAI expected to boost the tech market over the next three years,” adds O'Grady.
