Forrester: Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion
18 Gennaio 2024 - 11:00AM
Business Wire
The Asia Pacific region will see the fastest
growth; six countries forecasted to have the largest GDP growth are
in Asia
Forrester’s (Nasdaq: FORR) Global Tech Market Forecast, 2023 To
2027, reveals that as economic conditions continue to improve,
technology spend will grow 5.3% in 2024 — up from 3.5% in 2023. Two
factors will primarily contribute to this growth: Increased
spending on software and IT services, including generative AI
(genAI), cloud, security, and digital, and economic growth in Asia
Pacific. By 2027, software and IT services will capture 69% of
global tech spend, with investments in genAI software predicted to
reach $227 billion by 2030 at a 36% compound annual growth rate.
Asian countries, especially India, the Philippines, Vietnam,
Indonesia, Malaysia, and China, will see the fastest tech spend
growth in 2024.
Global tech spend is expected to reach $4.7 trillion in 2024,
with growth occurring across all regions:
- Asia Pacific will grow 5.7%. India is 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.
- North America will grow 5.4%. Software and IT services
will capture 60% of US tech spend in 2027, up from 53% in 2018.
Financial services and healthcare will see the fastest tech spend
growth in 2024, with more modest growth in retail, manufacturing,
transportation, and logistics.
- Europe will grow 5.1%. After a challenging 2023, the
European economy will recover in 2024 to grow almost double the
rate compared to the previous year. Longer term, European tech
spend will see 5.1% to 5.7% growth from 2024 to 2027, driven by
higher enterprise digital maturity and more advanced cybersecurity
adoption.
“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 will see
the fastest economic growth due to India’s growing IT export market
as well as significant investments in tech innovation. Similarly,
in the US, heavy investments in emerging technologies through the
development of three primary CHIPS and Science Act agencies will
fuel tech spend growth. In Europe, greater investment in
cybersecurity and the EU’s Coordinated Plan on AI will help the
region bounce back. Demand for cloud and AI is strong across all
regions, with genAI expected to boost the tech market over the next
three years.”
Resources:
- Read Forrester’s Global Tech Market Forecast, 2023 To 2027
(client access required).
- Learn more about Forrester’s Global Tech Market Forecast, 2023
To 2027, in this blog.
- Read Forrester’s US Tech Market Forecast, 2023 To 2027 (client
access required).
- Learn more about Forrester’s US Tech Market Forecast, 2023 To
2027, in this blog.
- Read Forrester’s European Tech Market Forecast, 2023 To 2027
(client access required).
- Learn more about Forrester’s European Tech Market Forecast,
2023 To 2027, in this blog.
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; 100
million real-time feedback votes; and the shared wisdom of our
clients. To learn more, visit Forrester.com.
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Press Hannah Segvich hsegvich@forrester.com
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