According to Asia Pacific Tech Market Forecast, 2023 to 2027 report by Forrester, technology (tech) spending in India is estimated to grow by 10.8 per cent to reach around $ 54.5 billion in 2024, which would be highest among Asia Pacific (APAC) regions.
The report stated that the spending in artificial intelligence (Al)-augmented software and services will outpace other information technology (IT) categories.
As per report, tech spending in APAC will remain robust and grow by a compounded annual growth rate (CAGR) of 6.4 per cent to 7.4 per cent per year from 2024 to 2027, reaching $ 876 billion in 2027.
The report highlighted that the tech spending is likely to be 7.2 per cent in China to hit approximately $ 261.9 billion, 5.6 per cent in Silicon Valley of Asia, Singapore at around $18 billion, 4 per cent in Australia at $ 49 billion and 8.1 per cent in rest of Southeast Asia.
Further, tech spending in six major southeast Asian economies (Indonesia, Malaysia, Philippines, Thailand, Taiwan, and Vietnam) will hit $ 74 billion in 2024. Furthermore, uptick in digital consumption spurred by large millennial and Gen Z populations, favourable policy environments, and investments from tech giants will accelerate digital innovation.
In addition, despite slowing economic growth and trade restrictions, China’s efforts around governing Al risks and introducing regulation will contribute to this growth.
