Forecast Report

Asia Pacific Tech Market Forecast, 2022 To 2027

APAC Tech Spending Will Remain Robust And Grow By 5.8% In 2023

June 5th, 2023
Leslie Joseph, Principal Analyst
Leslie Joseph Principal Analyst
Himank Joshi, null
Himank Joshi
With contributors:
Frederic Giron , Melvin Tan , Bill Nagel

Summary

In 2023, tech spending growth in Asia Pacific (APAC) will remain robust and in line with the market’s historic growth. A softening macroeconomic environment and higher inflation will not be enough to tame tech spending growth, which we expect to reach 5.8% in US dollar terms in 2023. Software will become the largest spending category as its share rises from 22% pre-pandemic to 29% by 2027. Challenges to APAC tech spending growth include fragile post-pandemic supply chains; a shortage of science, technology, and engineering workers; and questions about how quickly China can restart its economy. We forecast that APAC tech spending will grow by 6.8% to 7.3% per year from 2024 to 2027.

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