Forecast Report

Asia Pacific Tech Market Forecast, 2023 To 2027

APAC Tech Spending Will Remain Robust And Grow By 6.4% In 2024

June 3rd, 2024
Leslie Joseph, Principal Analyst
Leslie Joseph Principal Analyst
With contributors:
Frederic Giron , Arjun Kalra , Bill Nagel

Summary

In 2024, tech spending growth in Asia Pacific (APAC) markets will be robust and in line with historic norms. A softening macroeconomic environment and higher inflation will not tame tech spending, which we expect to grow by 6.4% in 2024. Software will be the largest category, with its share rising from 25% in 2023 to 30% in 2027. Obstacles to continued APAC tech spending growth include China’s economic slowdown, a shortage of engineering workers with technology and digital skills, and a subdued venture capital (VC) landscape. We forecast that APAC tech spending will grow by 6.4% to 7.4% per year from 2024 to 2027.

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