Summary
Technology companies faced a difficult 2023, with government and enterprise tech spend growth of just 4% in constant currency, slower than the 4.7% growth we forecasted last year. Tech spend in 2024 will have a faster 5.3% growth rate and reach $4.7 trillion. This will be driven by a robust 5.6% growth from the Asia Pacific region; the six countries forecasted to have the largest GDP growth are in Asia. Software and IT services will capture 69% of global tech spending in 2027 (up from 60% in 2018) as enterprises spend more on cloud, security, generative AI, and the digital economy.
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