{"id":24607,"date":"2024-01-19T00:00:00","date_gmt":"2024-01-19T00:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4315188_AE15188_0"},"modified":"2024-01-19T00:00:00","modified_gmt":"2024-01-19T00:00:00","slug":"forrester-global-tech-spend-to-grow-5-3-in-2024-reaching-4-7-trillion","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=24607","title":{"rendered":"Forrester: Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion"},"content":{"rendered":"<br \/>\n<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2094120\/forrester_Logo.jpg?p=medium600\" border=\"0\" alt=\"\" title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"prntac\"><i>The <span class=\"xn-location\">Asia Pacific<\/span> region will see the fastest growth; six countries forecasted to have the largest GDP growth are in <span class=\"xn-location\">Asia<\/span><\/i><\/p>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Jan. 19, 2024<\/span><\/span> \/PRNewswire\/ &#8212; <a href=\"https:\/\/www.forrester.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Forrester&#8217;s<\/a>&nbsp;(Nasdaq: FORR<a href=\"https:\/\/www.forrester.com\/report\/global-tech-market-forecast-2023-to-2027\/RES180399\" target=\"_blank\" rel=\"nofollow noopener\">) Global Tech Market Forecast, 2023 To 2027<\/a>, reveals that as economic conditions continue to improve, technology spend will grow 5.3% in 2024 \u2014 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 <span class=\"xn-location\">Asia Pacific<\/span>. By 2027, software and IT services will capture 69% of global tech spend, with investments in&nbsp;genAI software predicted to reach <span class=\"xn-money\">$227 billion<\/span> by 2030 at a 36% compound annual growth rate. Asian countries, especially <span class=\"xn-location\">India<\/span>, <span class=\"xn-location\">the Philippines<\/span>, <span class=\"xn-location\">Vietnam<\/span>, <span class=\"xn-location\">Indonesia<\/span>, <span class=\"xn-location\">Malaysia<\/span>, and <span class=\"xn-location\">China<\/span>, will see the fastest tech spend growth in 2024.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<\/p><\/div>\n<p>Global tech spend is expected to reach <span class=\"xn-money\">$4.7 trillion<\/span> in 2024, with growth occurring across all regions:<\/p>\n<ul type=\"disc\">\n<li><b><span class=\"xn-location\">Asia Pacific<\/span> will grow 5.7%<\/b><b>.<\/b>&nbsp;India is one of the largest exporters of technology services: IT exports will reach <span class=\"xn-money\">$194 billion<\/span> in 2023, and total technology and service industry revenues could reach <span class=\"xn-money\">$350 billion<\/span> by 2025.<\/li>\n<li><b><span class=\"xn-location\">North America<\/span> will grow 5.4%.<\/b>&nbsp;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.<\/li>\n<li><b><span class=\"xn-location\">Europe<\/span> will grow 5.1%.<\/b>&nbsp;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.<\/li>\n<\/ul>\n<p>&quot;Technology companies faced significant economic headwinds this past year, but 2024 promises a better outlook,&quot; said <span class=\"xn-person\">Michael O&#8217;Grady<\/span>, principal forecast analyst at Forrester. &quot;<span class=\"xn-location\">Asia<\/span> will see the fastest economic growth due to <span class=\"xn-location\">India&#8217;s<\/span> 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 <span class=\"xn-location\">Europe<\/span>, greater investment in cybersecurity and the EU&#8217;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.&quot;<\/p>\n<p><b>Resources:<\/b><\/p>\n<ul type=\"disc\">\n<li>Read Forrester&#8217;s <a href=\"https:\/\/www.forrester.com\/report\/global-tech-market-forecast-2023-to-2027\/RES180399\" target=\"_blank\" rel=\"nofollow noopener\">Global Tech Market Forecast, 2023 To 2027<\/a> (client access required).<\/li>\n<li>Learn more about Forrester&#8217;s Global Tech Market Forecast, 2023 To 2027, in this <a href=\"https:\/\/www.forrester.com\/blogs\/global-tech-spend-will-grow-5-3-in-2024\/\" target=\"_blank\" rel=\"nofollow noopener\">blog<\/a>.<\/li>\n<\/ul>\n<p><b>About Forrester<\/b><br \/>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&#8217;s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work \u2014 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\u2122 evaluations; 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Asia Pacific region will see the fastest growth; six countries forecasted to have the largest GDP growth are in Asia SINGAPORE, Jan. 19, 2024 \/PRNewswire\/ &#8212; Forrester&#8217;s&nbsp;(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 \u2014 up from 3.5% [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-24607","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Forrester: Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion - 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