Cambridge, MA (Jan. 18, 2023) \u2013 Forrester\u2019s Global Tech Market Forecast 2023-2027<\/strong> 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 Asia Pacific. By 2027, software and IT services will capture 69% of global tech spend, with investments in genAI software predicted to reach $227 billion by 2030 at a 36% compound annual growth rate. Asian countries, especially India, the Philippines, Vietnam, Indonesia, Malaysia, and China, will see the fastest tech spend growth in 2024.<\/p>\n Global tech spend is expected to reach $4.7 trillion in 2024, with growth occurring across all regions:<\/p>\n \u201cTechnology companies faced significant economic headwinds this past year, but 2024 promises a better outlook,\u201d said Michael O\u2019Grady, principal forecast analyst at Forrester. \u201cAsia will see the fastest economic growth due to India\u2019s 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 Europe, greater investment in cybersecurity and the EU\u2019s 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.\u201d<\/p>\n Forrester (Nasdaq: FORR)<\/em> 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\u2019s 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. For more information, visit www.forrester.com<\/a>.<\/p>\n Source: Forrester<\/i><\/p>\n\n
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