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ASEAN AI Business Innovation News Reports Southeast Asia Technology Visions

Technology Spending Expected to Surge in Asia Pacific: Report

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Recently published “Asia Pacific Tech Spend Forecast” expects tech spending in the region to remain robust and grow by a compounded annual growth rate of 6.4% to 7.4% annually, reaching US$876 billion in 2027.

Over the next few years, software spending would continue its rapid growth, followed by spending on IT services, communications equipment, and computer equipment, the report says.

The share of software purchases would climb from 26.4% in 2024 to 30% of total tech spend in 2027, outpacing the other IT categories due to demand generated by artificial intelligence (AI) and AI-augmented enterprise software and services.

However, the spending in the five top Southeast Asian economies – Indonesia, Malaysia, Philippines, Thailand, and Vietnam – is expected to increase by only 1% this year.

Increasing digital consumption by large Millennial and Gen Z populations, favorable policy environments, and investments from tech giants would accelerate digital innovation, the report concludes.

Read the original news by clicking HERE.

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