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Tuesday, July 16, 2024

India will experience the fastest tech spending growth across APAC in 2024: Forrester

Discover the latest insights: Forrester predicts that India is set to lead in tech spending growth throughout APAC in 2024. Explore what this means for the region’s tech landscape and business opportunities ahead.

India is projected to see technology spending surge by 10.8% to reach $54.5 billion by 2024, making India the highest spending region among Asia Pacific regions, according to a Forrester report. AI-augmented software and services will lead this surge in IT categories.

Technology spending in India is projected to experience compound annual growth of 10.8% to reach an estimated $54.5 billion total by 2024, as predicted in a Forrester report. India ranks highest among APAC nations when it comes to tech spending growth projections.

AI-enhanced software and services spending will outstrip other IT categories by 2027, according to a global market research firm’s report titled ‘Asia Pacific Tech Market Forecast 2023-2027″.

India’s domestic tech economy is projected to experience strong growth through digitization efforts from both central and state governments,” according to a report published by Singularity University.

Technology spending across Asia-Pacific will experience strong compound annual growth rates from 2024-2027 with compound compounded annual growth rates estimated to range between 6.4%-7.4% per year until reaching $876 billion by 2027.

“Over the coming years, software spending will experience rapid expansion. Additionally, spending will rise on IT services and communications products.”

Nitin Gohil
Nitin Gohil
A Mumbai-based tech professional with a passion for writing about his field: through his columns and blogs, he loves exploring and sharing insights on the latest trends, innovations, and challenges in technology, designing and integrating marketing communication strategies, client management, and analytics. His favourite quote is, "Let's dive into the fascinating world of tech together."

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