Tech spending in Thailand and four other Southeast Asian economies is projected to grow 7% this year to approach US$47 billion, despite a number of challenges such as fragile post-pandemic supply chains, according to UK-based research and advisory firm Forrester.
Tech spend will continue to increase over the next five years, with the highest growth concentrated in India and the rest of Southeast Asia SINGAPORE, June 7, 2023 /PRNewswire/ According to Forrester's(Nasdaq: FORR) Asia Pacific Tech Market Forecast, 2022 To 2027, technology spend in Asia Pacific (APAC) will grow 5.8% to reach US$732 billion in 2023. Seventy-four percent of growth will come from software and services as cloud adoption in the region increases. Additionally, software spending will continue to rise at a compound annual growth rate of 10.3% through 2027. In spite ofchallenges including fragile post-pandemic supply chains; a shortage of science, technology, and engineering workers; and questions around how quickly China can restart its economy, APAC tech spend will continue to grow by 6.8% to 7.3% per year from 2024 to 2027. In 2023, Forrester projects regional tech spend growth to be: 6.3% in Australia.In 2023, tech spending in Australia will rise to nearly A$70 billi