Global tech spend will grow 4,7% to reach $4,4-trillion in 2023, according to Forrester’s Global Tech Forecast, 2022 to 2027.
By 2027, tech software and IT services will capture 66% of global tech spend — up from 60% pre-pandemic. A boost in cloud application and platform services will aid this growth. Forrester forecasts that the public cloud market will reach $1-trillion by 2026, capturing nearly a quarter of global tech spend.
* 5,4% in Asia Pacific. China’s tech spend is forecast to see at least 7% annual growth rates from 2024 to 2027. Software and IT services investment is a high priority for large Japanese companies, while India’s domestic tech spend grows by 9,6% in 2023. Longer term, R&D investment will also encourage tech spend in the Asia Pacific region.