MA-FORRESTER
18.1.2024 11:01:30 CET | Business Wire | Press release
Forrester’s (Nasdaq: FORR) Global Tech Market Forecast, 2023 To 2027, reveals that as economic conditions continue to improve, technology spend will grow 5.3% in 2024 — 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.
Global tech spend is expected to reach $4.7 trillion in 2024, with growth occurring across all regions:
- Asia Pacific will grow 5.7%. India is one of the largest exporters of technology services: IT exports will reach $194 billion in 2023, and total technology and service industry revenues could reach $350 billion by 2025.
- North America will grow 5.4%. Software and IT services will capture 60% of US tech spend in 2027, up from 53% in 2018. Financial services and healthcare will see the fastest tech spend growth in 2024, with more modest growth in retail, manufacturing, transportation, and logistics.
- Europe will grow 5.1%. After a challenging 2023, the European economy will recover in 2024 to grow almost double the rate compared to the previous year. Longer term, European tech spend will see 5.1% to 5.7% growth from 2024 to 2027, driven by higher enterprise digital maturity and more advanced cybersecurity adoption.
“Technology companies faced significant economic headwinds this past year, but 2024 promises a better outlook,” said Michael O’Grady, principal forecast analyst at Forrester. “Asia will see the fastest economic growth due to India’s 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’s 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.”
Resources:
- Read Forrester’s Global Tech Market Forecast, 2023 To 2027 (client access required).
- Learn more about Forrester’s Global Tech Market Forecast, 2023 To 2027, in this blog.
- Read Forrester’s US Tech Market Forecast, 2023 To 2027 (client access required).
- Learn more about Forrester’s US Tech Market Forecast, 2023 To 2027, in this blog.
- Read Forrester’s European Tech Market Forecast, 2023 To 2027 (client access required).
- Learn more about Forrester’s European Tech Market Forecast, 2023 To 2027, in this blog.
About Forrester
Forrester (Nasdaq: FORR) 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’s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — 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™ evaluations; 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240117832770/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Venture Global and China Gas Announce New Long-Term LNG Agreement14.9.2026 10:30:00 CEST | Press release
Today, Venture Global, Inc. (“Venture Global”; NYSE: VG) and China Gas Holdings Limited (“China Gas”; stock code: 0384.HK), a leading natural gas operator in China, announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 0.5 million tonnes per annum (MTPA) of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030.This SPA brings Venture Global’s current long-term offtake with China Gas, to 2.5 MTPA under 20-year SPAs supplied across Venture Global’s portfolio. "Venture Global is pleased to expand our LNG partnership with China Gas, a leading natural gas operator in China, supplying the country's growing energy needs with reliable, low-cost American LNG from across our Louisiana projects," said Venture Global CEO Mike Sabel. “We are pleased to deepen our long-standing partnership with Venture Global through this new agreement,” said Mr. Liu Ming Hui, Chairman and President of China Gas. “It further strengthens our portfolio
Thales Builds Cryptographic Security for the Age of AI and Post-Quantum Computing14.9.2026 09:00:00 CEST | Press release
Thales launches Luna 8, a new hardware security module (HSM) to provide future-ready, quantum resistant security to protect critical data and applications Powered by a Thales designed cryptographic processor, it delivers unparalleled performance, enhanced protection and the flexibility to adapt to new security needs Drawing on decades of cryptographic expertise, Luna 8 combines trusted security with support for emerging technologies, including post quantum cryptography According to the 2026 Thales Data Threat Report, the threat of Harvest Now, Decrypt Later (HNDL) attacks was the top-cited risk, with 59% of organizations reporting that they are prototyping and evaluating post-quantum cryptography (PQC) algorithms to prepare for the quantum era. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260804748922/en/ ©Thales To help organizations turn this readiness into deployment,Thales, a global leader in advanced technologies, tod
U.S. FDA Accepts New Drug Application Under Priority Review for Takeda’s Zasocitinib in Moderate-to-Severe Plaque Psoriasis, with Potential to Redefine Oral Treatment Expectations14.9.2026 09:00:00 CEST | Press release
Acceptance is based on pivotal Phase 3 data demonstrating rapid, durable and consistent skin clearance, including in high-impact sites, in a convenient once-daily pill Results from nearly 3,000 patients support potential for next-generation TYK2 inhibitor to redefine oral treatment expectations in psoriasis The Prescription Drug User Fee Act (PDUFA) target action date is in the first quarter of calendar year 2027 Takeda (TSE:4502/NYSE:TAK) announced that the U.S. Food and Drug Administration (FDA) accepted its New Drug Application (NDA) under Priority Review for zasocitinib (TAK-279) for the treatment of adults with moderate-to-severe plaque psoriasis. Zasocitinib is an investigational, next-generation, highly selective and potent oral tyrosine kinase 2 (TYK2) inhibitor, which demonstrated rapid, durable and consistent skin clearance in Phase 3 plaque psoriasis studies.1-3 Addressing unmet needs in psoriasis treatment “Despite progress in psoriasis care, there remains a need for highly
SWISSto12 and Mitsubishi Electric Corporation Announce Strategic Partnership14.9.2026 09:00:00 CEST | Press release
The Memorandum of Understanding (MoU) and additional contract signal a new phase of collaboration on market development in the Asia Pacific (APAC) region SWISSto12 today announced a memorandum of understanding (MoU) with Mitsubishi Electric Corporation (MELCO) (TOKYO: 6503) to pursue joint opportunities on advanced payloads, radio frequency (RF) products, and market development in Japan and the APAC region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260914982179/en/ Masahiko Arai, Executive Officer and Group President, Defense & Space Systems, Mitsubishi Electric, and Dr. Emile de Rijk, Chief Executive Officer, SWISSto12 Joint opportunities will leverage MELCO’s extensive satellite system expertise and integration capabilities together with SWISSto12’s proprietary 3D-printing designs and processes that form the foundation of its next-generation payloads—smaller, lighter, highly performant, yet built in materially shorter
Focused Support Launches Cavok STRIKE to Expand Link-16 Participation Across the Joint Force14.9.2026 07:00:00 CEST | Press release
Extending Link-16 interoperability without platform-level hardware integration Focused Support LLC today announced the launch of Cavok STRIKE, an integrated software capability that expands the Link-16 tactical battlespace picture by enabling additional operational platforms to participate in the Link-16 network. Modern battlefields have increasing numbers of unmanned systems, sensors, and supporting platforms operating throughout the joint battlespace. The rapid proliferation of Group 1, 2, and 3 UAS, including both expendable and recoverable systems, has created a growing need to integrate these assets into the broader tactical network. Many of these platforms provide operationally relevant information but have historically remained outside the Link-16 network due to limitations in size, weight, power, platform integration complexity, or acquisition cost. Cavok STRIKE addresses this gap by enabling platforms to participate in the Link-16 network as non-command-and-control participant
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom