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
Garvan Institute of Medical Research Joins Parse Biosciences’ Certified Service Provider Network15.7.2026 22:00:00 CEST | Press release
Researchers across Asia-Pacific gain a new option for high-quality single cell sequencing through Garvan's Evercode WT services Parse Biosciences, a QIAGEN company, and the leader in scalable and accessible single cell sequencing, today announced that the Genomics Platform Core Facility within the Garvan Institute of Medical Research has joined its Certified Service Provider (CSP) Program. The partnership broadens access to high-quality, scalable single cell sequencing across Australia, the wider Asia-Pacific region, and beyond. Garvan is one of Australia's preeminent medical research institutions, with the Genomics Platform having deep experience in cell sorting, capture, and sequencing. As a Certified Service Provider, Garvan will offer Parse's Evercode WT kits to researchers across the region. "We see a growing number of requests for Parse projects and find the technology easy to implement and run, generating great data," said Chris O'Keeffe, Cellular Genomics Lead at the Garvan Ins
Grafana Labs Named a Leader in 2026 Gartner® Magic Quadrant™ for Observability Platforms and Positioned Furthest in Completeness of Vision15.7.2026 20:21:00 CEST | Press release
Named a Leader for the third consecutive year and placed furthest in vision for the second year in a row, the company has had a landmark year of innovation as observability becomes essential infrastructure for teams building and running AI at scale. Grafana Labs, the company behind the open observability cloud, today announced it has been named a Leader in the Gartner® Magic Quadrant™ for Observability Platforms for the third consecutive year, and positioned furthest on the Completeness of Vision axis for the second year running. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260715814984/en/ 2026 Gartner® Magic Quadrant™ for Observability Platforms We believe this placement reflects where the market is headed: toward open, composable observability that helps teams in the AI era understand systems that are increasingly complex and agentic, and rapidly scaling thanks to AI-assisted engineering. A Platform Built for the AI Era
Spectro Cloud Raises $100 Million Series D to Help Customers Move AI Infrastructure Into Production Across Enterprise, Public Sector, Neocloud and Sovereign Cloud Environments15.7.2026 18:20:00 CEST | Press release
Growth Equity at Goldman Sachs Alternatives leads oversubscribed round with strategic participation from AMD Ventures, Ericsson, LG Technology Ventures, and Maximus as organizations look to turn AI silicon into business outcomes Spectro Cloud, a leading provider of AI infrastructure management software, today announced it has raised more than $100 million in an oversubscribed Series D funding round led by Growth Equity at Goldman Sachs Alternatives, with strategic participation from AMD Ventures, Ericsson, LG Technology Ventures, and Maximus. The new funding brings Spectro Cloud’s total capital raised to $260 million and will accelerate the company’s mission to help enterprises, public sector organizations, neoclouds and sovereign clouds build and operate production AI infrastructure with greater control over cost, security and governance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260715551858/en/ Spectro Cloud raises $
K-Beauty Goes Global: Sales Surge 53% as Korean Innovation Reshapes Beauty Growth15.7.2026 16:00:00 CEST | Press release
New NIQ data shows K-Beauty value sales rose 53% year-over-year and 131% over two years, underscoring how regional beauty trends, social commerce and ingredient-led innovation are reshaping global beauty growth. NIQ (NYSE: NIQ), a global leader in consumer intelligence, today released new findings showing K-Beauty has become a rapidly growing global beauty segment, with value sales up 53% year-over-year and 131% over the past two years. The data points to a broader shift in beauty growth, as regional innovation, social commerce and digitally driven consumer demand increasingly shape what scales globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260715867578/en/ K-Beauty accelerates across global markets In its latest report, K-Beauty Goes Global, NIQ shows how Korean beauty is reshaping consumer expectations, accelerating innovation cycles and redefining competitive dynamics across the global beauty market. What began
Viz.ai to Support the MINUTE Trial, a Landmark Multicenter Study Evaluating the SCUBA Technique for the Treatment of Intracerebral Hemorrhage15.7.2026 15:00:00 CEST | Press release
Viz Neuro™ Suite, including Viz ICH™ and Viz ICH Plus™, to facilitate rapid detection and care coordination for patients with basal ganglia hemorrhage across trial sites nationwide. Viz.ai, the leader in AI-powered disease detection and intelligent care coordination, today announced its support for the Minimally Invasive Neurosurgery Trial for Ultra-early Treatment (MINUTE) Trial, a prospective, multicenter, randomized study evaluating whether the SCUBA technique, an endoscopic, catheter-based approach for ultra-early evacuation of basal ganglia intracerebral hemorrhage (BGH), is a promising alternative to standard medical management to potentially improve functional patient outcomes. The study aims to initiate both randomization and surgical intervention within 120 minutes of key clinical time points, reflecting the urgent nature of intracerebral hemorrhage care. Participating sites will have the ability to leverage the Viz Neuro Suite platform, including Viz ICH and Viz ICH Plus, to
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