Business Wire

Forrester: Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion

18.1.2024 13:00:00 EET | Business Wire | Press release

Share

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:

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.

Contact information

Press
Hannah Segvich
hsegvich@forrester.com

About Business Wire

Business Wire
Business Wire



http://www.businesswire.com

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

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

Geoswift Launches Visa Direct to Enhance Cross-Border Payment Offers in Over 30 Countries30.4.2025 04:00:00 EEST | Press release

Geoswift announced today the integration of Visa Direct with Geoswift's cross-border payments platform. Visa Direct facilitates payouts to more than 140 countries and territories. The integration will enable payouts in 32 countries and territories, across 13 currencies, covering major markets in Asia Pacific, North America, Europe and Middle East, with plans for more in the future. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250423288249/en/ Bryan Ma, SVP, Head of Geoswift Global Payments, and Swapnil Mhasde, Head of Visa Direct Commercialization and Solutions, Asia Pacific, celebrating the launch in Singapore. Geoswift is a leading provider of cross-border payment services and solutions globally. With over two decades of innovation, it has become a trusted name in B2B, education, eCommerce, remittance, and travel payment use cases. Raymond Qu, Group CEO of Geoswift, stated, "At Geoswift, our vision has always been to del

Logitech Announces Q4 and Full Fiscal Year 2025 Results29.4.2025 23:03:00 EEST | Press release

SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full Fiscal Year 2025 ended March 31, 2025. For Fiscal Year 2025: Sales were $4.55 billion, up 6 percent in US dollars and 7 percent in constant currency, compared to the prior year. GAAP operating income was $655 million, up 11 percent compared to the prior year. Non-GAAP operating income was $775 million, up 11 percent compared to the prior year. GAAP earnings per share (EPS) was $4.13, up 7 percent compared to the prior year. Non-GAAP EPS was $4.84, up 14 percent compared to the prior year. Cash flow from operations was $843 million. The year-ending cash balance was $1.5 billion. The Company returned $797 million of cash to shareholders through its annual dividend payment and share repurchases. For Q4 Fiscal Year 2025: Sales were $1.01 billion, flat in US dollars and up 2 percent in constant currency, compared

U.S. Patent and Trademark Office Invalidates Pharmacyclics Patent Asserted Against BeiGene29.4.2025 22:32:00 EEST | Press release

BeiGene, Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company that intends to change its name to BeOne Medicines Ltd., today announced that the U.S. Patent and Trademark Office (USPTO) rendered a Final Written Decision invalidating all claims of Pharmacyclics LLC’s (Pharmacyclics) U.S. Patent No. 11,672,803 (the ‘803 patent) that were challenged by BeiGene in a post-grant review (PGR) proceeding. On November 1, 2023, BeiGene filed a PGR petition with the USPTO challenging the validity of certain claims of the ‘803 patent, in response to a patent infringement lawsuit Pharmacyclics brought against BeiGene concerning BRUKINSA® (zanubrutinib). On May 1, 2024, the USPTO granted BeiGene’s petition to institute the PGR. The USPTO’s Final Written Decision is appealable by Pharmacyclics. Commenting on the ruling, BeiGene General Counsel Chan Lee said: “We are pleased that the USPTO invalidated all challenged claims of the ‘803 patent. Today’s decision reinforces our belief th

One out of Three Secure Civil IDs Delivered Each Year Is Powered by Thales29.4.2025 17:50:00 EEST | Press release

Each year, Thales powers one in three smart civil IDs (official electronic documents) issued worldwide, highlighting the company’s key role in shaping the future of identities and helping governments and citizens transition smoothly to digital. With its Civil Identity Suite, Thalesenables the issuance and management of both physical and digital identities, as well as all means of enrolling citizens and enabling seamless ID verification for access to services, both in-person and online. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250429687137/en/ Thales Civil Id Suite (Photo: Thales Shutterstock) Thales, a global leader in advanced technologies and #1 global leader in ID documents, has recently earned the new title of #1 provider of Digital ID solutions as recognized by Juniper Research (2024). With unmatched experience and scale, Thales empowers governments to modernise their identity systems, ensuring they meet the deman

Andersen Global Enhances European Valuation Capabilities through Collaboration with Value & Risk Valuation Services29.4.2025 16:30:00 EEST | Press release

Andersen Global continues to strengthen its valuation capabilities through a Collaboration Agreement with Value & Risk Valuation Services, a prominent European valuation firm headquartered in Germany with offices in Luxembourg and Austria. Founded in 1996, Value & Risk Valuation Services is a management-owned firm specializing in the valuation of financial assets across diverse asset classes and varying complexities. The firm also provides complementary services, including independent price verification (IPV), risk analysis, and transaction cost analysis. Since 2009, the company has been led by Gil Bender, who is dedicated to delivering high-quality, client-centric valuation solutions. As one of the few European providers offering external valuation services in compliance with the European Alternative Investment Fund Managers Directive (AIFMD), Value & Risk upholds the highest industry standards for regulatory compliance and service excellence. “Since our inception, we have focused on

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
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye