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

AI
(Image credit: istock)

CAMBRIDGE, Mass.—Forrester has issued a new Global Tech Market Forecast, 2023 To 2027 that predicts improved economic conditions will help the global technology spend to grow 5.3% in 2024—up from 3.5% growth in 2023. 

“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.”

The study finds that 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.

Even so, North America will see strong growth of 5.4% in 2024 the study predicts. Software and IT services will capture 60% of U.S. 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.

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.

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.

More information is available here

TOPICS
CATEGORIES
George Winslow

George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.

Read more
CES AR tunnel
CES: U.S. Tech Industry Forecasts Record Sales but Tariff Threats Loom
political advertising
IAB Survey: Ad Execs Bullish on Ad Growth and AI Usage in 2025
Pixabay
Omdia: Global Online Consumer Expenditure to Hit $6.6 Trillion by 2029
Pixabay
Streamers to Surpass Broadcasters in Global Content Spending in 2025, a First
money
BIA: Digital to Push Local Ad Revenue Up 6.1% in 2025
local news
Survey: Local Media Industry Bullish on Digital in 2025
Latest in Products
Baton QC diagram
Norway’s NRK Improves Operational Efficiency With Interra Systems
Diversified offices in Plano, Texas
Diversified introduces Atlas Orchestrate Cloud Deployment Platform
VENICE Extension System Mini (CBK-3621XS), the latest addition to its CineAlta lineup.
Sony To Feature New VENICE Extension System Mini At 2025 NAB Show
Appear
NAB Show: Appear to Introduce VX Media Gateway
GatesAir
GatesAir to Debut ASTC 3.0 Modulator for LPTV at 2025 NAB Show
WPLG new studio
WPLG Selects Ikegami HDK-X500 Cameras For New Production Studio
Latest in News
Man watching TV showing The Wild Robot
Peacock Added to Charter’s Spectrum TV Select Package at No Extra Cost
 Melissa Zimyeski, vice president of product, and Mat Yurow, vice president of growth, Tegna
Tegna Taps Melissa Zimyeski to Lead Development of Digital Consumer Products
Baton QC diagram
Norway’s NRK Improves Operational Efficiency With Interra Systems
AI-powered translation of English captions to Spanish
XL8 Delivers Real-Time Ai-Powered Spanish Captions to U.S. Public Broadcasters
Ateliere Live interface for sports
Ateliere to Debut TAMS Replay Capability at 2025 NAB Show
FCC meeting room lobby
FCC Launches Proceeding on GPS Alternatives