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.”
