Global tech spending expected to keep climbing on AI demand
Summary
Companies worldwide are expected to spend 5.3% more on technology this year, fueled by higher investment in software and IT services, including generative artificial intelligence (GenAI). Global tech spending will climb at a higher 5.3% growth this year compared to 3.5% in 2023, to hit $4.7 trillion, according to research and advisory firm Forrester. Apart from robust demand for software and IT services, another key driver of this years global tech spend is Asia-Pacific, the research firm said. India is among several Asian markets that will see the highest growth rates in tech spending this year, with the Philippines, Vietnam, Indonesia, and China also joining the club. Also: Finding the path toward success as organizations bring AI into the workplace It added that the European economy will recover this year at almost double the rate of 2023, and is expected to see tech spend growth between 5.1% and 5.7% between 2024 and 2027.