ICT spending in Asia Pacific is expected to grow by over 4.9 percent to reach $924 billion in 2021 and expected to reach $1 trillion by 2024, according to IDC.
Faster adoption within business towards an accelerated digital journey clubbed with improvements in offerings is helping to boost technology spending. Supply chains are gradually improving across all countries within the region allowing a boost in production and supply to the global market.
“Government bodies within the region have launched various initiatives to revive the economy, indirectly allowing enterprises to allocate budgets to improve both product offerings and digital adoption,” says Mario Allen Clement, Senior Market Analyst for IDC IT Spending Guides, Customer Insights & Analysis.
The banking and telecommunications industry contribute the highest (29 percent) of the overall ICT Spend in 2021, excluding the consumer industry.
The banking sector is expected to grow at 5.9 percent in 2021. Improvements to customer interactions and workforce are the focus for the banking industry, which has witnessed advances in technology for many banks in day-to-day operations.
The telecommunications industry is expected to grow at 6.6 percent in 2021. Resuming the supply chain has become the major factor to improve the performance of the telecom industry, as dependence on stock imports from PRC is gradually getting back to normal.
