IDC research report said ICT spending in Asia Pacific will grow by over 5 percent to $1.04 trillion in 2022, and expected to reach $1.21 trillion by 2025 with a compounded annual growth (CAGR) of 5.6 percent by the end of 2025.
“Focus towards customer engagement and retention are key areas which will improve organization’s future,” Mario Allen Clement, Senior Market Analyst for IDC IT Spending Guides, Customer Insights & Analysis, said.
As per a recent IDC survey, most respondents across the region feel that uncertainties due to COVID-19 or supply chain disruptions will not impact the economy in 2023. However, changing environmental regulations and cybersecurity threats will play an increasing role in organizations’ technology investment plans.
“The geopolitical situation in Europe may act as a dampener in the region’s economic growth,” says Vinay Gupta, Research Director at IDC IT Spending Guides, Customer Insights & Analysis. “Enterprise are following inflationary trends and will adapt their technology budgets accordingly.”
IT investments in the banking sector are expected to grow at 6.6 percent in 2022. IT spending by the telecom sector is expected to grow by 5.8 percent in 2022.