Specific to Singapore, tech spending will grow to approximately US$18 billion this year. According to Forrester, the “Silicon Valley of Asia” will remain a stable regional hub for technology talent and innovation.
Meanwhile, tech spending in six major Southeast Asian economies — namely Indonesia, Malaysia, Philippines, Thailand, Taiwan, and Vietnam — will hit US$74 billion in 2024. The uptick in digital consumption spurred by large Millennial and Gen Z populations, favourable policy environments, and investments from tech giants will accelerate digital innovation.
“While challenges such as regulatory environments, global economic conditions, and talent shortages in the region present hurdles, overall, the Apac market is well-positioned for tech growth. As the region continues to grow in importance in the tech world, new opportunities offered by the explosion of AI and the increased demand for cloud can be significant revenue and growth drivers for firms,” says Leslie Joseph, principal analyst at Forrester.
