Final consumption expenditure on IT services in Malaysia witnessed steady growth over the years, starting from 45.81 billion Malaysian Ringgits in 2015 and reaching 71.8 billion Malaysian Ringgits in 2023. The year-on-year growth rate exhibited fluctuations, peaking between 2016 and 2018 with double-digit growth rates, before stabilizing at around 2.29% by 2023. The 5-year CAGR leading up to 2023 stands at 1.74%, reflecting a deceleration in growth momentum from earlier periods.
Future trends to watch for: Malaysia's IT services sector is expected to continue its moderate growth, with forecasts indicating a 5-year CAGR of 1.74% through 2028. Factors such as digital transformation initiatives, increased adoption of cloud services, and investments in cybersecurity will be pivotal in shaping the sector's future trajectory.
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