Forecast: Total Supply of IT Services in Malaysia

In 2023, the total supply of IT services in Malaysia stood at 242.61 billion Malaysian Ringgits, marking a year-on-year increase of 2.05%. This highlights a modest growth trend despite the significant fluctuations observed in previous years. Over the last five years, the Compound Annual Growth Rate (CAGR) settled at approximately 1.65%, showcasing a gradual recovery after the sharp decline of -16.83% in 2020. Forecasted data from 2024 onward indicates a steady growth trajectory with a forecast 5-year CAGR of 1.56%, leading to a projected total supply of 268.28 billion Malaysian Ringgits in 2028.

Future trends to watch for:

• The maturation of digital transformation initiatives across various sectors.
• Increased adoption of cloud computing and cybersecurity solutions.
• Growth in demand for AI and machine learning services.
• Expansion of digital economy policies by the Malaysian government.
• Rising importance of 5G and Internet of Things (IoT) technologies.