Forecast: IT Services Domestic Output in Malaysia

The IT Services Domestic Output in Malaysia has exhibited significant growth from 2015 to 2023, expanding from 140.16 billion Malaysian Ringgit in 2015 to 219.92 billion in 2023. Despite a dip in 2020 due to external disruptions, the sector rebounded with a remarkable 25.93% increase in 2021. The year-on-year growth rate for 2023 was 2.26%, reflecting a steady recovery with a 5-year CAGR of 1.88%.

Analyzing the future trends, the forecast indicates a continued growth trajectory, with the output projected to reach 245.6 billion by 2028. The forecasted 5-year CAGR stands at 1.72%, indicating moderate but consistent growth. Key trends to watch include the increasing adoption of digital transformation, the rise of cloud computing, and potential government initiatives to strengthen the IT infrastructure.