Forecast: Number of Employees in ICT Industry in Malaysia

From 2015 to 2023, the number of employees in the ICT industry in Malaysia has shown consistent growth, moving from 1.06 million to 1.15 million. The year-on-year growth rate between 2022 and 2023 was 0.48%, while the 5-year CAGR leading up to 2023 stood at 0.38%. Throughout these years, annual growth rates fluctuated moderately, peaking at 2.6% in 2018 and dropping to nearly stagnant growth from 2019 to 2021.

Future trends to watch for:

- Forecasts indicate continued modest growth, with the number of employees projected to reach 1.18 million by 2028.

- The forecasted 5-year CAGR is expected to be around 0.35%, suggesting a stable yet slow growth trend in the sector.

- Market dynamics, technological advancements, and policy shifts will be crucial factors influencing these trends.