The consumption of IT services in Malaysia grew steadily from 2015 to 2019, with year-on-year variations peaking at 10.92% in 2016 and maintaining robust growth rates around 8.55%-8.84%. However, the market saw a decline in 2020 with a year-on-year variation of -4.8%, likely influenced by the global pandemic. The market rebounded in 2021 with a 9.76% increase, followed by marginal growth in 2022 (0.13%). By 2023, the consumption reached 242.61 Billion Malaysian Ringgits, showing a modest year-on-year growth of 2.05%.
For the forecast period (2024-2028), a gradual increase is anticipated with a forecasted 5-year CAGR of 1.56%. The market is expected to grow by 8.06% over these years, reaching 268.28 Billion Malaysian Ringgits by 2028.
Future trends to watch for include the potential impact of digital transformation initiatives, the adoption of emerging technologies like AI and IoT, and the possible influence of global economic conditions on IT spending in Malaysia.
