Forecast: Total Consumption of ICT Goods in Malaysia

In 2023, the total consumption of ICT goods in Malaysia stood at 575.0 billion Malaysian Ringgits. From 2024 onwards, the forecasted data predicts a steady increase in consumption: 584.06 billion MYR in 2024, 593.67 billion MYR in 2025, 603.08 billion MYR in 2026, 612.3 billion MYR in 2027, and 621.35 billion MYR in 2028. This upward trend reflects consumer confidence and a growing ICT market. Year-on-year variations are consistently around 1.64% to 1.65%, indicating stable growth. The Compound Annual Growth Rate (CAGR) over the next five years is approximately 1.6%.

Future trends to watch for:

• Greater adoption of 5G technology across various sectors.
• Increased investments in cloud computing and cybersecurity solutions.
• Expansion of IoT devices and smart city initiatives.
• Rise in digital transformation efforts by both public and private sectors, enhancing ICT spending.