Forecast: Import of IT Services in Malaysia

The import of IT services in Malaysia demonstrated a compound annual growth rate (CAGR) of -0.079% over the past five years up to 2023, reflecting a consistent but slight decline in growth. Notable year-on-year variations include a significant drop in 2020 by 5.55% and a substantial increase in 2021 by 7.46%. The value stood at 19.9 billion Malaysian Ringgits in 2023, marking a minor year-on-year growth of 0.085% from 2022. Forecasted data shows a modest upward trend with a forecasted CAGR of 0.06% over the next five years, leading to a value of 20.01 billion Malaysian Ringgits by 2028.

Future trends to watch for include:

• Technological advancements and digital transformation initiatives that may drive higher import of IT services.
• The impact of global economic conditions and policy changes on IT service demand.
• Potential shifts towards local sourcing of IT services in response to geopolitical and economic uncertainties.