From 2015 to 2023, the value of IT services gross value added in e-commerce in Malaysia increased significantly from 3.82 billion Malaysian Ringgits to 5.78 billion Malaysian Ringgits in 2023. The year-on-year growth was robust from 2016 to 2019, peaking in 2017 with a 10.4% increase. However, growth slowed from 2020 onwards, with a negative year-on-year change of -2.64% in 2022 before recovering to 2.14% in 2023. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 was a modest 1.64%.
Forecasts predict the value will reach 6.36 billion Malaysian Ringgits by 2028, reflecting a projected 5-year CAGR of 1.44% and a cumulative 5-year growth rate of 7.41%. This indicates a steady but slow growth trend in the upcoming years.
Future trends to watch for include digital transformation initiatives, increased e-commerce penetration, and advancements in IT infrastructure, which could drive further growth in the sector.