The IT services sector in Malaysia has shown a steady growth from 2013 to 2023, starting from 50.99 billion MYR to 83.96 billion MYR. The annual growth rate in recent years has slowed down, decreasing from a high of 10.63% in 2015 to 2.61% in 2023. The CAGR for the last five years leading to 2023 stands at 2.89%. Future forecasts indicate a continuous but slower growth trend with a 5-year forecast CAGR of 1.79%, reaching 94.03 billion MYR by 2028.
Going forward, key trends to watch for include the impact of digital transformation, cloud computing, and AI integration within the IT services sector, which could potentially accelerate growth rates. Strategic focus on innovative technologies and upskilling the workforce will be essential for sustaining and enhancing the sector's contribution to GDP.
