Forecast: Intermediate Consumption on IT Services in Malaysia

Analysis of Intermediate Consumption on IT Services in Malaysia reveals a steady increase from RM81.78 billion in 2015 to RM125.45 billion in 2023. This section stood at RM125.45 billion in 2023. The IT services market grew at diverse rates yearly, showing high growth of 13.65% in 2016 but stabilizing to lower percentages in recent years. The year-on-year growth was 2.16% in 2023, indicating a gradual market maturation.

Looking back, the CAGR was 9.32% in 2019, but it declined to 1.81% by 2023. However, forecasted data from 2024 indicate a CAGR of 1.5%, reflecting continued moderate growth, with the sector reaching RM137.92 billion in 2028, up by 7.71% over five years.

• Short-term: Slightly increasing growth rate, from 2.25% in 2022 to 2.16% in 2023.
• Mid-term: Gradual maturation with a 5-year CAGR of 1.5% until 2028.

Future trends to watch for include technological advancements, digital transformation across sectors, and potential impacts of economic shifts post-2024. Monitoring these factors will be critical for predicting IT service demands in Malaysia.