Analyzing the Total Consumption of ICT Products in Malaysia, we see an upward trajectory from 2015 to 2023, starting at 614.8 Billion MYR in 2015 and reaching 869.47 Billion MYR in 2023. This represents a significant increase, albeit with some fluctuations.
Key historical year-on-year variations include:
- 2016: 8.13%
- 2017: 11.4%
- 2018: 8.05%
- 2019: 1.5%
- 2020: -3.78%
- 2021: 9.45%
- 2022: -0.13%
- 2023: 1.79%
A Compound Annual Growth Rate (CAGR) is also notable for certain periods: 7.21% up to 2019, 4.12% up to 2020, 3.67% up to 2021, 1.65% up to 2022, and 1.72% up to 2023. The forecasted growth suggests continued growth with a CAGR of 1.38% for the next five years leading to a total consumption value of 950.54 Billion MYR by 2028, culminating in a forecasted 5-year growth rate of 7.1%.
Future trends to watch for include the adoption of advanced technologies such as AI and IoT, increased investment in digital infrastructure, and the potential impact of economic policies on the ICT sector. These factors may spur additional growth and innovation within the industry.