Forecast: Export of IT Services in Malaysia

The export of IT Services in Malaysia has seen various fluctuations over the past decade. In 2023, it stood at 24.11 billion Malaysian Ringgits. A notable dip occurred in 2020 with a year-on-year decline of -5.62%, but a recovery followed with a significant increase of 8.59% in 2021. The average annual variation from 2018 to 2023 was modest at a CAGR of 1.42%. A slight increase is observed in 2023 (1.07%) compared to a dip in 2022 (-0.88%).

Looking ahead, forecasted data demonstrate a gradual upward trend, reaching 25.47 billion Malaysian Ringgits by 2028 with a forecasted 5-year CAGR of 0.84%. Projected growth suggests a stable but slow increase in IT services exports over the next five years at a total growth rate of 4.29%.

Future Trends to Watch For:

• Adoption of advanced technologies such as AI and cloud services driving export demand.
• Expanding digital infrastructure and incentivizing tech innovation in the region.
• Geopolitical and economic shifts that may impact global IT service trade dynamics.