According to IDC’s latest release of Worldwide ICT Spending Guide Enterprise and SMB by Industry, the firm forecasts Asia/Pacific’s ICT spending to grow by over 3.8% in 2022.
Investment in the education expected to grow slower in 2023 , the firm forecasts Asia/Pacific’s ICT spending to grow by over 3.8% in 2022.
The firm said the ongoing supply chain constraints, geopolitical tensions, rising inflation, weakening of local currencies against the US dollar, and a resurgence of infections in pockets continue to impede economic recovery post-Covid-19. "Technology budgets are stable as of now, however, leaders will place greater scrutiny on technology investments as they represent a much larger share of spend and also to allow them sustainable business growth," he said.It highlighted that countries such as Singapore, South Korea, India, Thailand, and Taiwan, are net importers of energy and commodities and are facing the brunt of increased imported inflation due to the weakening of the local currency.
Overall, few industries are expected to have a slight slowdown in 2022 ICT spending, mainly owing to the global challenges, and expected to grow wearier throughout 2022 until government measures fall into place to keep the economy stable, it added. Industries with lesser dependence on consumer discretionary spending or which provide essential services are showing stable technology investment, it said.
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