India is the fastest-growing country for tech spending in Asia Pacific, increasing by 8 per cent in 2019 and by 7 per cent in 2020, according to a new report from global market research firm Forrester. Software and services will post the fastest growth in Asia Pacific, according to the report entitled “Asia Pacific Tech Market Outlook For 2019 to 2020”.
India’s hunger for software will continue in 2019 and 2020 as the digital transformation of government and private-sector business processes remains atop India’s agenda, said the report. Spending on tech consulting and outsourcing services will bolster IT expenditure growth in the country, increasing by 11 per cent in 2019 and 16 per cent in 2020.
China and Japan dominate the Asia Pacific tech market with about a 60 per cent combined share. India is in third place, with total spending of around $70 billion, the Forrester report said. China will spend $256 billion on tech goods and services in 2019 and Japan is expected to come in second with $198 billion in tech spending, according to the estimate which warns that global tech market growth will slow to 4.5 per cent in 2019 and 3.8 per cent In 2020.
