Malaysia Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
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Malaysia Enterprise ICT Market Overview
The Malaysia Enterprise ICT Country Intelligence Report, a new Country Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Malaysia. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises in the country in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of overall Malaysia’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.
Annual Change in Enterprise ICT Budget Allocation in Malaysia (2021-22 Vs. 2022-23)
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The report also discusses the market growth inhibitors impacting Malaysia’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and vertical analysis, as well as a review of key macroeconomic and regulatory trends, and government initiatives. The report also includes a brief profile of some of the key ICT vendors within the country.
Market Size 2022 | >$20 billion |
CAGR | >16% |
Forecast Period | 2022-2027 |
Enterprise ICT Budget Allocation Analysis Period | 2022-2023 |
ICT Segment | Hardware, Software, Services |
ICT Solution Areas | Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting and Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center and hosting, Artificial Intelligence, Mobility, Edge Computing |
Key End-use Verticals | Manufacturing, BFSI, Energy, Retail, and Information technology |
Enterprise Size Band | Micro (<50), Small (51-250), Medium (251-1,000), Large (1,001-4,999) and Very Large (5,000+) |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
Enterprise Technology Priorities and Spending Preferences | IoT, Cloud Computing, Client Computing, Networking, and Business Process Applications |
Companies Mentioned | China Mobile, Telekom Malaysia, Alibaba, Apple, Accenture |
GlobalData’s ICT customer insight survey reveals a positive outlook for enterprise ICT spending in Malaysia, with most respondents, more than 82% from the country, claiming that there has been an increase in the enterprise ICT budget in 2023 compared to 2022. This is over 23 percentage points (p.p.) higher than the percentage who claim that there was an increase in their ICT budget in 2022-23 compared to 2021-22. This upward trend is paving the way for a promising opportunity for optimistic growth in ICT revenue. The rise in investment signifies enterprises’ willingness to allocate a budget toward technological advancements.
Malaysia’s overall ICT market was pegged at over $20 billion in 2022 and is expected to grow at a CAGR of more than 16% during 2022-2027 to reach over $44 billion by the growth of the country’s digital economy backed by the government’s Malaysia Digital (MyDigital) initiative along with digital transformation investments by enterprises across verticals, especially spending on AI, IoT, cloud, and cybersecurity.
Malaysia Total ICT Revenue Opportunity ($Billion) 2022-2027
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Malaysia Enterprise ICT Market Regulatory Highlights
- 5G & the Jendela initiative,
- MyDIGITAL Initiative,
- National Artificial Intelligence (AI) Roadmap (AIR-Map),
- 12th Malaysia Plan (2021-2025), etc.
Malaysia Enterprise ICT Revenue Opportunity – Segment Analysis
GlobalData’s survey findings suggest that enterprise ICT budget allocations for all ICT products and services areas in Malaysia have increased in 2023 compared to 2022. For ‘ICT services,’ more than 55% of respondents claim that their enterprise’s ICT budget allocation has increased in 2023 compared to 2022.
Annual Change in Distribution of Enterprise ICT Spending, By ICT Products/Services in 2023
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According to GlobalData, Malaysia’s ICT market would see the majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.
- IT Services
- IT Software
- IT Hardware
Malaysia Total ICT Revenue Opportunity, by Segment ($Billion) 2022-2027
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Malaysia Enterprise ICT Market Dynamics – Drivers, Trends and Challenges
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Malaysia Enterprise ICT Market by Infrastructure Segments – Services, Software, and Hardware
IT Services – Segment Outlook
GlobalData’s survey findings suggest that the enterprise ICT budget allocations across all ‘services’ categories in Malaysia have increased in 2023 compared to 2022. Over 61% of respondents confirmed an increase in their enterprise ICT budget for overall ‘services’ in 2023 compared to 2022.
Annual Change in Malaysia Enterprise ICT Services Budget Allocations
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The ICT services market in Malaysia was pegged at over $10 billion in 2022 and is predicted to grow at a CAGR of more than 16% over 2022-2027 to reach over $22 billion in 2027. The growth of the ICT services market in the country is largely driven by the launch of 5G services, hybrid business models, digital banking, and healthy consumer spending in 2022 which keep up with the newest trends, among others.
Malaysia Total ICT Revenue Opportunity, by ICT services ($Billion) 2022-2027
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The Malaysia enterprise ICT country intelligence report offers ICT revenue market indicators across the following IT services solution areas:
- Cloud computing services
- Communications and collaboration services
- Consulting & integration services
- Business process outsourcing services
- Application development and management services
- Networking services
- Internet of Things (IoT) services
- Client computing services
- Datacenter and hosting services
- Security services
- Artificial intelligence (AI) services
- Storage services
- Mobility services
- Servers services
- Edge computing services
Malaysia Enterprise ICT Technology Revenue Opportunity and Spending Priorities – Key Solution Areas
IoT can be regarded as the most attractive market in Malaysia. The revenue opportunity for IoT in Malaysia was pegged at more than $3 billion in 2022 and is estimated to grow at a CAGR of more than 21% between 2022-2027.
Malaysia Total ICT Revenue Opportunity, by Solution Areas ($Billion) 2022-2027
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Malaysia Enterprise IoT Investment Priority – Now vs Next Two Years
The IoT market growth can be attributed to the country’s technological advancements as well as initiatives undertaken by the Malaysian government in embracing the technology at an unprecedented pace, with the country’s focus on smart cities, Industry 4.0, healthcare, and agriculture driving its growth. This was validated by GlobalData’s survey, where over 71% confirmed that their budget allocation in IoT increased in 2023 vs. 2022. More than 84% claimed that their enterprises have already invested in IoT, while over 81% indicated their enterprises would invest in IoT in the next two years.
Malaysia IoT Technology Investment Priority – Current vs Next Two Years
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Malaysia Enterprise ICT Technology Revenue Opportunity – Key Verticals
The manufacturing sector is the largest independent end-use vertical segment for the ICT market in Malaysia in terms of revenue contribution, and it will remain so over the forecast period. ICT revenue from the manufacturing sector reached over $2 billion in 2022 and is set to grow at a CAGR of more than 9% through 2027.
Malaysia Total ICT Revenue Opportunity, by Verticals ($Billion) 2022-2027
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Malaysia Enterprise ICT Revenue Opportunity by Enterprise Size Band
The MSME segment accounts for a majority share of revenue for the ICT market in Malaysia in 2022. This can be mainly attributed to increasing investments in emerging technology areas, including advanced robotics, AI, data analytics, and cloud computing by large enterprises owing to their strong financial status.
Scope
The country intelligence report provides an in-depth analysis of the following –
- The macroeconomic and regulatory context and government initiatives in Malaysia.
- Enterprise ICT market outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, end-use verticals, and enterprise size bands.
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, and existing vs new IT projects.
- Enterprise ICT growth drivers, market trends and challenges
- IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.
- IT software segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.
- IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.
- Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.
- Company landscape: analysis of the market position of leading ICT providers in the Malaysian market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision-maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This Country Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises across various industry verticals in Malaysia and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of Malaysia’s enterprise ICT investment priorities and ICT revenue opportunity market.
- Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in Malaysia’s enterprise ICT market.
- The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to the previous year.
- The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions, and product/service categories and how they have changed this year compared to previous years.
- The report also presents an analysis of enterprise ICT revenue opportunities by various solution areas, enterprise size bands, end-use verticals, and segments over the forecast period 2022-202.
- With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
- The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision-makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in Malaysia change in 2023 compared to 2022?
More than 82% of respondents from Malaysia claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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What was the Malaysia enterprise ICT revenue market size in 2022?
The enterprise ICT revenue market size in Malaysia was valued at over $20 billion in 2022.
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What is the Malaysia enterprise ICT revenue market growth rate?
The enterprise ICT revenue in Malaysia is expected to grow at a CAGR of more than 16% during the forecast period 2022-2027.
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What are the key ICT revenue market drivers in Malaysia?
Growing focus on disruptive technologies for enabling digital transformation to fuel enterprise ICT demand along with 5G network rollouts and evolution with enterprise focus on private wireless network spending are the key market drivers for Malaysia CT revenue market growth.
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What are the key ICT segments in Malaysia?
IT services, IT software, and IT hardware segments are the key ICT segments in Malaysia.
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What are the key end-use verticals for ICT products/services in Malaysia?
Manufacturing, BFSI, energy, retail, and information technology are the key ICT end-use verticals for ICT products/services in Malaysia.
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What are the key ICT solution areas with investment priorities in Malaysia?
IoT, cloud computing, client computing, networking, and business process applications are the key ICT solution areas in Malaysia.
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Which are the ICT companies mentioned in Malaysia's enterprise ICT country intelligence report?
The companies mentioned in the Malaysia enterprise ICT country intelligence report are China Mobile, Telekom Malaysia, Alibaba, Apple, and Accenture, among others.
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