According to the report, the market will observe an incremental growth of USD 33.97 trillion, accelerating at a CAGR of 8.40% during the forecast period. Technavio’s report identifies Accenture Plc, Acer Inc., Alphabet Inc., and Apple Inc. as key vendors.
The IT spending market in Southeast Asia is fragmented with the presence of several global and regional vendors. The dynamically changing consumer requirements are encouraging vendors to develop new solutions to meet the demands of consumers. Existing vendors in the market are continuously investing in R&D to advance their offerings and increase their consumer base. On the other hand, several new players are expected to enter the market during the forecast period with innovative solutions. This is increasing the competition among market vendors.
Factors such as increased adoption of mobility solutions in Southeast Asia, the rise of IoT solutions, and the proliferation of data will offer immense growth opportunities. In addition, market trends such as the growth of big data and analytics services will further accelerate the growth of the market. However, the lack of skilled talent and retention of the talent pool, lack of security in cloud computing, and system integration and interoperability issues will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Read The Report Here