Asia Pacific ICT Market Report and Forecast 2024-2032

Asia Pacific ICT Market Size

The Asia Pacific ICT market reached around USD 1.30 trillion in 2023. The market is projected to grow at a CAGR of 4.6% between 2024 and 2032, reaching almost USD 1.95 trillion by 2032.

Asia Pacific ICT Market Outlook

• The anticipated decline in satellite production costs is expected to encourage the use of satellite-based internet and telecommunication services.

• In 2023, the Indian government introduced the Indian Space Policy, aimed at boosting the participation of non-government entities (NGEs) across space economy value chains.

• Large enterprises are expected to remain the leading beneficiaries of ICT services in the region.

Asia Pacific ICT Market Growth

As per the Investment Information and Credit Rating Agency of India, 2 million people are expected to become satellite internet users in India, recording an increase of 6-times from current levels by 2025. Out of a population of 1.4 billion people, nearly 40% of Indians do not have internet accessibility. Under the BharatNet programme, in collaboration with the BBNL, the Indian government plans to provide satellite-based internet services to nearly 7000 villages. Due to such favourable initiatives, India is projected to grow at a CAGR of 5.1% during 2024 and 2032.

In May 2024, a consortium of telecom companies in Japan (NTT Corporation, Fujitsu, DOCOMO, and NEC Corporation) launched the sixth generation of wireless networks, whose speed is ten times greater than 5G and has substantially lower latency. The development of sub-terahertz devices that transmit data at a speed of 100gbps and can operate within a range of 100 meters is expected to further drive the market expansion in the coming years.

Increasing viewership for OTT shows and movies is expected to increase the demand for mobile data in Japan. The expansion of fibre-optic cable networks is expected to meet the increasing demand for high-speed internet services across the country by 2028, further driving the market growth.

Asia Pacific ICT Industry Segmentation

Asia Pacific ICT Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Hardware
  • Network Switches 
  • Routers and WLAN 
  • Servers and Storage 
  • Others 
• Software

• IT and Infrastructure Services

• Telecommunication Services

Market Breakup by Enterprise Size

• Small and Medium Enterprises

• Large Enterprises

Market Breakup by Industry Vertical

• BFSI

• IT and Telecom

• Government

• Retail and E-Commerce

• Manufacturing

• Energy and Utilities

• Others

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific ICT Market Share

Based on industry vertical, the market is divided into BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others. Over the forecast period, the IT and telecom sector is expected to witness the fastest growth, growing at 5.2% CAGR between 2024-2032. This can be attributed to rising consumer appeal for the latest smartphone models and PCs, which underlines the demand for smart devices meant for data exchange and storage.

Meanwhile, the retail and e-commerce sector is projected to grow at a CAGR of 4.9% during 2024-2032, aided by evolving customer behaviour and technological advancements.

Leading Companies in the Asia Pacific ICT Market

Increasing collaboration in the satellite and space industry is expected to ensure a stable flow of capital for funding new projects and initiatives that minimise the digital divide between urban and rural areas across countries, thereby driving the market growth.

• IBM Corp.

• Microsoft Corp.

• Cisco Systems Inc.

• Google LLC

• AT&T Inc.

• Qualcomm Technologies, Inc.

• Oracle Corp.

• Fujitsu Ltd.

• HP Inc.

• Fortinet Inc.

• Others

Key Highlights of the Report