Enterprise spending on information and communication technology (ICT) in the Philippines is entering a high‑growth phase, fueled by rising demand for IT services and accelerating cloud adoption. According to new forecasts from GlobalData, the country’s enterprise ICT revenue is expected to grow at a compound annual growth rate (CAGR) of 10.4% between 2024 and 2029, reflecting a decisive shift toward digital‑first operations across industries.
GlobalData’s Philippines Enterprise ICT Country Intelligence Report projects the national ICT market to expand from $21.3 billion in 2024 to $35 billion by 2029. This optimistic outlook is reinforced by findings from the company’s 2025 ICT Customer Insight Survey, where 95.5% of enterprise ICT decision‑makers reported an increase in ICT budgets in 2025 compared to the previous year.
Among enterprise infrastructure segments hardware, software, and services IT services are expected to register the strongest cumulative revenue growth over the forecast period. This momentum is being driven primarily by the growing adoption of cloud computing, along with rising demand for consulting and system integration services as organizations modernize their IT environments.
“Cloud computing continues to be the backbone of the Philippines’ ICT growth, supported by strong policy backing and rising enterprise investment across sectors.”
— Pragyan Tarasia, Technology Analyst, GlobalData
Pragyan Tarasia, Technology Analyst at GlobalData, noted that cloud services alone accounted for more than 23% of the Philippines’ total ICT services revenue in 2024, and are expected to remain the largest service segment through 2029. He attributes this growth to the government’s Cloud First Policy, accelerating digital‑transformation programs, improved connectivity, and the expanding presence of global cloud providers and local data center infrastructure.
The banking, financial services, and insurance (BFSI) sector is forecast to remain the largest end‑use vertical in the country’s ICT market, contributing approximately 14% of cumulative revenue during the forecast period. Financial institutions are increasing investments in cloud platforms, core banking systems, artificial intelligence, and cybersecurity to improve operational efficiency, enhance digital customer experience, and strengthen risk management.
While large enterprises continue to invest heavily, micro, small, and medium enterprises (MSMEs) are expected to lead growth, posting a projected CAGR of 11.6% through 2029. Government initiatives such as the MSME Development Plan 2023–2028, along with targeted funding under the 2025 National Budget, are accelerating technology adoption across the MSME sector.
Together, these trends point to a resilient and expanding ICT landscape in the Philippines, with IT services playing a central role in enabling enterprise modernization and long‑term economic competitiveness.