Asia Pacific's tech market is set to grow by 4.5% in 2014 and 4.8% in 2015, according to Forrester's 2014 global tech spending forecast.

This market grew by 3.1% in 2013 and is continuing to show a relatively stable and moderate growth rate.

Forrester's report indicates Japan had an improving economy and tech market in 2013 but is predicted to slow down in the next two years. However, the country represents about two-fifths of Asia Pacific's tech market.

The tech markets in China, India, Australia, and South Korea slowed down in 2013 but they are expected to improve in 2014 and 2015.

Globally, both China and India will be among the top five markets and exhibit fastest (7.7% each) local currency tech market growth this year.

Strong growth in ASEAN

Asia Pacific's tech market is experiencing 3% to 4.5% growth and this is partially due to the steady and strong growth experienced by the countries in the ASEAN region.

The growth path for Asia Pacific tech buying decreased by 5.4% in 2013 due to the fall of the Japanese yen and Indian rupee against the US dollar.

The region's tech buying is set to rising by 8% in 2014 as the yen recovers from its lows. Demand for licensed software will be restored in 2014 and 2015 in Asia Pacific.

Globally, spending on computer peripherals will increase by 3% in both 2014 and 2015, as tablets will require less in the way of monitors, keyboards, and printers then traditional PCs.

Forrester predicts that over the coming years economies will improve in the US and elsewhere and this will generate cash flow for CIOs to support the purchases of the new mobile, cloud, and smart technologies for businesses.