In most cases, the IT industry can play a significant role in boosting the economy of a nation. The IT market in Australia however, isn’t as well developed or extensive as that of the US or Japan. Irrespective of this, the former is all set to experience a decent growth spike in the upcoming years. In fact, if one were to benchmark competitiveness in the IT industry, then Australia ranks in as the third-most competitive market in the Asia-Pacific region.
Here are the top trends that, according to our industry experts, will shape the future of the IT market in Australia.
1. Artificial Intelligence (AI)
As Australia embraces Artificial Intelligence, players in the IT industry are all set to dish out the most customer-friendly AI solutions. This is especially true in the case of the banking and investment industry. Digitalization of financial institutes will result in better customer engagement and retention. The advent of AI also reflects the shift in IT’s focus from maintenance and support of systems, to innovating and enabling of business strategy.
2. IoT across the IT market in Australia
The IoT is a major game changer in the Australian IT market. With staggering volumes of data being generated on a regular basis, corporations have turned to IoT-powered IT solutions to enhance the overall performance of their assets. These are particularly in demand amongst the Australian medical community. Also, as policy makers work towards building smart homes and smart cities, IoT is expected to bring a paradigm shift in the Australian IT industry.
3. Foolproof cybersecurity solutions
The frequency with which security breaches are taking place has necessitated the building of secure IT solutions. In fact, this has emerged as the most pressing necessities for the IT industry. From government organizations, financial institutes, hospitals to SMEs, everyone is looking to master data security. Our industry experts predict that this pressing need will morph into a trend. Consequently, foolproof cybersecurity solutions will feature prominently when speaking of the future of the IT market in Australia.
4. The cloud emerges as the best storage option
Cloud computing has taken the Australian IT industry by storm. With SaaS, PaaS, and XaaS being adopted on a massive scale, data storage is drawing copious attention and investments. By virtualizing the IT systems, cloud computing has emerged as the proverbial glue that binds it all. Particularly, in the Australian IT industry, there has been a trend towards building solutions that prominently feature the cloud storage options.
5. Open API ecosystems
Open API ecosystems are going to be the new normal through the next decade. This explains why IT companies in Australia are designing digitally enhanced products and services that will amplify their reach in the market.
Finally, digital transformation backed with the rise of data services is driving unparalleled growth and innovation in the Australian IT industry. Consequently, the country has emerged as one of the strongest and most competitive IT markets in the APAC region. The trends listed above are sure to have a positive impact on the IT market in Australia.
Check out the Technavio report featured in this article :
IT Market in Australia 2018-2022
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