target audience: TECH SUPPLIER Publication date: Oct 2024 - Document type: Market Forecast - Doc Document number: # AP50960624
Australia and New Zealand Industry and Company Size IT Spending Forecast, 2024–2028
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Abstract
The Australia and New Zealand (ANZ) IT market is projected to grow significantly from US$75.7 billion in 2023 to US$106.4 billion by 2028, driven by digital transformation (DX), economic recovery, and advanced technology adoption. The key segments include devices, infrastructure, services, and applications/software, with the latter showing the fastest growth at a 12.8% compound annual growth rate (CAGR). The infrastructure segment is also set for substantial growth, driven by cloud computing and AI workloads.
IT spending trends vary by company size, with large businesses and midsize businesses showing robust growth because of investments in cloud computing, AI, and cybersecurity. Small businesses and small office/home office (SOHO) segments are also increasing their IT budgets, focusing on cost-effective and scalable solutions.
Vertical segments, such as financial services, retail, healthcare, manufacturing, and public sector, are all investing heavily in IT to enhance operational efficiency, customer experience, and regulatory compliance. The financial services sector is focusing on fintech innovations and cybersecurity, while the retail sector is leveraging ecommerce and omni-channel strategies.
Economic stability post-pandemic and strong trade relationships are bolstering IT investments, although the rising inflation and regulatory challenges pose potential inhibitors. Overall, the ANZ IT market is poised for strong growth, driven by the need for resilient, agile, and innovative business models in a rapidly evolving digital landscape.
The ANZ IT market is projected to grow significantly from 2023 to 2028, driven by DX, AI adoption, and cloud computing. The key sectors, such as financial services, retail, and healthcare, are investing heavily in IT infrastructure to enhance operational efficiency and customer experience. Despite economic uncertainties and regulatory challenges, the market is expected to increase at a 7.1% CAGR, with notable growth in applications, software, and infrastructure segments. Businesses are prioritising scalable, secure, and innovative IT solutions to remain competitive.
"The ANZ IT market is expected to grow from US$75.7 billion in 2023 to US$106.4 billion by 2028, driven by AI, cloud computing, and digital transformation spend," says Linus Lai, chief analyst ANZ.