In 2023, the output of the ICT industry in Australia stood at 188.17 Billion Australian Dollars. Over the last decade, the ICT sector has shown steady growth, with early years like 2014 and 2015 witnessing year-on-year variations of over 4%. The past five years revealed a more moderated growth trend, with the compound annual growth rate (CAGR) averaging at 2.11%. In recent years, from 2021 to 2023, the year-on-year growth rate has reduced further to just under 2%.
Looking forward to the forecasted data from 2024 to 2028, the ICT industry is expected to continue its growth but at a slower pace. The 5-year forecast indicates a CAGR of 1.18%, translating to a cumulative growth rate of 6.06% by 2028.
Future trends to watch for in the ICT industry involve the increasing significance of digital transformation, advancements in AI and machine learning, growth in cloud computing, and expanding adoption of Internet of Things (IoT) technologies. These trends could drive both innovation and market expansion in the coming years.
