The output of IT services in Australia has shown consistent growth from 2013 to 2023. In 2023, the IT services market in Australia stood at AUD 104.09 billion. Over the last two years, the year-on-year growth was a steady 4.35% in 2023 and 4.6% in 2022. Looking at the longer-term trend, the market witnessed an impressive annual growth, with the CAGR over the last five years (2018 to 2023) standing at 5.02%.
Forecasts indicate a continued increase, with the market expected to reach AUD 125.16 billion by 2028. However, the annual growth rate is projected to moderate, with a forecasted 5-year CAGR of 2.92% from 2024 to 2028, depicting a 15.47% total growth over this period.
Future trends to watch for:
• Increased adoption of cloud-based services and solutions.
• The growing importance of cybersecurity amid rising cyber threats.
• Expansion in the use of AI and machine learning technologies.
• Growing emphasis on digital transformation initiatives across various sectors.
• Continued reliance on remote working solutions and IT infrastructure improvements.
