Since 2013, the value added of ICT in Australia has shown steady growth, increasing from 67.08 billion AUD to 90.55 billion AUD in 2023. The variations in year-on-year growth were notable, especially between 2017 and 2023, where values fluctuated between 1.17% and 4.59%. The growth in 2023 stands at 3.2%. Analyzing the compound annual growth rate (CAGR) over the past five years, we can observe a rate of 3.65% from 2018 to 2023, which indicates a healthy upward trend.
From 2024 onward, forecasted values suggest continued growth, with the value expected to reach 103.79 billion AUD by 2028. The forecasted five-year CAGR stands at 2.15%, highlighting a slightly moderated yet consistent growth pattern when compared to the prior five years.
Future Trends to Watch:
As we look ahead, notable trends include the potential for digital transformation across various industries, increased investment in 5G technology, the expansion of cloud services, and the ongoing shift towards remote working environments. These factors could significantly influence the ICT sector's value added in Australia, driving further innovation and economic contributions.
