IT Services - Australia

  • Australia
  • Revenue in the IT Services market is projected to reach US$35.90bn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of US$14.01bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.10%, resulting in a market volume of US$48.26bn by 2029.
  • The average Spend per Employee in the IT Services market is projected to reach US$2.46k in 2024.
  • In global comparison, most revenue will be generated in the United States (US$522.00bn in 2024).

Key regions: United States, China, India, Japan, Germany

 
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Analyst Opinion

The IT Services market in Australia has been experiencing steady growth in recent years, driven by a number of factors.

Customer preferences:
Australian businesses are increasingly looking to outsource their IT needs to third-party service providers, as they seek to reduce costs and improve efficiency. This has led to a rise in demand for managed IT services, including cloud computing, cybersecurity, and data analytics. Additionally, there is a growing trend towards digital transformation, as companies seek to modernize their operations and stay competitive in a rapidly evolving market.

Trends in the market:
One of the key trends in the Australian IT Services market is the rise of cloud computing. As more businesses move their operations to the cloud, there is a growing need for cloud-based services such as storage, backup, and disaster recovery. Another trend is the increasing importance of cybersecurity, as companies look to protect their sensitive data from cyber threats. This has led to a rise in demand for cybersecurity services, including threat detection, incident response, and risk assessment. Finally, there is a growing demand for data analytics services, as companies seek to leverage the power of big data to gain insights into their operations and make better business decisions.

Local special circumstances:
One of the unique factors driving the growth of the IT Services market in Australia is the country's geography. With a large landmass and a relatively small population, many businesses are located in remote areas that are difficult to access. This has led to a rise in demand for remote IT services, including cloud-based solutions that can be accessed from anywhere. Additionally, Australia's strong ties to Asia have led to a growing demand for IT services that can help businesses expand into the region.

Underlying macroeconomic factors:
The Australian economy has been growing steadily in recent years, driven by a strong services sector and a growing population. This has led to a rise in demand for IT services, as businesses seek to modernize their operations and stay competitive in a rapidly evolving market. Additionally, the Australian government has been investing heavily in IT infrastructure, including the National Broadband Network, which has helped to drive the growth of the IT Services market. Finally, the country's stable political climate and strong rule of law have made it an attractive destination for foreign investment, further driving the growth of the IT Services market.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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