Australia And New Zealand Digital Transformation Market Size

Australia And New Zealand Digital Transformation Market Analysis

The Australia And New Zealand Digital Transformation Market size is estimated at USD 29.62 billion in 2024, and is expected to reach USD 96.84 billion by 2029, growing at a CAGR of 26.74% during the forecast period (2024-2029).

• Recognizing the pivotal role of digital transformation in driving economic growth and enhancing competitiveness, both Australia and New Zealand have taken proactive measures. The Australian Government, acknowledging the transformative potential of advanced technologies like robotics, allocated a substantial USD 15 billion to the National Reconstruction Fund (NRF). This fund aims to rejuvenate Australia's industries, broaden market opportunities, and strengthen the national economy.
• In tandem with the NRF, the government's Industry Growth Program (IGP) has been instrumental in supporting small and medium-sized enterprises (SMEs) and startups, particularly during their formative stages. The 'Future Made in Australia' initiative also focuses on modernizing industries, reinforcing the manufacturing base, and improving onshore supply chains through targeted investments.
• In 2023, Australia emerged as a global leader in robotics and related research, securing a spot among the top 10 nations worldwide. The country achieved notable rankings: 4th in additive manufacturing, 5th in data analytics and autonomous underwater vehicles, 6th in autonomous systems operation technology, and 8th in advanced robotics (ASPI 2023). Furthermore, three Australian universities proudly claimed positions in the global top 50 for their significant contributions to robotics research (ASPI 2023).
• The National Critical Minerals Strategy 2023–2030 underscored the significance of diverse, resilient, and sustainable supply chains, aligning them with net-zero objectives and tapping into the economic potential of Australia's mineral resources. In alignment with the nation's Sovereign Defence Industrial Priorities, the Defence Industry Development Grant supported SMEs in acquiring new defence capabilities, achieving international accreditations, and fostering skills development. Meanwhile, the Australian Trade and Investment Commission worked diligently to enhance exports to pivotal markets and draw foreign investments, especially in robotics.
• The 2023–2030 Australian Cyber Security Strategy emphasized the importance of cybersecurity in internet-connected robotics. Regulatory frameworks were introduced for drone usage and automated vehicle operations on public roads to ensure safety and respect for privacy. With an eye on gender equality, the 'National Strategy to Achieve Gender Equality' aimed to position Australia as a worldwide leader in this domain. The 'Fee Free TAFE' initiative made waves with over 355,000 student enrollments, notably directing more than 10,900 students into the Technology and Digital Sector.
•  However, a shortage of skilled professionals with expertise in digital technologies can hinder digital transformation efforts. Upskilling or retraining the existing workforce and attracting talent with the necessary skills can be challenging, especially in niche areas such as data analytics, artificial intelligence, and cybersecurity.