Emerging trends include deep technologies, quantum and space
Canberra, 19 April 2024 – More than two-thirds of Australia’s top tech leaders say AI is on track to be the defining technology trend for 2024, according to research released by the Tech Council of Australia (TCA) in partnership with Datacom. The report also highlights key growth opportunities and challenges.
Ryan Black, Acting CEO of the TCA, said,“ With continued AI innovation and adoption seen as the defining tech trend of 2024, Australia needs to make sure it creates the right environment to capture the huge economic and productivity benefits. Generative AI alone has the potential to add up to $115 billion to the Australian economy annually by 2030.”
“This rapidly evolving technology can drive economic value through two main channels: improving existing businesses through productivity and quality gains, and creating new products and services.”
“While increasing awareness will help drive AI innovation and adoption, it will need to be coupled with greater regulatory certainty and a clear national plan for growing Australia’s AI capabilities. The 2024 federal budget provides an opportunity to continue this important work.”
“Tech leaders have also rated cyber security as an ongoing area of focus. Major cyber attacks and data breaches in recent years have demonstrated the urgent need to uplift cyber resilience. This will require sustained and ongoing action by governments, businesses and the broader community.”
The survey results also demonstrate the tech sector is thinking ahead to other emerging technology trends on the horizon. Nearly 1 in 6 surveyed tech leaders think deep tech areas such as quantum and space could overtake AI as the defining tech trend for 2024.
“While AI is absolutely front of mind, the results show that emerging technologies in lesser-known areas of the tech sector may become dark horse trends this year,” Mr Black said.
Datacom Australia Managing Director Alexandra Coates said, “We know tech adoption comes in waves, and at any point, a single form of technology can gain prominence fast.”
“Advances in deep-tech areas like quantum technology and space are on the horizon, but as technology progresses, cyber security threats will continue to affect businesses, and therefore, a stronger emphasis on data protection solutions, such as zero-trust architecture and security, will be a priority for our country’s top tech leaders,” Ms Coates said.
The report also notes the role Australia’s tech sector plays as it continues its trajectory of growth as a significant part of our economy and emphasises the need to support scaling companies to ensure they can retain local talent and grow in a small market.
“It is great to see that insights from the report reflect the optimism of our tech sector and its significant contribution to the economy,” Mr Black said.
“Australia’s tech leaders see the potential for growth and the opportunity from AI and emphasise Australia’s key strengths as a tech sector, including great local talent, collaborative working culture and a great lifestyle. However, our tech leaders are honest about some of our biggest challenges, noting Australia is a small market, which can hinder opportunities for growth and create the need for international expansion for many Australian companies.”
“Importantly, many of these challenges are shared across the economy and with government, which highlights the continued need to work together with the tech sector and government on ways to support and harness our scaling tech companies and ways for greater tech adoption across the economy.”
Key insights
- More than two-thirds of tech leaders expect AI to be the defining technology trend for 2024
- 1 in 6 surveyed tech leaders think deep-tech areas such as quantum and space can overtake AI as the defining trend of 2024
- 50% of respondents identify overseas growth as a priority and number one opportunity for 2024.
- 67% of tech leaders see Australia as distinct, with a special set of strengths and weaknesses compared to Silicon Valley (i.e. other tech hubs).
- Overwhelmingly, more than 61% of respondents said the number one change that would positively impact tech sector growth in 2024 would be to introduce tech adoption or investment incentives.
- More than 50% of tech leaders have an impact or Environmental, Social and Governance (ESG) strategy in place.
Ends
About Tech Council of Australia
The Tech Council of Australia is the peak industry body for Australia’s tech sector and provides a trusted voice for Australia’s technology industry representing the full spectrum of tech companies.
We aim to advise and engage with Australian governments, businesses and the wider community to help support the ongoing creation, development and adoption of technology across industries. Our vision is for a prosperous Australia that thrives by harnessing the power of technology.
About Datacom
Datacom is Australasia’s largest homegrown technology company and has been enabling the growth of the local digital economy for nearly 30 years.
We bring together innovative technology solutions and expertise to deliver robust, scalable and sustainable solutions for government agencies and some of the largest organisations in Australia.
With more than 6,500 people working across Australia, New Zealand and Asia, Datacom is truly world-class in capability and we use our expertise to help local companies and communities to thrive. www.datacom.com
Media contact
Sofia Polak
m: 0434 275 449
