Emerging Technology in Australia
June 3, 2019
As one of the richest nations in the world, Australia is currently in a strong economic position. Over the last quarter century, Australia’s medium-sized AU$1.7 trillion economy (ranked 14th in the world), has proven exceptionally resilient, recording 27 years of uninterrupted economic growth. Both Australian industry and government have recognized that emerging technology and digital innovation are critical ingredients to the nation’s ongoing economic success, and offer Australia the opportunity to drive the next wave of economic growth. Australia’s future economic prosperity depends on its ability to harness emerging technologies, and follow the lead of countries who are already investing heavily in the digital economy to take advantage of the significant economic and social opportunities that it presents.
The ICT & Emerging Technology section of this report is intended to provide Virginia companies with a general overview of the sector in Australia, as well as offer specific insights into three key strategic areas that have been identified as critical to the next wave of Australian economic growth:
- The Internet of Things (IoT)
- Robotics and Artificial Intelligence
This report also includes an overview of the Australian Digital Health sector as an additional sector undergoing digital transformation that present opportunities to Virginia exporters.
The next wave of digital innovation – the Fourth Industrial Revolution – plays to many of Australia’s existing competitive strengths and economic imperatives, and will create new markets, products and services in industries where Australia has a significant presence, such as mining, resources, and agriculture. Australia remains well-paced to capitalize on the opportunities afforded by digital innovation, and the Australian emerging technology sector offers compelling opportunities for Virginia-based companies looking to do business in the market.