Australia’s enterprise ICT market is set to increase at a compound annual growth rate (CAGR) of 12.9% between 2024 and 2029, driven by the enterprise digital transformation programs with growing adoption of technologies like cloud, artificial intelligence (AI), IoT and cybersecurity solutions, and the government’s push for digitalization, according to GlobalData, a leading intelligence and productivity platform.
GlobalData’s Australia Enterprise ICT Country Intelligence Report reveals that the ICT market in Australia will grow from $97.3 billion in 2024 to $178.6 billion in 2029. This growth aligns with the positive IT investment sentiment seen among the enterprises put to perspective by GlobalData’s 2025 ICT customer insight survey*, which shows that 92.6% of the key ICT decision-makers have confirmed that there has been an increase in their enterprise ICT budgets in 2025 compared to previous year.
Of the three IT infrastructure segments—hardware, software, and services—the services segment is expected to record the highest cumulative revenue growth over the forecast period. This growth is especially led by cloud computing services, which is set to grow at a CAGR of 21.1% during the forecast period.
Bhushan Firke, Technology Analyst at GlobalData, says: “The growing adoption of AI and the subsequent need to optimize AI workloads and modernize legacy IT systems will especially drive the demand for cloud services in the country. Enterprises are emphasizing on stronger governance, security and resilience, with growing preference for multi-cloud and distributed models. In response, service providers are expanding sovereign cloud services so sensitive data can be managed locally and compliance requirements are met.”
BFSI is the largest end-use vertical
GlobalData’s forecast highlights that the BFSI sector will remain the largest contributor to the Australia’s ICT market, accounting for 11.1% of cumulative revenue from 2024 to 2029.
Banks and financial institutions are migrating to cloud platforms while also ramping up investments in enhancing cybersecurity, optimizing business processes and improving customer facing operations, thereby creating demand for core banking systems, data analytics tools, and robust cybersecurity solutions.
Firke concludes: “Australia’s ICT sector is positioned for sustained growth with stronger nationwide broadband and mobile connectivity, enabling wider adoption of cloud and data platforms, cybersecurity, AI, automation and analytics.”
Info: www.globaldata.com
Notes: Press Release | GlobalData | 25 December 2025
