Australia’s enterprise ICT market is poised for robust expansion, with revenues forecast to grow at a healthy compound annual growth rate (CAGR) of 12.9 percent between 2024 and 2029, according to GlobalData. The market is expected to increase from $97.3 billion in 2024 to $178.6 billion by 2029, driven by accelerating digital transformation programs across enterprises and sustained government-led digitalization initiatives.
Growing adoption of cloud computing, artificial intelligence, the Internet of Things, and cybersecurity solutions is reshaping enterprise IT priorities across the country. This positive outlook is reinforced by GlobalData’s 2025 ICT customer insight survey, which indicates that 92.6 percent of key ICT decision-makers reported an increase in enterprise ICT budgets in 2025 compared to the previous year, reflecting strong confidence in technology-led growth.
“Enterprises across Australia are accelerating digital transformation, with cloud and AI at the core, as organizations modernize legacy systems while strengthening governance, security, and resilience.”
— Bhushan Firke, Technology Analyst, GlobalData
Among the core IT infrastructure segments—hardware, software, and services—the services segment is expected to record the highest cumulative revenue growth over the forecast period. Cloud computing services will be a major contributor, projected to grow at a CAGR of 21.1 percent as enterprises migrate workloads, optimize AI applications, and modernize legacy systems. Organizations are increasingly prioritizing flexibility and resilience, leading to greater adoption of multi-cloud and distributed deployment models.
According to GlobalData, governance, security, and data sovereignty considerations are also influencing technology investments. Service providers are responding by expanding sovereign cloud offerings, enabling sensitive enterprise and government data to be stored and managed locally while meeting regulatory and compliance requirements.
From an industry perspective, the banking, financial services, and insurance (BFSI) sector is expected to remain the largest end-use vertical in Australia’s ICT market. BFSI is forecast to account for 11.1 percent of cumulative ICT revenue between 2024 and 2029, as banks and financial institutions increase spending on cloud platforms, cybersecurity, data analytics, and core banking modernization to enhance customer-facing operations and operational efficiency.
With continued investments in nationwide broadband and mobile connectivity, Australia’s ICT ecosystem is well positioned for sustained growth. Wider access to advanced networks is expected to further accelerate adoption of cloud, AI, automation, analytics, and cybersecurity technologies, reinforcing the country’s digital transformation momentum over the next five years.