The Australian and New Zealand software market has witnessed a significant growth of 17.3% year-over-year, reaching a staggering US$20.9 billion in constant currency, according to the International Data Corporation (IDC) Worldwide Semiannual Software Tracker. Despite the economic uncertainty, businesses in the region are prioritizing investments in applications and software to boost productivity and efficiency. The artificial intelligence (AI) platforms software market has experienced a remarkable 62.3% year-over-year growth, with Generative AI capturing the highest growth among all submarkets. While AI adoption is on the rise, IDC warns that businesses must carefully evaluate data location, use cases, integration capabilities, and security concerns before implementing AI platforms. The A/NZ government agencies have been supportive of AI implementations, establishing centers and frameworks to drive innovation and responsible AI use. With the AI market expected to reach US$3.5 billion by 2028, IDC emphasizes the importance of adhering to responsible AI principles and frameworks.
A/NZ Software Spending Surges
Economic pressure has been felt across both countries, despite all fluctuations, the Australian economy has been holding up strongly throughout the year, while economic conditions in New Zealand have been a bit more challenging with the economy entering a recession.
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