Technology: Australia’s Tech Spending to Reach $84.5B in 2018

Technology spending in Australia is forecast to reach $84.5 billion this year with 2.3 per cent growth.

Latest report from Gartner has revised forecasts for global tech spending from 4.4 per cent to 6.2 per cent, or US$3.7 trillion for 2018. The research company said this was the highest annual growth rate since 2007.

IT services is expected to remain the largest segment in Australia with $30.45 billion, up from last year’s $29.8 billion. Communications services comes second with a forecast of $26.6 billion, followed by software with $12.57 billion and devices with $12.19 billion. The only category in decline is data centres with $2.7 billion, down from 2017’s $2.75 billion. However, Gartner expected the number to bounce back up in 2019.

According to Gartner, worldwide IT spending will rise by the expected level of 3 per cent in 2018, in line with global economic growth of 3.3 per cent. Software spending is forecast to experience the highest growth this year with an 11.1 per cent increase.