Australia’s Cloud Computing Growth to Reach $81 Billion by 2029

According to a new report, cloud computing will be worth between $9 billion and $10 billion to the Australian economy from 2022 to 2023. Continuous Enterprise Cloud Migration The boom in artificial intelligence computing may boost its annual contribution to GDP to $81 billion by 2029.

The report, endorsed by the Australian Information Industry Association and compiled by DT Economics for Amazon Web Services, shows that since 2007, the Australian cloud computing industry’s contribution to Australia’s GDP has increased by 300%. Position.

AIIA CEO Simon Bush calls the cloud “a driver of national productivity and prosperity.”

Cloud computing’s economic contribution continues to rise

ADAPT Research, an Australian technology research company, It is recommended that 55% of Australian organizations’ workloads will be hosted on public clouds by 2025. Meanwhile, Gartner predicts Australian and global cloud workloads will increase to 70% by 2028.

AIIA said that the popularity of cloud services has driven its contribution to GDP to grow at a compound annual rate of 10% from 2007 to 2023, and currently accounts for 0.4% of GDP. The report predicts that the cloud industry will contribute US$68 billion to US$81 billion to the country’s GDP in 2029, accounting for more than 0.5% of GDP.

Many Australian jobs are related to cloud computing

The report states that the cloud computing industry supports up to 56,000 jobs in 2022-23. This marks a significant increase in employment to 23,000 from an estimated 20,000 in 2007-08. Forecasts indicate that cloud-related jobs will grow to 71,000 to 84,000 by 2028-29.

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The report states that these jobs include those directly employed by cloud service providers as well as many other jobs in the supply chain. As more cloud storage facilities are built in Australian cities and remote areas, the cloud will also contribute to regional job creation more broadly.

Additional benefits the cloud brings to the economy

According to the report, GDP figures or employment numbers do not reflect several other productivity benefits that the cloud brings. The benefits are related to more efficient use of labor and capital resources in producing goods and services because the cloud is intertwined with business, the report said.

The report points out how the cloud’s energy-saving capabilities can enhance local and global market access opportunities, enhance capabilities, cost savingimprove operational resiliency, reduce cybersecurity risks, and Reduce energy and carbon emissions.

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Artificial intelligence supports cloud growth

AI Computing is another important and emerging advantage that the cloud brings to Australia. AIIA said cloud computing service providers support the integration of emerging technologies such as artificial intelligence and machine learning in Australia’s public and private sectors, as evidenced by the recent growth of artificial intelligence.

AIIA urges caution in future cloud computing regulations

this Securing Australia’s cloud potential The report is intended in part to caution regulators against imposing strict rules on cloud service providers. This follows regulatory recommendations made by the Australian Competition and Consumer Commission as part of its Ongoing digital platform service inquiries.

The ACCC recommends the implementation of legally binding, service-specific codes of conduct for certain designated digital platforms. The codes are designed to address issues such as anti-competitive self-preference, bundling the sale of one product with the sale of another, and exclusive pre-installation agreements.

“Australia has sometimes focused on regulating technology rather than supporting innovation,” Bush explained. “We must strike a balance between protecting citizens and customers while promoting creativity, investment and growth.”

He added that poorly designed regulations could undermine the industry’s potential and damage Australia’s position as a leader in the digital economy. “We need forward-looking regulation that enhances, not hinders, the industry to remain at the forefront of global innovation.”