Software spending in Australia and New Zealand surges 17.3% to $20.9 bn

Software spending in Australia and New Zealand (A/NZ) rose 17.3 percent in 2023 to $20.9 billion, the International Data Corporation (IDC) Worldwide Semiannual Software Tracker said.
Australia and New Zealand Software Spending IDC report

The IDC report said software spending in Australia and New Zealand in 2023 has softened compared to previous years amid uncertainty within the economy, leading the ANZ businesses to be very cautious in controlling and tightening costs.

IDC forecasts Australia and New Zealand software market revenues to reach nearly $39 billion by 2028, posting a 13.2 percent compound annual growth rate (CAGR) over the 2023-2028 period.

“Even though businesses across the A/NZ region faced very noticeable financial stress, they keep their focus on productivity and efficiency. Hence, investment in applications and software remains a priority,” says Anastasia Antonova, Research Manager, Data & Analytics, IDC A/NZ.

The artificial intelligence (AI) platforms software market in Australia and New Zealand experienced a remarkable growth of 62.3 percent. Generative AI (GenAI) has captured the highest growth among all submarkets under Artificial Intelligence Platforms market, IDC said.

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