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Artificial Intelligence

The sector has grown at an explosive rate in the last few years. Strong AI investments in the middle to late 2010s, which saw a wave of new businesses enter the market, have contributed to some of this. Now that many of these businesses are in the market, they are producing sizable profits. The industry has also benefited from ChatGPT's public release, which raised awareness of AI capabilities and motivated businesses to actively investigate how they could more fully incorporate AI into their daily operations. Over the course of the five years through 2023–2024, industry revenue is predicted to increase by an annualized 14.1% to $2.5 billion (IBISWorld).

Thanks to ChatGPT's launch excitement and AI products' increased accessibility, the industry's demand base is growing. Quick developments in AI technology have also increased the usefulness and functionality of AI products, expanding their potential market. Over the next few years, these factors should sustain robust growth; however, high interest rates, high inflation, and economic uncertainty should at least partially offset this growth. The investment funding that Australia's AI industry is heavily dependent on may be slowed by these economic headwinds. Over the five years ending in 2028–2029, the industry is predicted to grow at an annualized rate of 13.4% to reach $4.6 billion (IBISWorld).

 

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