Market Intelligence
Information and Communication Technology Australia Trade Development

Australia Artificial Intelligence Market

The Australian Artificial Intelligence (AI) market is growing significantly and is projected to be worth US$315 billion by 2028, according to The Commonwealth Scientific and Industrial Research Organisation (CSIRO). The Australian government is supporting of AI innovation due to its opportunities to grow the economy and enhance the quality of life for Australians. Export Finance Australia has noted that 68% of businesses across diverse industries in Australia have already integrated AI into their operations. In May 2023, the Australian government prioritized research and development in AI as a critical technology of national interest.

AI has accelerated business processes within Australia by: 

  • Assisting small businesses to understand their customer segmentation.
  • Enhancing the competitiveness of manufacturing companies. 
  • Monitoring natural resources to reduce waste and boost efficiency. 
  • Forecasting national challenges such as bushfires.

Despite the increasing Australian government support for AI, there are still gaps in the market and eco-system. Many consumers are concerned about transparency, with 67% of Australians reporting that they are concerned about safeguard policies for individual privacy. This underscores the need for robust regulatory frameworks governing the use and deployment of AI technologies. AI in Australia is currently regulated under pre-existing legislation covering data protection, copyright, and anti-discrimination laws. Moreover, the Australian government has encouraged the public to use a voluntary ethical framework for online AI usage.

The Australian AI landscape demonstrates significant potential for market growth, but still needs time to mature. Comprehensive legislation and policies are needed to ensure ethical and safe usage of AI. Australian businesses are seeking AI partnership opportunities rather than service providers. There is demand for specific AI solutions to individual business needs and guided implementation. The need for end-to-end support presents an opportunity for American companies to offer solutions and expertise.

For more information, please contact: Office.Australia@trade.gov.
 

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