Spending on technology in Australia is about to hit $63 billion

China Photos/Getty Images

Australia’s technology purchases will grow 4% in 2018 to $63 billion and to $65 billion in 2019, according to Forrester’s latest Australia tech market outlook.

Local companies will invest in technologies to help them accelerate the delivery of new value for their customers.

Cloud, automation, and AI (artificial intelligence) will drive these technology investments.

Here’s where the money will go, says Forrester:

Source: Forrester

Forrester says more banks will invest in open banking platforms.

In 2017, Macquarie Bank built a banking platform that allows third parties to interact with data stored in the bank’s core transactional systems.

“Following Macquarie’s lead — and fueled by changing regulatory requirements — Australian banks will accelerate their spending on open banking platforms,” says the Australia Tech Market Outlook report.

“One bank that Forrester interviewed is earmarking more than $100 million for this initiative.

“These platforms will put the power of a customer’s data into their own hands and is likely to spark further digital disruption in the banking sector.”

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.