ICT spending in Australia is forecast to grow from $43,408.6 million in 2012 to $49,452.6 million by 2016, according to new research from IDC. A report called Australia Vertical Markets 2012-2016 Forecast and 2H12 Update found that spending on ICT will achieve a compound annual growth rate (CAGR) of 3 per cent by 2016. The previous vertical markets update report said ICT spending would have a CAGR of 2.7 per cent for the five year period to 2015. SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe IDC Australia vertical markets analyst David So said that the banking, finance and insurance segment remains the largest vertical in Australia for ICT spending and will exceed the $10 million mark in 2013. “We believe this vertical will experience the second fastest long-term growth in ICT spending with a CAGR of 3.9 per cent for the forecast period,” he said in a statement. Public cloud revenues to hit $2 billion by 2016: IDC CIOs talk about their top priorities for 2013 Vic govt to tap cloud, increase use of shared services The communications and media industry is also forecast to do well with a CAGR of 4.4 per cent. According to So, this vertical is the most exposed to disruptive technologies/innovation and required to increase ICT spending to mitigate the risk of being disrupted by emerging businesses. “With the government vertical representing the second largest vertical in Australia, its ICT spending is mainly focused on generating significant cost efficiencies by deploying cloud-based infrastructure and a whole-of-government approach in its ICT procurement policy,” he said. As a result, IDC Australia has forecast government’s ICT spending to grow by a CAGR of 3.2 per cent for the forecast period. “When we combine these top three verticals in Australia, they represent half of total ICT spending in Australia,” So said. Follow Hamish Barwick on Twitter: @HamishBarwick Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Related content feature The dark arts of digital transformation — and how to master them Sometimes IT leaders need a little magic to push digital initiatives forward. Here are five ways to make transformation obstacles disappear. By Dan Tynan Oct 02, 2023 11 mins Business IT Alignment Business IT Alignment Business IT Alignment feature What is a project management office (PMO)? The key to standardizing project success The ever-increasing pace of change has upped the pressure on companies to deliver new products, services, and capabilities. And they’re relying on PMOs to ensure that work gets done consistently, efficiently, and in line with business objective By Mary K. Pratt Oct 02, 2023 8 mins Digital Transformation Project Management Tools IT Leadership opinion The changing face of cybersecurity threats in 2023 Cybersecurity has always been a cat-and-mouse game, but the mice keep getting bigger and are becoming increasingly harder to hunt. By Dipti Parmar Sep 29, 2023 8 mins Cybercrime Security brandpost Should finance organizations bank on Generative AI? Finance and banking organizations are looking at generative AI to support employees and customers across a range of text and numerically-based use cases. By Jay Limbasiya, Global AI, Analytics, & Data Management Business Development, Unstructured Data Solutions, Dell Technologies Sep 29, 2023 5 mins Artificial Intelligence Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe