ChannelLife Australia logo
Industry insider news for Australia's technology resellers
Story image

Emerging tech to add $30 billion to Sydney economy in 10 years

Mon 11 May 2020
FYI, this story is more than a year old

According to new research from Digital Realty, artificial intelligence (AI), internet of things (IoT), blockchain and 5G technologies will contribute AU$30.08 billion to Sydney’s economy by 2029 – an 80% increase from $6.66 billion in 2019. 

As the global economy shifts to a remote working model, interconnection technologies will continue driving Sydney’s growth as a digital economy.

Sydney is one of Asia Pacific’s leading centres for the finance, education and professional service industries, housing five major universities (including two ranked in the world’s top 50) and accounting for 65% of Australia’s financial services activity. 

As a result, Sydney is leading Australia in digital technology adoption and is currently ranked 14th (globally) in the Digital Capitals Index.

Emerging technologies such as AI, IoT, blockchain and 5G are expected to be key contributors to Sydney’s rapid economic growth. 

The four digital technologies are estimated to have contributed $6.66 billion to the Sydney economy in 2019, with IoT contributing 50% ($3.35 billion).

In comparison by 2024, the contribution of the four technologies to Sydney’s economy is expected to have grown to $16.02 billion per annum, which translates to a predicted cumulative growth of 140%. 

In absolute terms, the largest growth is expected to be from AI. 

This segment is expected to contribute A$6.47 billion per annum by 2024 (compared to A$2.05 billion in 2019) – a proportionate increase of 216%. 

Moreover, the contribution of the four technologies to the Sydney economy is expected to increase from 3% in 2024 to 5% in 2029. 

“Sydney has been leading Australia in both developing and adapting to new data-led technologies,” says Digital Realty Asia Pacific managing director Mark Smith. 

“Technologies such as AI, IoT and blockchain are already being used across various industries, and 5G usage is expected to grow with the roll-out of commercial networks across Australia. With a highly qualified workforce, the large concentration of universities and research institutes and excellent communications infrastructure, Sydney should strengthen its position as a major digital economic centre of the Asia Pacific region.”

Globally, among the four leading technologies, AI is expected to account for 46% of value growth across cities. 

A further 22% of the overall increase is expected from 5G and nearly 21% from IoT, while blockchain is expected to account for the final 11%. 

Although AI is the biggest contributor, 5G is expected to grow at the fastest rate over the 2019-2029 period.

The emerging technologies, AI, IoT, 5G and blockchain, all have data at their core. This comes as no surprise, considering there are 294 billion emails and 5 billion internet searches and 482.6 billion electronic financial transactions every day. 

However, data-led technology is just starting out. The business applications of these four technologies alone will create a new explosion in data and the value it brings to people and businesses around the world.

The Global Digital Capital Index provides a deep dive into the regions leading the digital charge today and specifically assesses the current and potential economic value innovative data-led technologies will bring to 60 cities around the world over the next decade.

Through new jobs, new businesses, new industries, improved public services and more, the following 10 cities (ranked in order) are predicted to be the world’s leading digital capitals by 2029:

  1. New York
  2. Los Angeles
  3. Tokyo
  4. San Francisco
  5. Singapore
  6. London
  7. Chicago
  8. Toronto
  9. Paris
  10. Hong Kong
Related stories
Top stories
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Broadband
Telstra enters into new RSP agreement with Opticomm
Telstra has entered into an RSP agreement with Opticomm (A Uniti Group Limited subsidiary) to provide network fibre services to customers.
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Cybersecurity
BlackBerry offers Kaspersky replacement cybersecurity for the channel
BlackBerry advises that users of Kaspersky software in Australia and New Zealand undertake a rigorous risk analysis of their current security posture.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Fintech
Airwallex launches new bank feed integration with NetSuite
Airwallex has launched a new bank feed integration with NetSuite, developed in partnership with NetSuite solution partner, Onlineone.
Story image
Testing
Google and CSIRO use AI to help protect the Great Barrier Reef
Google has partnered with CSIRO in Australia to implement AI solutions that help protect the Great Barrier Reef.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Gaming
PNY launches XLR8 Gaming EPIX memory products in A/NZ
PNY has launched its XLR8 Gaming EPIC-X RGB™ DDR4 Silver 3200MHz and 3600MHz memory products in Australia and New Zealand.
Story image
Data solutions
South Australia state satellite makes significant progress
South Australia’s first state satellite has successfully completed the Critical Design Review (CDR), moving it closer to providing tangible data solutions.
Story image
Cybersecurity
Noname Security partners with Netpoleon to target API issues
Specialist API security firm Noname Security has appointed Netpoleon as its distributor in Australia and New Zealand.
Story image
WolfVision
WolfVision announces new range of visualisers
WolfVision has announced a new range of visualisers to help meet multiple industry demands for remote learning and educational solutions.
Story image
Cybersecurity
Infoblox's State of Security Report spotlights Australian remote work hazards
Attackers exploit weak WiFi, remote endpoints, and the cloud, costing 50% of organisations over $1.3 million in breach damages.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Remote Working
Australia’s remote workers face connectivity and security issues
SOTI's new report finds better video conferencing technology and improved security measures are top concerns for remote workers in Australia.
Story image
PaaS
New digital traffic light system to tackle construction defects
Smarter Defects Management launches its PaaS digital system and says it will revolutionise managing defects in the construction industry.
Story image
Microsoft
New Relic enters multi-year partnership with Microsoft Azure
New Relic has announced a strategic partnership with Microsoft to help enterprises accelerate cloud migration and multi-cloud initiatives. 
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Surveillance
Motorola Solutions acquires Videotec S.p.A for security portfolio
Motorola Solutions has acquired Italian ruggedised video security company Videotec S.p.A, along with its portfolio of highly versatile cameras.
Story image
trust
9/10 Aussies to stop spending if personal data compromised
"Based on the patterns we are seeing among Australian consumers, it is evident that trust in a brand is exceptionally important."
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Telstra
Telstra, Google and Accenture launch 5G AR experience for AFL
Telstra, Google and Accenture are developing a new 5G powered augmented reality (AR) experience at Melbourne's Marvel Stadium for the footy season.
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
Apple
Apple previews new features for users with disabilities
Apple says new software features that offer users with disabilities new tools for navigation, health and communication, are set to come out later this year.
Story image
Mobility
Tyson Beckford partners with Element Case on new AppleWatch band
Celebrity Tyson Beckford has collaborated with STM Brands' Element Case brand to create a rugged new accessory.
Story image
Remote Working
How zero trust and SD-WANs can support productive remote working
The way people connect with applications and data has changed, users are remotely accessing resources that could be stored anywhere from a corporate data center to the cloud.
Story image
Lightspeed
Lightspeed launches all-in-one marketing platform in A/NZ
ECommerce provider, Lightspeed has launched a new all-in-one marketing solution, Lightspeed Marketing & Loyalty in Australia and New Zealand.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Story image
Fortinet
Fortinet's Security Fabric hits new record for integrations
The Fortinet Security Fabric has surpassed 500 technology integrations with more than 300 Fabric-Ready Technology Alliance Partners.
Story image
Application Performance Monitoring / APM
Why SolarWinds Partners will have big wins in 2022
We summarise the key recent changes that the monitoring software vendor has made to accelerate its channel business.
Story image
Wireless
Hands-on review: Technics EAH-A800 Noise Cancelling Wireless Headphones
Designed in Osaka, Japan, these headphones just exude quality. They aren’t heavy, but they feel well built and solid.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Manufacturing
HINDSITE wins Aerospace Xelerated Pitch Challenge with solution to support Boeing
Brisbane-based startup HINDSITE was the winner of the first ever Pitch Challenge organised by Aerospace Xelerated in partnership with Queensland XR Hub. 
Story image
Artificial Intelligence
SAS launches human-focused responsible innovation initiative
SAS has launched a responsible innovation initiative, furthering its commitment to equity and putting people first.
Story image
Digital Transformation
How to modernise legacy apps without compromising security
At a time when digital transformation has become central to business, even the most important applications come with a ‘use-by’ date.
Story image
Alteryx
Decision Inc. Australia enters partnership with Alteryx
Independent data and analytics consultancy Decision Inc. Australia has partnered with automated analytics company Alteryx, expanding its offering to clients.
Story image
Gaming
Hands-on review: WD_Black SN770 NVMe SSD Game Drive
Western Digital expands its WD_Black range of NVMe solid-state drives with the WD_Black SN770 Game Drive.
Story image
Digital Transformation
Pluralsight and Ingram Micro Cloud team up on cloud initiative
Pluralsight has teamed with Ingram Micro Cloud to build upon cloud competence and maturity internally, and externally support partners’ capabilities.
Story image
Sustainability
Legrand unveils Nexpand, a data center cabinet platform
Legrand has unveiled a new data center cabinet platform, Nexpand, to offer the necessary scalability and future-proof architecture for digital transformation.