The world is witnessing a technological revolution right now, and this trend is also evident in Australasia where influential nations like Australia and New Zealand are emerging as significant players in the global industry. Interestingly, Australasia’s market is undergoing particularly rapid growth at the moment. This is thanks to a wide variety of factors – including supportive government initiatives, talented workforces and innovative start-up companies. In Australia, we’ve seen companies such as Afterpay reach a market cap of over 14 billion USD, showing just how influential some of these homegrown brands have been not just within the region, but worldwide. In this article, we’ve taken a closer look at the driving forces behind Australasia’s emerging tech market, and the unique attributes that make the industry so exciting in this particular corner of the world.
New Zealand’s Start-up Ecosystem
This small, isolated nation makes an impressive impact on the world stage today when it comes to innovations and creative endeavours. New Zealand is home to a thriving start-up ecosystem, with cities like Auckland and Wellington playing a key role on the international tech scene. In 2002, the government established the New Zealand Venture Investment Fund, which invests in projects around the country and helps budding entrepreneurs source the capital they need to get their ideas off the ground. Thanks to this fruitful and productive environment, talented Kiwi creators and developers are making significant contributions to Australasia’s tech market, whether that’s through user-friendly fintech apps, forward-thinking software development, or awe-inspiring video games.
The world of gaming is one of the nation’s leading exports right now – there is a hugely successful and collaborative community of game developers in New Zealand, making this an attractive career choice for many young Kiwis today. There are some awesome studios based from Auckland to Wellington and beyond, where talented creatives are making waves around the world with new video game releases. There is also an emerging interest in iGaming amongst the population of this small island nation, and it will be interesting to see how this particular market develops over the coming years. Whilst the country does not yet have its own legal, regulated iGaming market, Kiwis can access an impressive range of offshore iGaming sites if they’re hoping to win a bonus from a casino online. Many are keeping a close eye on this particular aspect of New Zealand’s tech industry, as it’s looking likely that the government will soon open the doors to a regulated domestic market, which could generate vast amounts of tax revenue and improve the landscape for Kiwi players.`
New Zealand is also making incredible contributions to the world of biotechnology and Agri-Tech. Thanks to the richly diverse landscapes in the country, and a talented pool of researchers, the nation has made some cutting-edge progress – ranging from advanced cancer diagnostics to ground-breaking irrigation systems. Matters of the environment are a huge priority, and with the country aiming to achieve 100% renewable electricity by 2035, it’s understandable that there is massive investment in clean energy technologies. New Zealand is emerging as a world leader when it comes to sustainability and environmental solutions, as great minds from all around the country are working hard to facilitate the transition to a low-carbon economy.
Australia’s Flourishing Tech Industry
Tech is now a major employer in every Australian state and territory, making it one of the largest employing sectors in the country, and the Australian Government predicts that the number of digital and technology jobs will grow by 21% by 2033. Many start-ups and entrepreneurs have been attracted to the country thanks to its strategic location within the wider Asia-Pacific market, and its favourable environment of strong incentives and R&D support for new businesses. The country is well-known for being a business-friendly environment, where supportive government policies and a collaborative mentality have helped countless start-up companies to find their feet on Australian soil. This affluent nation is home to some noteworthy unicorns, including the graphic design app Canva, and landing page solution LinkTree.
Australia is also making valuable contributions to the rapidly changing world of digital finances – the country is home to some competitive and highly successful fintech enterprises of its own, including innovative streamlined payment solutions like Zeller and Airwallex. Due to the increasing influence of artificial intelligence, AI technology has also become one of the most promising aspects of Australia’s tech industry. This massive $167 billion dollar sector is certainly one to watch, as it’s showing no sign of slowing down any time soon!
Fiji’s High-Tech Future
Lastly, there are some incredible digital revolutions taking place in the Pacific Islands. These often-overlooked nations have emerging technology sectors of their own, and Fiji is a prime example of a small island that is aiming for a high-tech future. Fiji has attracted investment into its tech and business scene, which includes call centres and mobile fintech apps. The Fijian government has been working hard to improve the nation’s digital infrastructure through a variety of internet connectivity projects, which have helped to put the country on the map and increase its influence on the international scene. The future of Fiji’s digital sphere looks bright, thanks to continued efforts to build a more robust digital infrastructure and prepare a new generation of creative professionals. The nation definitely has the potential to become a significant player in Australasia’s wider tech market – if Fiji continues to attract investment and foster young talent, there is no doubt that we will see continued growth in this young but promising sector.
Ultimately, it’s clear that Australasia’s emerging tech market has such strong foundations that it will continue to make ground-breaking contributions for decades to come. Although this is a remote corner of the world, there can be no doubt that entrepreneurs and start-up companies in the region are making a huge impact on the international technological scene. Through government support schemes, a thriving startup ecosystem, and significant advancements in fintech, biotechnology, and Agri-Tech, Australasia’s tech market is sure to see continued growth for many years to come!
