$2.5bn
$X.Xm
5,340
580
$XXX.Xm
The industry has seen surging growth in recent years. Part of this has been driven by strong AI investments in the mid to late 2010s, which saw a raft of new companies enter the industry. Many of these companies have now entered commerciality and begun generating meaningful revenue. Also, the industry has been supported by ChatGPT’s public release, which pushed AI capabilities into the public consciousness and encouraged companies to actively explore how they can increasingly integrate AI into their operations. Overall, industry revenue is expected to grow an annualised 14.1% over the five years through 2023-24, to reach $2.5 billion.
Industry revenue has grown at a CAGR of 14.1 % over the past five years, to reach an estimated $2.5bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Woolworths | 98.4 |
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Industry revenue is measured across several distinct product and services lines, including Digital Assistants and Chatbots, Predictive Analytics and Cybersecurity. Digital Assistants and Chatbots is the largest segment of the Artificial Intelligence in Australia.
Advancements in natural language processing and generative AI have increased demand for chatbots and digital assistants
The industry includes developers who develop artificial intelligence systems and software. This includes machine learning, neural networks, deep learning, generative AI, natural language processing, computer vision and cognitive computing. This industry only includes companies that create their own AI systems and either license them or use them to develop products and services for clients.
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ANZSIC 5420 - Artificial Intelligence in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The public release of ChatGPT has democratised access to artificial intelligence products. Since November 2022, AI products have had a rapidly growing demand base, with even ...
Learn about an industry's products and services, markets and trends in international trade.
Demand for chatbots and digital assistants has soared on the back of ChatGPT’s public release. Chatbots and digital assistants is the fastest-growing industry segment as comp...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
South Australia has been actively encouraging investment in AI through supportive policies. While only a small share of businesses are currently headquartered in South Austra...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
In-house AI development is one of the biggest threats to industry growth. Concerns about data privacy and the opportunity to generate a competitive advantage have encouraged ...
Learn about the performance of the top companies in the industry.
The industry is highly fragmented and is not prone to market share concentration due to AI technology’s high number of diverse use cases. Firms tend to specialise within a ce...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The industry currently faces little specific regulation. The Federal Government has set up the AI Ethics Framework but it is currently voluntary. The industry is expected to ...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
As a whole, the industry is currently operating at a slight loss. This reflects the high number of firms operating in the industry that are either still developing their prod...
Including values and annual change:
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Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Artificial Intelligence industry in Australia is $2.5bn in 2024.
There are 580 businesses in the Artificial Intelligence industry in Australia, which has grown at a CAGR of 6.9 % between 2018 and 2023.
The market size of the Artificial Intelligence industry in Australia has been growing at a CAGR of 14.1 % between 2018 and 2023.
Over the next five years, the Artificial Intelligence industry in Australia is expected to grow.
The biggest company operating in the Artificial Intelligence market in Australia is Woolworths
Digital assistants and chatbots and Predictive analytics are part of the Artificial Intelligence industry.
The company holding the most market share in Australia is Woolworths.
The level of competition is moderate and increasing in the Artificial Intelligence industry in Australia.