The KPMG Global Tech Report 2024, which surveyed 2,450 executives globally—including 138 from Australia—shows that 81% of Australian leaders find it hard to keep up with the speed of technological change, and 76% report that their roles have evolved dramatically in recent years.
Australian firms are particularly focused on advancing Everything-as-a-Service (XaaS) and AI initiatives. KPMG found that 83% of Australian companies are investing in XaaS, and 66% are prioritizing AI—a domain that 70% of Australian tech leaders see as transformative.
However, only 28% of those investing in AI report success at scale, despite 74% seeing productivity boosts.
According to Guy Holland, Partner at KPMG Australia, the FOMO on new technologies can lead to poorly advised investments, which ultimately increases tech debt. This concern is amplified as 69% of Australian businesses experience weekly disruptions from foundational IT issues, a rate higher than the global average of 57%.
Adding to the complexity, executives are wary of AI’s operational risks, with 82% foreseeing challenges, and many grappling with governance and cybersecurity concerns, with 39% and 36% reporting these as substantial barriers.
Yet, Australian tech firms are reporting progress: 87% of organizations leveraging technology report profit gains, and digital transformation initiatives have led 55% to achieve profit increases over 10% within two years.
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