IT professionals in Australia can anticipate an impactful year in 2024, as ongoing transformation continues to redefine their roles within their companies. Those with certifications and capabilities in areas such as security, data analysis, and business analysis will be highly sought after and valued by employers. Coupled with an ongoing skills shortage, professionals who invest in developing their skillsets according to current trends will thrive, regardless of broader economic conditions.
Budgets are there for the right solutions
According to Gartner, IT spending in Australia is projected to exceed $133 billion in 2024, marking a substantial increase of 7.8% from the previous year (Figure A). This growth will be primarily driven by demand in software, including cloud services, which is expected to increase by 12.8%.
Furthermore, due to the skills shortage, demand for IT services, including managed services, will witness an 8.2% spending increase. Organizations looking to embrace innovation will turn to third parties if they cannot resource the solutions internally.
What this means for IT professionals
Upskilling will be central to career development for IT professionals in 2024. Those focusing on gaining certifications in high-demand areas, especially cloud technologies and artificial intelligence, will be highly valued by organizations.
SEE: Australian IT professionals with the right certifications and experience will find significant new opportunities open to them.
Additionally, it is an opportune year for IT professionals to consider transitioning into managed services and developing an understanding of how organizations across various sectors operate.
Digital services will dominate corporate mindsets
Australian organizations utilized the disruption caused by the COVID-19 pandemic to heavily invest in digital innovation. These investments are now yielding results, leading to advanced technology solutions and new revenue streams in areas such as cyber security, cloud platforms, data analytics, and application modernization.
Examples such as e-commerce, online marketplaces, FinTech, and HealthTech are now meeting the digital service needs of customers. In e-commerce specifically, Australia ranks as the 12th-largest market, surpassing markets with larger populations like Brazil.
What this means for IT professionals
With organizational maturity, businesses and government bodies alike are gearing up to roll out new digital services. For example, in 2024, the Australian government will launch Digital IDs after years of laying out the groundwork. IT professionals need to be prepared to work in highly agile environments, focusing on leveraging digital technology to launch new products and enhance the customer experience.
Cyber security will be a mad scramble for compliance
In late 2023, the Australian government unveiled its 2023-2030 Cyber Security Strategy, an ambitious, far-reaching approach aimed at transforming national cyber security. This strategy will result in new policies and compliance areas, leading to enhanced penalties for non-compliance. This will make cyber security an area of heightened risk for organizations, especially small and midsize businesses, struggling to keep up with the rapid changes being made in this domain.
What this means for IT professionals
Every IT professional should invest in developing some level of cyber security competency. Organizations will look to their IT teams for leadership in this area, requiring professionals to ensure their cyber security skills and certifications remain current.
Where IT pros should focus skills development
IT professionals have an ongoing need to bridge the gap between IT teams and the wider business. As organizations increasingly rely on IT to deliver products and revenue streams, professionals who understand the broader role of IT within the business will be highly valued. According to Hays, the top five skills for IT professionals to focus on in 2024 are cyber security, full-stack development, data analysis, business analysis, and cloud platforms.
IT pros are well-placed to weather the economic storm
Despite economic challenges, the IT sector, leveraging technology to mitigate some of these challenges, is expected to have a strong year. For IT professionals, this presents numerous opportunities for growth and advancement.