Cloud-enabled SMEs to boost Aussie economy

By Dylan Bushell-Embling
Wednesday, 04 October, 2023

Cloud-enabled SMEs to boost Aussie economy

Australian small and medium businesses that embrace cloud-enabled technologies have the potential to unlock up to $9.3 billion in productivity gains across the healthcare, education and agriculture sectors by 2030, a new report published by Amazon Web Services estimates.

According to the report, AI and cloud adoption have the potential to support 1.4 million jobs across these sectors by this time, which would represent 10% of all jobs in the nation.

The report estimates that Australia’s current rate of basic cloud adoption such as the use of web-based email services or cloud-based storage solutions is at 48%.

Meanwhile, adoption of more intermediate solutions such as customer relationship management or enterprise resource planning tools is at 41%, while adoption has reached 15% for advanced solutions such as generative AI and machine learning tailored for sophisticated tasks such as fraud protection.

In the healthcare sector, cloud-enabled SMEs can unlock $4.7 billion in annual productivity benefits, the report forecasts. In the agriculture sector, SMEs can unlock $1.7 billion in productivity benefits, with the report forecasting that one in three farms will use precision agriculture solutions by 2030.

AWS Head of Strategy and Operations for ANZ Michelle Hardie said the report found that Australia has one of the highest overall cloud adoption rates globally, which sets the stage for the nation to transition to a cloud-enabled economy.

“Micro, small and medium-sized enterprises, though often the unsung heroes of innovation, play a crucial role in addressing challenges in Australian society, such as by improving access to digital healthcare and education services,” she said.

“To accelerate adoption of advanced cloud technologies such as generative AI and realise economic and social benefits sooner, AWS is working alongside governments, educators and the industry to help local businesses in Australia create a better future for all.”

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