The Future of Tech in Australia

Australia has seen its technology sector spawn a number of advancements in artificial intelligence (AI), fintech and cleantech, among others.

The country’s characteristically resilient economy — which has not experienced a recession for 27 years — has provided a sturdy backdrop for its growing tech sector. As economies worldwide face uncertainty, Australia’s job market continues to defy global trends.

In fact, in July, Australia added over 41,000 new jobs, almost triple the amount anticipated by economists, Bloomberg reported. In turn, companies at the international scale are paying attention.

For instance, in April, Google (NASDAQ:GOOG) launched its inaugural commercial drone delivery system in North Canberra, Australia. The service — called Wing — delivers food, coffee and retail items by drone to residences. Orders are placed through a mobile app.

Similarly, Japanese tech conglomerate Softbank (OTC Pink:SFTBY,TSE:9984) began investing in Australia in 2016 through the acquisition of AI and robotics firm ST Solutions. Its flagship robot, Pepper, is designed to greet customers in 21 languages using emotional response analytics. Pepper is at the forefront of Softbank’s robot innovation initiatives.

As these large tech companies invest in Australia, a handful of Australian unicorns have also garnered attention. According to CB Insights, there are 300 unicorns globally, and three of those — Canva, Judo Capital and Airwallex — reside in Australia.

To read more, please click on the link below…

Source: The Future of Tech in Australia | Investing News Network