Do you still need some convincing that the tech industry is expanding? The WA Government is certainly convinced, having just announced $2.4 million dollars worth of support for data science and cybersecurity innovation hubs.
Don Punch, Innovation and ICT Minister, said this move came about to support “the ability to take innovations successfully to market is essential to diversifying our economy, and creating more jobs for Western Australians. Over the past three years, both the WA AustCyber Innovation Hub and the WA Data Science Innovation Hub have helped create an environment for the State’s start-ups to succeed and for existing businesses to expand further.”
In Australia, the tech industry is considered to be both one of the biggest industries and also the fastest growing. And this potential for growth isn’t showing signs of slowing down. According to research group Gartner, it’s forecasted that Australia will exceed a spend of $109 billion in 2022, with Gartner VP John-David Lovelock saying “Australia’s IT spending is showing its strongest growth in a decade, and we expect growth rates of around 5 to 6 per cent to continue for the next few years. This growth has been driven by business rather than consumer spending.”
How does data science and cyber security fit into this rapid expansion? Savvy companies have been clueing on to the importance and value of not only having data, but being able to understand, interpret, and utilise it. Think about the amazing amount of data every single company has access to, not only in Australia, but across the globe. This infinite collecting of data won’t end any time soon, and companies need people in their team who can turn it from illegible ramblings into patterns, predictions and analytics.
And as the importance of data continues to grow, so too does the need to protect it. Cyber security allows companies to better protect themselves and their consumers, especially with the rising rates of cybercrime. Research has shown that self-reported losses from cybercrime totalled more than $33 billion in the 2020-21 financial year, and almost 80 per cent of cybercrime reports dealt with people losing their personal information or money.
As this sector grows and expands, more and more jobs will be created. At the moment, the demand is definitely outweighing the supply. Now is the perfect time to upskill, or change careers completely, into data science or cyber security.
Don’t know which one you’d prefer? Chat to one of our course advisors today to help you make a decision.