A report commissioned by CSIRO’s Data61 has found that $315 billion in gross economic value could be realised in Australian digital innovation opportunities over the next decade.

The report, by AlphaBeta Advisors for Data61, identifies and highlights strategic opportunities for Australia to develop data-driven industries while improving collaboration between industry and research.

Adrian Turner, CEO at CSIRO’s Data61, said that every sector of the global economy has been re-defined as a result of digital science and technology and the extensive use of data.

“This next digital wave to revolutionise existing industries and create entirely new ones is ours to capture. But the opportunity is perishable if we don’t collectively take action now,” he said.

“Progressive data-driven organisations are investing in four core areas to realise value from data; data capture, management, analysis and taking action with it. Combining this data with domain expertise, in areas like healthcare, agriculture and mining, is where we can create an unfair advantage.”

Eight high-potential opportunities for Australia in digital innovation are highlighted in the report, which assess them to be worth $155 billion annually in the Asia-Pacific region over next decade: precision healthcare, digital agriculture, data-driven urban management, cyber-physical security, supply chain integrity, proactive government, legal informatics, and smart exploration and production.

The Digital Innovations report can be downloaded from Data61’s website.

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