IT vital to Australia's economy: IDC

Australia's IT sector will become a $37 billion industry by 2005, according to market researchers IDC.

In their global study, IT Economic Impact Study, conducted for Microsoft, the company also found 2 per cent of Australia's total population earns a living from IT, generating 3.7 per cent of the country's overall gross domestic product.

IDC compared the IT industry's role in 28 countries for the study. It projected the global market for computer and networking hardware, software and services will exceed $US1 trillion for the first time this year and exceed $US1.4 trillion in 2005.

Worldwide IT spending has also grown by more than 10 per cent annually during much of the past decade, the study found.

The IDC report also found the IT sector in Australia has added more than 163,105 jobs, mostly in indigenous companies, in the past five years.

Between 1995 and 2001, more than 4705 new information technology businesses were created in Australia.

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