Tech Wrap Up: Q3/2023

As we wrap up another quarter in the tech world, it's time to take stock of the key news and insights that have shaped the past few months. In this edition of Tech Wrap-Up, we'll distil the most significant developments, trends, and stories in Australia and globally from the past quarter.

Google Faces Landmark Antitrust Trial

The biggest tech monopoly trial in decades, pitting the Department of Justice (DOJ) against Google, is set to begin. The trial will focus on Google's alleged anti-competitive behaviour, particularly its exclusive agreements with mobile phone manufacturers and browser makers to make its search engine the default.

The government argues that these agreements created barriers to entry for rival search engines, while Google maintains that it enhances the user experience. The trial is significant as it could set a precedent for antitrust enforcement in the digital age and may impact Google's business practices. The outcome will also signal the American government's ability to bring successful tech antitrust cases in the future.

Australian Workers Recognize AI Benefits but Face Digital Proficiency Gap

A recent Adobe report delves into Australian knowledge workers' perspectives on digital technologies and productivity. Key findings from "The Future of Digital Work: Australia" include:

• Despite 82% acknowledging digital tech's role in work, only 1 in 10 claim to be experts, with over 1 in 3 just getting by.
• Generative AI is highly regarded, with 86% seeing benefits like faster processes, task reduction, and more meaningful work. However, only 22% report current company use.
• Impactful work is now prioritised over mere volume or efficiency by Australian knowledge workers, driven by a paradigm shift where 52% emphasise the importance of impact, even more than their leaders (43%).
• Poor technology tools negatively affect 87% of knowledge workers' productivity, costing up to 6 months of work per year and eroding profitability for 31% of employees.
• Talent retention is also influenced by technology, with 17% considering changing jobs due to productivity-hampering tech.

While Australian workers appreciate the benefits of digital technologies and AI, there's room for improving digital proficiency, addressing tech-related productivity issues, and aligning workplace tools with impactful work.

Monoova Prepares to Fill Void Left by POLi Payments Closure

?As POLi Payments plans to cease its operations in Australia by September 30, B2B payments provider Monoova is positioning itself as an alternative. Monoova aims to cater to corporate users of POLi, offering faster transactions, cost efficiencies, and enhanced security features.?

The Sydney-based payments company has processed approximately $87 billion in transactions since its 2017 launch. While POLi allowed near real-time bank transfers for customer payments, some banks, including Commonwealth Bank of Australia, had concerns about its security aspects. Monoova addresses these security concerns through its digital direct debit service platform, PayTo.

Indian SaaS Soars in Scale and Maturity

Indian Software-as-a-Service (SaaS) is on the rise. A Bain and Company report reveals:

• Indian SaaS ARR has quadrupled to $12–$13 billion in 2022.
• Investments surged sixfold to $5 billion in five years.
• India is now the world's second-largest SaaS ecosystem after the US.
• Leading Indian SaaS firms mirror US peers' revenue paths.
• Projections see Indian SaaS reaching $35 billion in ARR by 2027.

While India's domestic SaaS market is smaller, it's rapidly expanding into global markets, particularly the US. Investor interest is high, and acquisitions are increasing. Indian SaaS is on the ascent, becoming a major player in the tech world.

Australia's Largest AI-Powered Bushfire Camera Network to Enhance Fire Protection

The Green Triangle, encompassing southeast South Australia and southwest Victoria, will soon host Australia's largest bushfire camera detection network powered by AI. Pano AI, a provider of comprehensive turnkey solutions, integrates high-definition cameras, satellite feeds, artificial intelligence, and modern cloud software to detect and pinpoint bushfires and new ignitions across 14 locations. The deployment aims to significantly improve the accuracy and speed of fire detection, aiding firefighting agencies in swift response to emerging threats.?

The initiative is a collaborative effort between the South Australian government, the Green Triangle Forest Industries Hub (GTFIH), and Pano AI. The technology will provide early wildfire detection, enhancing safety for communities and natural habitats in the region.

Bioxyne and CanXChange Launch AI-Powered B2B Pharmaceuticals Platform for the Australian Cannabis Market

Bioxyne's subsidiary, Breathe Life Sciences (BLS), has entered a joint venture with tech company CanXChange to launch an AI-powered B2B pharmaceuticals platform in Australia.?

The platform, set to go live in Q4 2023, targets Australia's growing $500 million medicinal cannabis market, facilitating wholesale trading and international market access for licensed cannabis businesses. CanXChange, Europe's largest cannabis B2B online marketplace, brings its expertise and proprietary AI technologies to the venture. The global cannabis market is projected to grow significantly, and this joint venture aims to capitalize on this expansion.

Till next time.

Matthew Whyatt