Top AU Tech highlights for 2019 and Triggers for 2020

Globally fast-moving companies are forming entirely new product and service hybrids and disrupting their own markets while creating new revenue spills and new industry creation. Australia’s transition from a resource-based to the services-based economy is driving opportunities in disruptive technologies across multiple sectors, including advanced manufacturing, agriculture, services, health, infrastructure, and resources and energy.

The R&D ecosystem of the nation is a closely connected community of businesses, universities, research institutions and public sector agencies that often work together on innovation projects, ensuring the resulting product, service or technology has business applications. This ecosystem is supported by the robust patent protection laws and R&D tax incentives along with active international collaborators.

Several key characteristics of Australia that reinforce its ability to build, grow and commercialise new digital technologies include a robust research and development ecosystem, natural advantages in key global growth industries, highly skilled and innovative workforce, stable economic and political environment with robust regulatory protections, and supportive federal and state governments towards innovation.

We have witnessed some major developments in multiple sectors of the Australian economy during the year 2019 with increasing application of technology in the various sectors like healthcare, finance, defence, regulatory, logistics etc.

Let us now look at these tech highlights from Australia during 2019 and the triggers for the new year 2020.

Health Tech

The Australian healthcare sector has witnessed some major improvements both in new product development as well as the existing product enhancement. Technologies like AI and IoT have already proved their vitality in the integration of health care with technology worldwide by fuelling some breakthrough products and services.

A leading health care company, Cochlear Limited (ASX: COH) lays emphasis on bringing its market-leading technology to the market; wide-ranging implantable hearing solutions to global customers with the recently introduced - the Nucleus® 7 Sound Processor and Cochlear™ Osia® 2 System which is the world’s first active osseointegrated steady-state implant (OSI) (a new category of bone conduction hearing solutions that uses digital piezoelectric stimulation to bypass damaged areas of the natural hearing system to send sound vibrations directly to the inner ear (cochlea)).

A specialist in the development and commercialization of infection control solutions, Nanosonics Limited (ASX: NAN) has developed a unique, automated device named Trophon® which is a breakthrough disinfection technology establishing the new standard of care worldwide for ultrasound probe reprocessing.

MedTech SaaS company focused on developing AI algorithms to assist in breast imaging analytics and analysis products, Volpara Health Technologies Limited’s (ASX: VHT) clinical applications for screening provide feedback on breast density, compression, dose and quality, while its enterprise-wide practice software management helps with productivity, compliance, reimbursement, and patient tracking.

ALSO READ: Artificial Intelligence in Healthcare: Harrison.ai and HeraMED under discussion

Fintech

One sector that has benefitted most from the implementation of technology is the financial sector, with the following key highlights:

· Banking players are using financial technology to improve customer experience,

· Digital-only banks are providing improved client proposals as well as cost profiles,

· Robo advisors through digital platforms are offering automated, algorithm-driven financial planning services and require less human interference, and

· Insurance companies are using sensors to check the individual’s health and accordingly deciding on the insurance facilities.

These revolutionised changes in the financial sector have been backed by technologies like AI. Afterpay Touch Group Limited (ASX: APT) is excelling not only in the domestic market of Australia but also in the international markets like the US, the UK and New Zealand.

New to Fintech world? Follow Guide to the Fintech World: 5 Things That Are Trending Now.

The secure, convenient and fast mobile technology propelled with Artificial Intelligence and Blockchain has not only increased the number of mobile users but also introduced concepts like Banking on the go and Virtual Banks and has changed the face of investment advisory.

To get a closer look, we bring to you: The Interesting Story of Fintech Player - MoneyMe Limited.

Regtech

With the increasing number of fintech companies offering unique products and services to the customers, there has erupted a dire need for Regtech companies in Australia. Injecting technology like Artificial Intelligence (AI) in the regulatory aspect has automated the compliance procedure for the customers and customers and eased their work, costs and time effectiveness. Consequently, Regtech is considered as one of the fast-growing fields in Australia devoted to easing compliance processes.

ALSO READ: Where Is the Heat Coming from for the Fintech Players? Regtech In Australia.

Regtech Company, Kyckr Limited (ASX: KYK) engages in providing global company intelligence from the legally trustworthy as well as compliant sources across the globe and helps the businesses to strengthen the KYC & AML compliance monitoring for the businesses.

The smart online monitoring service by Kyckr Company Watch informs the alterations in company information further allowing the business to be at the forefront of changes to company information and utilize automation for the process of compliance monitoring.

Another Regtech player named Imperium Markets, which is also the first Fintech to get an Australian Markets License from the ASIC has a technology that facilitates the transition of money and bond markets to platform trading globally and allows the market participants to transact via electronic mode.

Defence Tech

Defence is one of the priority aspects of any government. Technology had long revolutionised the defence industry; however, recent advancements through technology have assisted in manufacturing a range of unique electronically driven defence weapons as well as advanced monitoring solutions.

Drone technology is playing a pivotal role not only in defence but also enabling mining, oil and gas, power, and forestry sectors in the local market using Unmanned Aerial Vehicles (UAVs).

To get a drone view of some drone tech companies, follow Next Hot Segment on ASX- Drone Technology.

An Australian company DroneShield Ltd (ASX:DRO) provides security against drones threatening safety, security and privacy through its state-of-the-art detection and countermeasure products. The Company was recently ranked in the Deloitte Technology Fast 500™ Asia Pacific 2019, which is a ranking of the 500 fastest growing technology companies in the Asia Pacific.

Logistics

Companies in the Australian transport and logistics industry have been employing information and communications technology to increase productivity. The implementation of technology in logistics can assist in the development of efficient supply chains worldwide, through leveraging real-time information and ensuring real collaboration between partners whether in a closed loop, across the industry, or across the entire economy.

Various roles that technology plays in the Australian logistics sector are as follows:

· Reduced number of accidents through the adoption of automation and robotics technology;

· Allowing the vehicle to communicate with any entity affecting the vehicle using vehicle-to-everything (V2X) technology;

· Use of Heat map technology by the National Heavy Vehicle Regulator (NHVR) to improve the performance of freight movements across Australia;

· Deployment of telematics, information technology which transmits computerised information over long distances that enables other innovations such as connected fleet and automated scheduling;

· Blockchain-based systems shall significantly increase the traceability of goods along the supply chain by distributing transactions across an open or closed ledger, or database, across a network of computers, and track these by consensus of all participants, enabling transparency and transaction history.

Bottomline

Here, we have only covered a limited portion of the numerous tech highlights for 2019 from Australia.

Growth in these sectors has triggered expectations among the investors for the New Year 2020. Players in technology-fuelled sectors have emerged strongly and efficiently. Support from the government and authorities continues to pour in for the Australian players to nurture the companies with unique tech-based ideas through incentives and being an early adopter of systems integration technologies.

Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.