Australia’s technology purchases will grow 4% in 2018 to $63 billion and to $65 billion in 2019, according to Forrester’s latest Australia tech market outlook.

Local companies will invest in technologies to help them accelerate the delivery of new value for their customers.

Cloud, automation, and AI (artificial intelligence) will drive these technology investments.

Here’s where the money will go, says Forrester:

Forrester says more banks will invest in open banking platforms.

In 2017, Macquarie Bank built a banking platform that allows third parties to interact with data stored in the bank’s core transactional systems.

“Following Macquarie’s lead — and fueled by changing regulatory requirements — Australian banks will accelerate their spending on open banking platforms,” says the Australia Tech Market Outlook report.

“One bank that Forrester interviewed is earmarking more than $100 million for this initiative.

“These platforms will put the power of a customer’s data into their own hands and is likely to spark further digital disruption in the banking sector.”

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.