Sydney is said to have the biggest tech startup ecosystem in Australia, according to City officials. With 64% of Australian tech startups in Sydney, globally, it ranks 16th amongst 20 cities on the Startup Ecosystem Index.
Sydney's status as a global hotspot for innovation is set to grow as the City of Sydney's new tech startups action plan gives entrepreneurs support to launch and nurture new businesses. In addition, the City's plan to foster a vibrant tech startup ecosystem will help raise the profile of innovative tech startups, support industry programs that provide entrepreneurship skills and knowledge, cut bureaucratic red tape and help connect startups with investors.
As a whole, Australia's data centre market is already positioned to support its rising tech economy. According to Frost & Sullivan's new report, Australian Data Centre Services Market 2016, the dungaree market had an annual growth of 18.3% reaching $976 million in 2015, and is predicted to grow at a CAGR of 12.4% till 2022, with the market reaching $2.055 billion by 2021. With co-location growth predicted at a CAGR of 11.4% till 2022, and managed hosting revenues predicted to grow at a CAGR of 14.5%.