A report Microsoft launched recently in collaboration with Mandala Partners, featuring LexX Technologies as an example, highlights how Australia can secure a leading role in the global AI ecosystem, focusing on three areas with tremendous potential: applications, AI datacentres and data. These areas represent 90 per cent of the projected $18.8 billion in revenue that Australia could generate annually across generative AI’s technology components by 2035.
The applications segment is projected to be the largest and fastest-growing component of the AI tech stack in Australia. “AI is the next general-purpose technology that’s already starting to reshape the world. Aussie startups like Annalise.ai and LexX Technologies are leading the AI innovation charge and showcasing what our nation has to offer” Microsoft’s ANZ MD Steven Worrall posted on Linkedin.
Australia’s robust start-up ecosystem and successful tech companies like Canva and Atlassian, which are already integrating AI into their offerings, will fuel growth in this area, the report said.
The report features LexX Technologies as a case study demonstrating Australia’s strength in AI applications. LexX develops Generative AI applications for industrial asset maintenance, focusing on defect identification and resolution.
Here’s why LexX is a great example of what the report highlights:
Focus on Applications: LexX exemplifies the focus on developing practical applications that solve real-world problems, a key area of opportunity for Australia.
Industry-Specific Solutions: LexX’s specialization in industrial asset maintenance showcases the potential for tailoring AI solutions to specific sectors.
Tangible Benefits: LexX’s software helps engineers and technicians identify and resolve defects more efficiently, reducing downtime and saving businesses millions in maintenance costs. For instance, one energy client achieved annual savings of $53 million through LexX’s solution.
Global Reach: LexX has expanded its operations beyond Australia, securing contracts with organizations like Singapore’s Ministry of Defence and partnering with global giants like Boeing. This aligns with the report’s emphasis on creating new export markets for Australian AI solutions.
The full report can be downloaded here
