Australia has one of the world’s largest economies and also has some of the highest per capita wealth. One reason for that is Australia’s biggest industries, which contribute significantly to the nation’s continuing progress.
The outbreak of COVID-19 brought disruptions that have either battered or invigorated these major industries. The pandemic has also accelerated digitalization, resulting in an increased reliance on online transactions that have made data a very important commodity. And the tools used to safeguard this asset have become just as crucial.
Here, we’ll talk about virtual data rooms and the top industries in Australia that can benefit from them.
Major industries in Australia that can benefit from virtual data rooms
Virtual data rooms were initially created for the financial sector. Now they have become a must-have for any sector that needs to safeguard data. In the so-called ‘data economy’, where data has replaced oil as the world’s most valuable resource, practically every industry can benefit from virtual data rooms.
Now let’s spotlight Australia’s top industries.
The past five years have been challenging for the financial sector, mainly due to falling interest rates. This has been further aggravated by the COVID-19 pandemic, which forced financial institutions to offer deferrals on loan repayments. Additionally, the industry has had to deal with a slowing economy because of lockdown restrictions, declining business, and lower household incomes for many.
Nevertheless, the financial sector remains one of Australia’s top industries, with 2021 revenues of $183B to date. And it’s expected to continue growing at an annual rate of 7.6% over the next five years as the economy recovers. Lending activities will start to intensify, allowing banks to capitalize on uncollected accounts.
Healthcare has, so far, accumulated revenues of $162.4B for 2021 — more than half being earned by hospitals. Clinical specialists, general practitioners, and dentists are also major income generators.
Australia’s growing aging population has been feeding the growth of the healthcare industry. However, the pandemic has limited this growth, with healthcare providers grappling to contain the virus. Regardless, the sector is expected to remain stable, with a projected annual growth of 1.5% over the next five years.
Boasting 2021 revenues of $129B, iron ore is currently a key factor in the success of Australia’s mining industry. And thanks to the rising prices of iron ore, the industry is thriving in spite of only small increases in production volumes.
The pandemic has caused disruptions to mining and processing activities resulting in a 0.6% production decline. But the limited global supply of iron ore and increasing demand from China are driving the prices up. These factors are expected to ensure high revenue growth over the next two years.
The professional services industry is bringing in hefty 2021 revenues of $173.3B despite a 10% decline caused by the pandemic.
Before the health crisis, strong business confidence was driving greater capital expenditure. Significant technology investments and high profits were feeding the growth of the professional services industry. Prior to COVID, accounting and management consultants were making a killing from businesses looking to keep up with the challenges of globalization.
In the current pandemic context, only selected fields continue to prosper. The increased capital expenditure on R&D and healthcare is feeding the growth of the scientific research services industry. The strict health protocols are also driving the high demand for legal services. Other fields are expected to stabilize as the economy starts to recover in the coming years.
Consumer goods retailing
This sector had already been dealing with challenging retail conditions even before the pandemic came onto the scene. Consumers were unwilling to spend money on non-essential goods due to low disposable income and unstable economic conditions. However, not surprisingly, brick-and-mortar shops have been losing business to e-commerce giants for quite some time.
The COVID-19 pandemic created unprecedented disruption to the consumer market, driving many retail businesses into bankruptcy. As populations were forced to isolate, shops had no choice but to close their doors. However, big corporations are expected to survive, even thrive, as they bank on their e-commerce platforms to outperform smaller businesses.
In spite of these challenges, consumer goods retailing is still making huge 2021 revenues of $153B.
Supermarkets and grocery stores
The big names in the industry have been engaging in price-based competition. Some players are able to get ahead without decreasing their prices by offering a better onsite shopping experience and improved online transactions.
Supermarkets and grocery stores are expected to thrive even as the pandemic is hammering other businesses. Its 2021 revenues of $122B are expected to continue increasing.
The sector’s cost structure and profitability have improved due to the scale economy and reduced reliance on promotional offers.
The crucial role of virtual data rooms in the changing business landscape
The modern business landscape is data-driven. Enterprises need to confront this inevitable fact, if they are to ensure their longevity. This is especially true in the face of the ongoing global pandemic. Enterprises now have to digitize their business processes and share sensitive data with external parties.
This data explosion has magnified the need to safeguard intellectual property and manage risks, and virtual data rooms are designed to facilitate such data safekeeping.
Moreover, certain corporate activities require due diligence, a process that involves a complex web of data that needs to be handled meticulously. With the digital transformation obliterating reliance on paper documents, physical data rooms just won’t cut it anymore. There’s also the herculean task of sharing confidential documents and files without compromising security.
Only a virtual data room complete with innovative organization, collaboration, and security tools can get the job done.
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Australia’s biggest industries, including finance, healthcare, mining and more, have found a new enemy in COVID-19. However, with the right tools and strategies, they can continue to prosper, especially now that the global economy is well on its way to recovery.
The modern world is increasingly reliant on digitalization and the careful handling of data. No matter what industry your company or organization may be operating in, you’ll benefit from the innovative tools that come with a virtual data room.