Spending on technology products and services in Australia is expected to reach AU$99.6 billion in 2020, according to analyst firm Gartner.
IT services are predicted to have AU$36 million spent on it this year, jumping slightly to AU$37.6 million in 2021.
Australian communications services spend is expected to be around AU$28.8 million this year, with next year's spend to remain around the same.
AU$18.8 million is the total spend Gartner sees in the software space this year, with that total reaching AU$21 million in 2021.
Data centre systems will this year peak at AU$3 million, remaining steady next year at the same.
See also: Gartner's top 10 strategic predictions for 2020 (TechRepublic)
Total 2021 Australian spend on technology products and services is estimated at AU$103 billion.
In New Zealand, total 2020 tech spend is estimated to be at NZ$14 million, jumping only NZ$500,000 the following year.
Communications services will comprise NZ$5.4 million of the total tech spend this year.
Meanwhile, worldwide IT spending is projected to total $3.9 trillion in 2020.
"Although political uncertainties pushed the global economy closer to recession, it did not occur in 2019 and is still not the most likely scenario for 2020 and beyond," Gartner research vice president John-David Lovelock said.
"With the waning of global uncertainties, businesses are redoubling investments in IT as they anticipate revenue growth, but their spending patterns are continually shifting."
Gartner said software will be the fastest-growing major market this year.
"Almost all of the market segments with enterprise software are being driven by the adoption of software as a service," Lovelock continued.
"We even expect spending on forms of software that are not cloud to continue to grow, albeit at a slower rate. SaaS is gaining more of the new spending, although licensed-based software will still be purchased and its use expanded through 2023."
The analyst firm is projecting global IT spending to hit $3.79 trillion this year.
Digital transformation along with a macroeconomic tailwind are giving tech vendors a nice boost. CEOs such as Salesforce's Marc Benioff say the spending cycle is stronger than he's seen previously.
In a 2018 Tech Pro Research survey, 70 percent of survey respondents said that their companies either have a digital transformation strategy in place or are working on one.
The banking and securities sector in Australia is expected to clock up an AU$18.5 billion tab in 2020, the analyst firm is predicting.