Australian enterprise 5G market likely to generate billions – and be critical for business applications
The Australian enterprise 5G market is predicted to generate nearly $45 billion AUD (£24.5bn) on an annual basis by the mid-2020s, including next generation application development, IT services, platforms and connectivity, according to Telsyte.
The market researcher’s latest report found more than two-thirds (68%) of IT and business leaders already perceive 5G as an important technology for their business strategy in the future. Half of the surveyed professionals have said that 5G was critical for future application development. All applications in future are expected to use the huge data transfer capability, more reliable connectivity and lower latency, also allowing ability to change software architectures, real-time services, and cloud-based AI architectures.
Almost half of the surveyed businesses anticipate five times or more connected devices in their organisations within a duration of five years, driving innovation and experimentation with the IoT. According to Telsyte’s latest Australian Enterprise IoT maturity model, there are now 32% organisations that have a strategic approach to IoT, of which almost half have pilot programmes running or already have IoT in operations.
Around a third of large organisations are reporting IoT to be suitable for customer service applications and among these existing businesses that have measured the ROI of IoT, 65% claim to have seen increased revenues, whereas half of them witnessed a boost in production. Likewise, half of them realised “better customer satisfaction or advocacy.”
At the recently held Viva Technology conference in Paris, Ericsson CEO Börje Ekholm said that the company is behind in the 5G race in Europe due to regulatory policies -- though its technology is live with multiple operations in the US and South Korea, along with Swisscom in Europe. He also said that Europe is behind in 4G when compared to the US and China, let alone 5G.
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