5G will enable increased productivity, workforce participation and new business operations that will contribute between $32 billion and $50 billion to Australia’s GDP by 2030, according to a new study from Deloitte.

Commissioned by Telstra, the research “5G Mobile technology: Are businesses ready to seize the opportunity?” was released yesterday during the annual Telstra Vantage conference.

Andy Penn, CEO at Telstra said, the research was a timely contribution to building the understanding of the community, business and policy makers about the transformational opportunity presented by 5G for the nation.

“Australia needs an ambitious agenda to fast track the adoption of 5G and make the sophistication and reach of our wireless networks a competitive advantage in the global economy,” Penn said.

Deloitte surveyed over 550 business leaders from across Australia. Of those surveyed 78 per cent said faster, more reliable and more responsive mobile telecommunications would benefit their business.

During his Telstra Vantage keynote, Penn said, “[From the research] 78 per cent said faster connectivity and reliable connectivity is critical to their business.

“Sixty-six per cent expected to be using 5G within two years, only 3 per cent anticipated that they would never need 5G in their business and 80 per cent are already using technologies that will be significantly enhanced by 5G, IoT, AI and drones.”

Penn said, “We are already rolling out 5G network technology and commercial 5G services are around the corner. The good news is most Australian businesses are gearing up to be ready to adopt 5G, with over two thirds of businesses surveyed by Deloitte expecting to be using 5G in 2020.”

He said Australia businesses are ready for 5G with 80 per cent reporting they are already implementing or expect to be using new technologies that will be enabled by 5G within the next three years, such as artificial intelligence, drones and augmented reality.

“The most cited barrier for businesses potentially adopting emerging technologies is that it might be too expensive. Over 40 per cent of businesses said this was one of their top three concerns.”

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