With 5G being available in the enterprise market, it is expected to generate around AUD45 billion ($31.1 billion) in value per year by the mid-2020s. The economic earnings will come from next-generation application development, IT services, platforms, and connectivity.
In fact, a survey by the research company found 68% of IT and business leaders consider 5G as an integral part of their business strategy to make progress. Half of these respondents said it is as important for future development as it is for supporting existing services.
The company stated that what future services are mainly expecting in 5G are the large data transfer capabilities, more reliable connectivity, and lower latency 5G will offer. This will provide a unity to change software architectures to account for real-time services and cloud-based AI architectures.
The top three barriers to 5G investment cited were integration with current systems (34 percent); a lack of business cases (23 percent); and security concerns (17 percent). A lack of skills is also an issue with more than 25 percent indicating they will be looking for an outsourcing partner for developing services.
Almost half of businesses surveyed assume the number of connected devices running on internal systems to increase at least five times within five years. Telsyte said the jump is powering innovation and experimentation in the IoT segment, as it found that one in four companies have already IoT-capable devices, but no formal strategy around them.