73% Enterprises Will Invest in 5G in the Next Three Years: Report

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The results of a study on Reimaging Industry Futures by Ernst and Young, now popularly known as EY, a business advisory firm, have been revealed. The study aimed at showcasing the perception of 5G technology within enterprises. The study reveals how Covid-19 accelerates uptake and interest in new technologies such as 5G and IoT. EY is known to be a digital transformation specialist and keeps conducting studies like these, showcasing the present and predicting the future of technologies.

Most Organisations Are Taking a Cautious Approach Towards 5G

The findings of its Reimaging Industry Futures Study showed that almost three fourth of enterprises constituting about 71%, believe that the pandemic has helped accelerate their ongoing digital transformation plans. 52% of these enterprises showed greater interest in 5G and the Internet of Things (IoT). Only 17% of the enterprises are currently investing in 5G, and 73% plan to commence investments in 5G over the next three years. These statistics showcase that a majority of organisations are taking a cautious approach towards 5G.

Further findings of the study have revealed that since the Covid-19 pandemic, 27% of Asia-Pacific organisations have shown greater interest in 5G and IoT. This is comparatively higher than 13% and 15% of enterprises showing interest in America and Europe, respectively. Europe is falling behind in terms of the future of 5G being incorporated in business processes as only 70% of European companies have plans to bring 5G into their businesses in the near future. On the other hand, 80% of businesses in Asia-Pacific and 75% of companies in the Americas have plans to include 5G in their business processes in the near future.

Suppliers Incapable to Provide End-to-End 5G Solutions a Key Concern

EY Global Telecommunications Leader Tom Loozen has said that even though organisations understand the importance of 5G, IoT and other emerging technologies, the capability gap among suppliers poses a key concern. He added that Telecomm Operators should take steps to improve their transformation expertise and recognise that businesses want suppliers to act as partners that provide end-to-end solutions. He advised that to enable these end-to-end solutions, operators should focus on new ecosystem positions while focusing on the opportunities for the business model overhaul that 5G can enable.

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Shrijan loves the process of creating content in various verticals, whether it be words, sounds or videos. He's also inclined towards digital marketing and tech industry developments. The art of creation always triggers his interest.

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