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

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.

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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.