According to a new research from Digital Realty, blockchain technology, artificial intelligence (AI), internet of things (IoT), and 5G have been set to pump up the Sydney economy by 80% since 2019. This will contribute AU$30.08 billion by 2029 – an 80% increase from $6.66 billion in 2019.
Of all the technologies, the AI segment is expected to be the most significant contributor by adding about AUD 6.47 billion per year by 2024, which is 46 percent of the total value growth.
Closely following AI’s lead is 5G, which is expected to bring in about 22 percent growth, IoT coming in third with 21 percent, whereas blockchain technology is contributing 11 percent.
Mark Smith, the managing director at Digital Realty Asia Pacific said that Sydney has been leading Australia in both developing and adapting to new data-led technologies.
“Technologies such as AI, IoT and blockchain are already being used across various industries, and 5G usage is expected to grow with the roll-out of commercial networks across Australia. With a highly qualified workforce, the large concentration of universities and research institutes and excellent communications infrastructure, Sydney should strengthen its position as a major digital economic centre of the Asia Pacific region“, said Smith.
Sydney to Lead Australia in Digital Technology
Sydney is one of Asia Pacific’s leading centres for the finance, education and professional service industries, housing five major universities (including two ranked in the world’s top 50) and accounting for 65% of Australia’s financial services activity.
As a result, Sydney is leading Australia in digital technology adoption and is currently ranked 14th (globally) in the Digital Capitals Index.
Emerging technologies such as AI, IoT, blockchain, and 5G are expected to be key contributors to Sydney’s rapid economic growth.
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