Emerging tech to add $30 billion to Sydney economy in 10 years

According to new research from Digital Realty, artificial intelligence (AI), internet of things (IoT), blockchain and 5G technologies will contribute AU$30.08 billion to Sydney’s economy by 2029 – an 80% increase from $6.66 billion in 2019.

As the global economy shifts to a remote working model, interconnection technologies will continue driving Sydney’s growth as a digital economy.

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.

The four digital technologies are estimated to have contributed $6.66 billion to the Sydney economy in 2019, with IoT contributing 50% ($3.35 billion).

In comparison by 2024, the contribution of the four technologies to Sydney’s economy is expected to have grown to $16.02 billion per annum, which translates to a predicted cumulative growth of 140%.

In absolute terms, the largest growth is expected to be from AI.

To read more, please click on the link below…

Source: Emerging tech to add $30 billion to Sydney economy in 10 years