5G tipped to revolutionise business and society, survey shows

5G is tipped to become one of the most influential technologies for business and wider society, according to a global survey of 2700 business and technology decision-makers led by Accenture.

More than three-quarters of the respondents — 200 of which are Australian — believe 5G will enable better connection, and 80% claim the technology will create opportunities for new business models and modernisation.

Jonathan Restarick, Communications, Media and Technology (CMT) Lead for Accenture ANZ, said it was clear Australian businesses are waking up to the potential of 5G technology, particularly in the aftermath of COVID-19.

However, strategies would be needed to unlock this potential, with 76% of Australian respondents admitting they would need help to imagine the future possibilities for 5G-connected solutions.

“The COVID-19 pandemic has demonstrated the increased relevance of this technology as more people work from home and many businesses move their products and services online,” said Restarick.

“The accelerated — and in some cases permanent — digitisation brought about by the pandemic will see consumers, business, infrastructure, the economy and society transformed by 5G’s capabilities.

“Having the right strategy and strategic partnerships will be vital,” he added.

Despite the optimism, security fears over 5G networks and connected devices are on the rise, with more than a third (35%) of respondents expressing concern on this front, compared with just 32% of respondents in last year’s survey.

However, businesses are proactive in managing these concerns, with 74% saying they expect to redefine their security policies and procedures as 5G technology becomes more pervasive.

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