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Emerging tech to boost Sydney economy to $30 billion over the next decade

New research from Digital Realty, a real estate investment trust that invests in carrier-neutral data centres and provides colocation and peering services, shows that 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.

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

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 research noted.

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.

This segment is expected to contribute A$6.47 billion per annum by 2024 (compared to A$2.05 billion in 2019) – a proportionate increase of 216%.

Moreover, the contribution of the four technologies to the Sydney economy is expected to increase from 3% in 2024 to 5% in 2029.

Sydney has been leading Australia in both developing and adapting to new data-led technologies, the Managing Director of the firm’s Asia Pacific arm stated.

He noted that 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.

Globally, among the four leading technologies, AI is expected to account for 46% of value growth across cities.

A further 22% of the overall increase is expected from 5G and nearly 21% from IoT, while blockchain is expected to account for the final 11%.

Although AI is the biggest contributor, 5G is expected to grow at the fastest rate over the 2019-2029 period.

The emerging technologies, AI, IoT, 5G and blockchain, all have data at their core. This comes as no surprise, considering there are 294 billion emails and 5 billion internet searches and 482.6 billion electronic financial transactions every day.

However, data-led technology is just starting. The business applications of these four technologies alone will create a new explosion in data and the value it brings to people and businesses around the world.

The Global Digital Capital Index provides a deep dive into the regions leading the digital charge today and specifically assesses the current and potential economic value innovative data-led technologies will bring to 60 cities around the world over the next decade.

Through new jobs, new businesses, new industries, improved public services and more, the following 10 cities (ranked in order) are predicted to be the world’s leading digital capitals by 2029:

  1. New York
  2. Los Angeles
  3. Tokyo
  4. San Francisco
  5. Singapore
  6. London
  7. Chicago
  8. Toronto
  9. Paris
  10. Hong Kong

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.