A new report from Vodafone reveals how 5G could pave the way for a new wave of start-ups, with 60% of those surveyed believing the technology will help them compete against more established rivals.
The report – launched at the official opening of the Vodafone Digital Innovation Hub at MediaCityUK, Salford – sought the views of start-up leaders across six industry sectors. Almost six-in-ten (58%) said 5G would enhance their competitiveness within two years, and more than half (56%) added that they expect it to change the way they operate their business.
There is growing anticipation for 5G among start-ups. 60% are eagerly anticipating its roll out and 54% are more excited by 5G than any other new enterprise technology. A fifth (20%) also think 5G represents the single biggest opportunity of all current and developing technologies, followed by cloud computing and cyber security.
Anne Sheehan, Business Director, Vodafone UK said: “5G will change the way we live our lives. The creation of cleaner, smarter cities, improved digital healthcare services, automated manufacturing and cloud-based gaming are just some of the areas that will receive a boost from 5G’s improved mobile data speeds, responsiveness and greater capacity. We are committed to helping entrepreneurial small businesses and start-ups take advantage of this technology by making it widely available across the UK. This is why we have ambitious 5G roll-out plans for 19 towns and cities this year and are the only UK company to offer 5G roaming this summer.”
Financial service companies in particular believe 5G will bring significant business benefits with respondents scoring higher than those in any other industry.
71% believe 5G, over and above any other technology, will help their business, and 76% think it could help newer businesses close the gap on established rivals. 81% reported they had to keep pace with technological change in order to be successful, compared with 67% across all industries.