According to new data released by Digital Realty, emerging technology innovations such as blockchain, artificial intelligence (AI), 5G and the Internet of Things (IoT) are set to transform Sydney’s economy, generating around AUD$30.8 billion over the next ten years, an 80 per cent increase on 2019.
For many countries, blockchain technology is doing what the internet did to our daily lives. From lesser-known countries like Malta and Hong Kong bolstering their economic fortunes through blockchain adoption, to global leaders like China turning to blockchain to reclaim their position as the reigning champion of tech innovation, the technology has certainly started to get the attention it deserves.
Not only is Sydney leading the adoption of emerging technologies in Australia, it is also the Asia-Pacific region’s leading hub for banking, IT and education. It also hosts around 65 per cent of the nation’s financial services and accountancy activity.
Blockchain technology among top 4 technologies to transform Sydney
It is therefore unsurprising that technological innovation is likely to be a key driver of rapid economic growth. Furthermore, with the global economy suddenly but quickly moving online, the focus on emerging technologies is bound to increase.
A report from Digital Realty found that transformative technologies such as AI, 5G and IoT, together with blockchain technology, are accelerating innovation and have already contributed around $6 billion to the Sydney economy. Of this, over 50% of the gains come from IoT.
If this trend continues, the four digital technologies will add around $16.2 billion to the Sydney economy over the next four years, resulting in a combined growth of 140 percent. Overall, the four technologies will increase their contribution from 3 percent in 2024 to around 5 percent in 2029.
