The Digital Realty-commissioned study, “Digital Capitals Index: London,” examines the value that innovative technologies will deliver to the city’s economy over the next decade through new jobs, businesses, industries and efficiencies in public services. The report focuses on four of the most widely discussed technology innovations: Artificial Intelligence (AI), the Internet of Things (IoT), 5G and Blockchain.
These four innovative technologies combined will add £6.25 billion to London’s economy in 2019, with IoT contributing the most at £3.09 billion (49 percent of the total) primarily through improvements in operational efficiencies.
AI is the second most impactful with an expected contribution in 2019 of £1.99 billion (32 percent of the total) through applications such as combating money laundering. Blockchain will generate £1.04 billion of value (17 percent), and 5G, still in its early stages, will add £130 million (2 percent).
By 2029, however, these new technologies are tipped to contribute an estimated £24.28 billion to London’s economy, £18.04 billion more than 2019.
The most spectacular growth is expected to come from 5G, with its economic contribution to London’s economy set to increase 3,000 percent over the next decade, from £130 million to £4.29 billion, as 5G becomes the foundation for the deployment of many other innovative, data-led technologies.
Digital Realty’s investment in the Digital Docklands is designed to underpin the growing importance of data-led technologies to London’s economy by ensuring the city’s businesses have the right digital infrastructure to adopt and deliver on complex technology, wherever and whenever they need. The Digital Docklands campus is highly connected, offering the high-speed global connectivity required to deliver on the promise of AI, IoT, 5G and Blockchain.
“Cities around the world are on the cusp of a technology revolution that could drive substantial economic growth,” says Jeff Tapley, EMEA Managing Director, Digital Realty. “The opening of our new facility in the Digital Docklands underscores Digital Realty’s commitment to supporting the technology revolution in London. Businesses can rely on our secure platform to connect to and deliver the critical technology they need to succeed, from AI to IoT, from one city and country to anywhere in the world in order to efficiently grow and scale.”