INTRODUCING a 5G mobile network in Scotland could increase annual business revenues by up to £1.12 billion by 2025, a new Barclays report has revealed.
But, the bank added, just 26% of business decision makers in Scotland know how to make the most of 5G for their firm.
Barclays found that distribution, manufacturing, professional services and business services are the areas set to see the largest revenue increases across the UK.
Jamie Grant, managing director of Barclays Corporate Banking Scotland, said: “The rollout of 5G offers a huge opportunity for Scotland. We are seeing massive potential for business growth, which ultimately delivers a positive knock-on effect for the whole region.
“While the UK and Scottish Governments and network providers are already working hard to introduce 5G in Scotland, we found that businesses do not yet have enough clarity about how they will benefit in the long-run.
“To ensure Scotland can realise the full potential of an accelerated rollout, Government, mobile operators and other corporate partners – including financial institutions – have a job to do in order to raise awareness amongst businesses so they can harness 5G.”
The report, titled 5G: A Transformative Technology, sets out a series of scenarios that businesses across the country could face when implementing the tech.
Under a possible “optimistic scenario” – which anticipates an accelerated rollout of 5G and an enhanced uptake among UK businesses and consumers – Scotland would see a £1.12bn increase in business revenue within six years.
With a slower-than-anticipated rollout, and limited use, around £563 million of added revenue would be delivered in Scotland.
Currently, the expected pace of development predicts added revenue of £904m.
Barclays’ research revealed that only 22% of businesses in Scotland are already benefitting from fast communications technology like 4G and ultrafast broadband.
Meanwhile, 46% of businesses said they would benefit from such a network, but have had to work around having one.
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