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London tech scene is bringing in billions

(Image credit: Image source: Shutterstock/violetkaipa)

London’s tech scene is bringing the city billions, according to a new report by Digital Reality, which claims that there are four major industries that contribute to these earnings.

The Digital Capitals Index: London, says that artificial intelligence (AI), the internet of things (IoT), 5G and blockchain are the big four of innovative technologies which will create new jobs, form new businesses, improve multiple industries and increase public service efficiency.

Combined, the industries will have added $7.70 bn to the capital’s economy this year. Internet of things is the strongest one, raking in $3.81 bn, or 49 per cent of the total. AI is second, with 32 per cent of the total, or $2.45bn, while blockchain sits at number three, with 17 per cent, or $1.28bn.

5G, despite being in its early stages, has already brought in $160 million, or two per cent. Within the decade, 5G is expected to surpass blockchain and become the third largest technology.

Internet of things is heavily dependant on 5G. Having millions of connected devices, including parking metres and traffic lights, but also cars, door knobs, TVs, home speakers and all other kinds of devices, means they’ll need a solid supporting network.

With higher speeds, but also larger bandwidth and the promise of easier connectivity for a bigger number of devices, 5G is expected to be a real catalyst for IoT.