According to an EY study by City A.M., around 15 percent of British companies are currently investing in 5 G, with figures expected to rise to 70 percent within three years.
But only 44% said they could successfully implement the Internet of Things (IoT), a 5G-based system of interconnected devices.
The lack of confidence is largely due to the perceived complexity of 5 G implementation, with three-quarters of respondents reporting that they needed a major overhaul of their operating model to make the technology work.
But organisations also cited a lack of understanding of 5 G's benefits, with many admitting gaps in knowledge about use cases and saying that they perceived the new network as just an incremental 4 G or wifi upgrade.
Enterprises in the UK are keen to invest in 5 G, but this does not match the capabilities of most organisations.
said Praveen Shankar, Head of Technology, Media and Telecoms at EY UK & Ireland.
To overcome this challenge and reach 5 G's full potential, providers need to articulate a more compelling vision of the opportunity, while businesses need to learn about the game-changing opportunities.
Despite the hesitation, UK businesses appear to be ahead of the 5 G priority curve, with just over one-third of respondents identifying 5 G's impact on business models as a focus area, compared to 28% worldwide.
Meanwhile, 31% saw higher participation in 5 G trials as a top priority compared to 25% of global firms.
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