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Technology is a field that touches every part of our lives, and in recent years it has had a significant impact on the way we work. From the expansion of flexible working and cloud computing to artificial intelligence and global connectivity – technology is shaping the future of our economy.
I recently returned from MWC Barcelona, one of the largest and most influential events looking at the future of technology and the communication ecosystem. This year's event attracted more than 100,000 delegates from more than 200 countries.
Key topics at the conference included 5G technology (and 6G adoption), humanizing artificial intelligence, digital adoption in manufacturing, and connectivity. There were also discussions on digital health, fintech, cybersecurity and green technology. It was a deep dive into some of the biggest topics in technology today.
It was a fantastic opportunity to meet the best global companies and technology start-ups to enhance the North East of England's research expertise, centers of excellence and key investment opportunities. It was also an opportunity to gain a better understanding of investors' needs.
What was particularly interesting was thinking about how these technological developments are being dealt with in the North East of England, and what the opportunities are for our economy.
Cyber security
The cost of cybercrime is estimated to reach US$13 trillion by 2028. Understandably, one of the biggest areas of discussion among industry leaders has been how to protect new and emerging technologies from cyber threats and breaches. How, for example, can we provide strong security and privacy in smartphones, and how can we protect vulnerable populations while empowering consumers and businesses?
It was recently announced that CyberNorth – a cybersecurity group in the North East of England – will open two pilot innovation centers in Newcastle and Durham for early-stage business entrepreneurship in cybersecurity. The centers will collaborate with one of the UK's most successful new fintech companies – County Durham-based Atom Bank – to foster innovation and growth in the sector and address some of the key challenges facing the industry. It also plans to improve skills and provide work experience to young people in the area.
5G and beyond
Since its launch more than five years ago, 5G technology has had a significant impact on a wide range of industries. From improving speeds and reducing latency to increasing connectivity and productivity, 5G provides the foundation for many new technologies being introduced in the workplace.
At MWC Barcelona, companies highlighted that demand for cost-effective private 5G networks has increased, and that the technological leap required for 6G networks will span business, technology and society. Operators were encouraged to change their business models; Working with partners to foster future growth in AI, robotics and cloud-based 5G services with “Digital Optimism” as the key phrase and vision.
Here in the North East, Sunderland City Council is using 5G to create the smartest city in the UK. Using the city as a living laboratory, its 5G small cell network offers investors the opportunity to trial new solutions that will improve the lives of local residents and businesses and improve efficiency across multiple services.
The network is being used by the University of Sunderland to create a 5G test lab that will support cutting-edge research and teaching; Providing students with important new technological skills.
Newcastle City Council has also launched NCLEUS, a collaborative platform showcasing the latest smart and sustainable developments from its Smart City programme. It aims to foster the city's vibrant innovation community and promote Newcastle as a global testing ground and investment location for smart city companies.
Generative artificial intelligence
The impact of AI was of course one of the most widely discussed topics at the event. In PWC's 2024 CEO Survey, 70% of respondents expect productivity AI to significantly change the way their companies create value in the next few years. This raises the question, what does AI mean for the future of industry?
Microsoft demonstrated how AI can be applied at scale to help the industry transform, drive rapid growth, improve its operations, and modernize. Expanded discussions at the event also touched on understanding the strategic business implications of promoting AI, for example, ensuring its impact on society is addressed.
Forming AI centers has become an increasingly popular solution within companies, providing the ability to generate and validate data, and define specific methodologies to accelerate value generation from AI.
Research and developments in artificial intelligence is one area in which the North East of England excels. Northumbria University has recently been selected as one of 12 new centers for doctoral training in artificial intelligence. The UKRI AI Center for Doctoral Training in Citizen-Centered AI will train the next generation of AI researchers and innovators. PhD students will specialize in areas including robotics artificial intelligence, digital healthcare, decision-making and sustainability.
Thanks to multiple high-value grants from the Engineering and Physical Sciences Research Council (EPSRC), Durham University is now at the forefront of AI in the UK. The funding will allow the university to continue its pioneering work in areas such as distributed systems, quantum computing and edge computing.
Financial technology
As banking moves away from the high street and onto our smartphones, the financial sector is encouraging industry partners to collaborate on new technology. In addition to regulatory “sandboxes” – a closed testing environment where a software innovation can be tested before being rolled out – pilot software has become increasingly popular within fintech; Provide controlled testing environments with lighter regulations.
In the North East of England, we have a thriving fintech ecosystem, which has been boosted by the arrival of FinPact – the 'front door' to the fintech ecosystem in the North East of England. Established on the back of the government's Kalifa of UK FinTech review, the organization supports the development of a thriving, world-class ecosystem that fosters collaboration, skills and innovation through fintech.
Data
No technology conference can ignore the key role that data continues to play in advancements in technology and the industry as a whole. At MWC Barcelona, attention was strongly focused on the ongoing need for transparency and clarity, as well as understanding what data exists, and how to determine whether it is safe and legal.
The University of Newcastle and the National Data Innovation Center at Newcastle Helix are unique assets in our region that are using data to transform our approach and understanding of research. Together they train the next generation of leaders in data science and share data expertise for the benefit of society, the economy and their world-leading research.
Skills and talent
What is common across all industry sectors is the debate around access to skills and talent, which is often seen as one of the biggest barriers to growth. Huawei discussed its plans to cultivate digital talent, and how it has been able to support digital inclusion alongside sustainable growth.
Other companies have looked at how AI can improve workforce skills, revolutionize societal norms, and close the skills gap. There was of course consensus among all speakers that diversity is critical to the growth and success of the technology sector, and many sessions provided practical steps for organizations to take.
In the North East of England there are a number of excellent organizations providing support to tech/digital businesses seeking support to access talent, including Sunderland Software City and 50:50 Future. There is still a lot to do, but we are moving in the right direction.
Investment opportunities in North East England
As you can see, the North East of England is leading the way when it comes to developing and adopting new technology into the economy. From world-leading R&D and academic expertise at our region's universities, to the well-established infrastructure supporting 5G, data, satellite technology and more; We have a number of unique opportunities for telecom and technology investors here in the Northeast.
To find out more, please visit investmentnortheastengland.co.uk or email enquiries@inee.co.uk
Written by Rachel Bordis, Director of Inward Investment at Invest North East England
This was published in Bdaily's Members' News section by Invest North East England.
