The fifth generation of wireless connectivity is here to change the world economy and unlock a wider range of opportunities for various industries. 5G Network holds the ability to connect a larger number of devices and also provides reliability, lower latency, and faster speed compared to the previous generations.
However, performance enhancement isn’t all 5G about but enabling a new set of use cases and business models to create higher value for businesses, customers, and ultimately economies. Through a wide-scale deployment of 5G technology, in combination with Artificial Intelligence, edge computing, and IoT, industries such as manufacturing, healthcare, and finance among others will be able to utilize its full potential.
What is the 5G network?
5G stands for 5th generation mobile network. A 5G network is designed to connect everyone and everything virtually be it machines, devices, or objects. With a more capable air interface than 3G & 4G, it leverages advantages like high data speed, low latency, extensive network capacity, high availability, and rich user experience. This will broadly empower new deployment models and services in the coming years.
According to a recent report, the global 5G Core Market size is projected to grow at a CAGR of 72 % and reach worth of USD 9,497 million.
The global 5G Services Market size is expected to reach USD 249.2 billion by 2026.
5G & Its Global Economic Impact
Qualcomm anticipates that 5G‘s full economic impact will be entirely realized by 2035- generating $13.1 Trillion dollars of global economic output in goods and services with manufacturing, information & communication, and retail representing a considerable share of it. Nevertheless, the size of 5G’s economic impact would vary from country to country and industry to industry.
The impact is going to be much more immense than suspected. Let alone, the 5G value chain would be able to support up to 22.8 million jobs worldwide. In order to make this happen, trillions will be invested to introduce the 5G Network globally.
It is driving growth on the global level & undoubtedly 5G network service will bring advancement in every industry enabling a whole new range of applications and use cases. Business leaders would be able to revisit and revamp their business strategies.
Ensuring successful deployment of 5G Networks would demand tactical attention and big cooperation among stakeholders.
5G & Businesses
The limitation to IoT expansion can be eliminated with 5G’s high network capacity, low latency, and ultra-high-speed. Technology advancement of the future will depend on 5G connectivity. Applications that seemed impossible a few years back will now be enabled by 5G, IoT, and AI technologies together. Some of the sectors that will particularly be influenced by development of the 5G are:
Manufacturing: Increasing demand for customized and complex-to-build products renders the need to connect systems on a common infrastructure. The most evident use cases for manufacturing are Digital performance management, Predictive maintenance, and Human-robot collaboration. By adopting 5G technology incorporated with AI and VR, manufacturing organizations will attain enhanced operational efficiency, reduced maintenance costs, and better equipment utilization. Automated manufacturing is what factories of the future are going to be about.
Healthcare: With the introduction to telemedicine and mobile health (mhealth) the access to quality healthcare is better than ever. Remote health monitoring, wearables, drone-enabled medical services, and remote surgeries are the use cases that will make the 5g network architecture a must-adopt solution for healthcare organizations. Increasing demand for quality care, patient safety and data storage will keep up the need for technology advancement.
Mobility: Who hasn’t heard about Autonomous mobility yet. Its approach to increasing individuals’ productivity by spending less time driving is gaining tremendous popularity among consumers worldwide. 5G is the driver for urbanization. Remote vehicle health monitoring, infotainment on the move, airborne taxis, and smart traffic control are some of the trends run by 5G Network.
Finance: As 5G Network’s high speed will ensure faster data transmission, companies won’t have to worry about overcrowded networks and slow speed. A comprehensive 5G Network represents a major step towards better connectivity for any industry. For financial services firms, it will build the possibility of shortening the settlement cycles, delivering personalized services virtually, and enhancing the overall customer experience. 5G technology-powered finance applications like wearable for payments, virtual finance advisor, and the remote teller will bring in structural changes with accurate measures.
5G Network architecture would serve as a backbone for customized financial solutions and enhanced customer experience.
Also, Retail, Agriculture, Media & Entertainment, Transportation, Gaming, Cloud computing, and other numerous sectors offer significant prospects for exploring the 5G Technology. Consumer 3D calls, Smart customer relationship management, Electric vehicles, Residential smart meters, AR & Cloud gaming, and the list of 5G use cases go far beyond just smartphones.
Despite the adoption & success of the 5G Network across a range of industries, business stakeholders are still skeptical of the benefits and opportunities it might bring. The key is to think ahead and fast-track the 5G adoption employing its full potential ahead of time. This is the way to sharpen your competitive edge and accumulate new revenue opportunities.
The larger role of the 5G revolution is to drive digital transformation. To deliver a top-notch customer experience and maximize customer satisfaction, business leaders will have to rethink their market strategies and operation model. Adoption of 5G could help them do just that.
Crucially, to repair what’s been damaged by the pandemic and restore the pace of growth, businesses will have to adopt connected solutions. With 5G, organizations can embrace digitalization and the world can achieve economic resiliency for tomorrow.
Seize this opportunity at the early phase & unclose the productive potential of the 5G Network.