Each generation of mobile technology has opened up new opportunities for the world and 5G will be no exception to that rule. The fifth-generation mobile technology is promising a radical shift with speed, low latency, and scalability with support for LTE and edge computing.
The 5G technology is not far from becoming mainstream. According to a report by Ericsson, 5G adoption will reach 1,479 million subscribers in 2024.
A Qualcomm study reveals that 5G is driving global growth with $13.1 trillion global economic output, $22.8 million new jobs and $265 Billion global 5G Capex and R&D annually over the next 15 years. The study further highlights that the impact of 5G will be much greater than previous generations of mobile networks.
What is 5G Technology?
5G is the latest mobile internet technology. As per International Telecommunication Union’s (ITU) standard, 5G can offer up to 20Gbps of internet speed i.e., 20 times faster than 4G. The latency of 5G is expected to be as low as 1ms. With such high speeds and low latency, 5G will redefine the internet and data transfer.
Business Impact of 5G
5G will impact every business, right from manufacturing to retail. Today every business has gone digital or is planning to do so. The Internet is a vital cog in the digital transformation of any business. Blinding high speed, low latency and massive scalability offered by 5G mobile technology will help business organizations in real-time communication, faster data transfer, and high-speed usage. It will speed up processes and open several new possibilities.
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Manufacturing: 5G will facilitate efficient communications between people, processes, and machinery. Manufacturing units are getting digitized at high speed and the faster 5G will help them leverage emerging technologies such as AI, hyperautomation, and connected solutions better. As per an Accenture study, 5G will drive 20-30% gain in overall productivity, including 50% gain in assembly time, 20% in asset life, and 90% in defect detection.
Retail: 5G technology will help retailers offer superior customer experiences and gain operational efficiency. Faster browsing will facilitate faster shopping for e-commerce companies. They would also be able to use high-quality multimedia content to offer much richer shopping experiences to their customers. 5G can enable up to a 50% increase in sales growth.
Healthcare: One of the key challenges in mobile health or digital health was low internet speed. 5G will address this challenge for the industry thereby giving a strong push to remote healthcare, virtual consultations, and real-time data sharing to minimize delay in care. The Accenture study states that 5G will allow post-acute care to move to remote, home-based models, bringing 30% in cost savings and better patient outcomes.
Automotive: 5G will push the development and enable the success of autonomous vehicles driven by AI and Machine Learning. Autonomous vehicles work on a machine learning-based model wherein they self-learn. The more they drive, the more data will be collected and the more ML models will learn to become accurate. But all this requires the collection of data and its processing in real-time. 5G will facilitate it. Faster data speed and reliability will also bring new solutions in vehicle safety and automation.
Banking: Another industry that will get positively impacted with 5G mobile technology is the banking industry. The Covid-19 has accelerated digital and contactless banking. Today banking is inextricably linked to mobile phones and internet connectivity. 5G will not only make payments faster but will also help banks carry out complex operations internally in real-time. Faster processing power and real-time communication will help banks speed up their processes, fraud-detection mechanisms, and compliance processes leading to higher operational excellence.
5G offers huge potential to businesses and consumers. As the world looks forward to recovering from the COVID-19 caused economic crisis, 5G can power a new wave of economic growth, creating new opportunities for businesses and helping them optimize their potential.
