It is not an easy time to be an internationalist, to seek global solutions to global problems amid what feels like one of history’s periodic inclinations toward divisiveness.
Yet, ironically, we’re on the verge of a new age of interconnectedness, when the daily lives of people across the planet will be more closely intertwined than ever. Advances in technology will usher in the age of fifth generation, or 5G, telecommunications. And, if past is prologue, this technological evolution will lead to dramatic societal changes.
Think about a world in which not just people but all things are connected: cars to the roads they are on; doctors to the personal medical devices of their patients; augmented reality available to help people shop and learn and explore wherever they are. This requires a massive increase in the level of connectivity.
5G is the technological answer, making possible billions of new connections, and making those connections secure and instantaneous. 5G will impact every industry – autos, healthcare, manufacturing and distribution, emergency services, just to name a few. And 5G is purposely designed so that these industries can take advantage of cellular connectivity in ways that wouldn’t have been possible before, and to scale upwards as use of 5G expands.
Qualcomm reckons the 5G value chain will generate up to $3.5 trillion (£2.65 trillion) in revenue in 2035, and support as many as 22 million jobs. Qualcomm has also forecast that 5G will boost global GDP growth by $3 trillion (£2.27 trillion) cumulatively from 2020 to 2035.
Many countries, including the UK, are looking to 5G to better connect rural communities, allowing more people to start businesses from home and opening up opportunities. That’s key, as data from Ofcom finds that geographically, only 63% of the UK has mobile data coverage from all of the four main providers. 5G RuralFirst, a UK Government Department for Digital, Culture, Media and Sport (DCMS) project between the private sector, government and academia, is exploring rural business opportunities enabled by 5G, such as agriculture, broadcasting, and utilities.
The augmented and virtual reality applications that 5G is expected to support could have significant applications in various industries – particularly retail, property, entertainment, gaming, manufacturing and tourism. ABI Research estimates that the AR and VR market will reach $292 billion (£221 billion) by 2025.
The shift from a hardware to a software-based network environment will bring about lower overheads for mobile operators. Those savings will in turn be able to be passed on to business customers.
Smart and automated transport, finally enabled by a stable and fast mobile network, will ensure that there’s significantly less time wasted commuting. Even while using this more efficient transportation, speedy mobile connectivity on public transport will enable employees to work more effectively during commutes and other out-of-office travel.
Manufacturing companies around the world are facing pressures to deliver products faster and more cheaply. On top of this, products are often becoming more complex too. At the same time, some industries have an ageing workforce and are concerned about a skills drain.
5G is expected to usher in automation like never before in manufacturing, creating smart factories that will make processes more efficient and cut costs. This also, of course, brings a risk of job losses and the jury is out on whether industrial automation will leave people out of work or free them up to do more creative tasks.
Augmented reality, enabled by 5G, will also bring benefits for manufacturers, opening up further opportunities for digital twins and remote maintenance, for example.
Retail businesses will also be able to benefit from connected smart parking allocation systems, which will help encourage more potential customers into urban areas. Something similar is already being used successfully in Los Angeles, but with 5G connectivity such a smart system could become far more widespread.
And 5G’s improved connectivity will encourage the discovery of local businesses, and the online exploration of their apps and services from users’ smart devices. With the eradication of performance issues and the expected easing of data prices, it will be possible to make those gateway services much richer and more enticing.
5G is tipped to bring advantages to businesses large and small, although it won’t happen overnight.
If it delivers everything it promises to, many expect the introduction of 5G to underpin the fourth industrial revolution – Industry 4.0, where everything is connected, processed and digitised. This is set to transform and advance many existing industries, as well as creating new ones.
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