How will 5G affect business?
In terms of business impact, Qualcomm’s 5G Economy study estimates that 5G will produce up to $12 trillion in goods and services by 2035. The study also found that the mobile value chain of 5G could single-handedly support 22 million jobs and generate $3.5 trillion in revenue by 2035.
No discussion of 5G would be complete without an exploration of its far-reaching consequences for IoT. Whereas existing sensors can communicate among themselves, such connectivity utilizes a significant portion of LTE data capacity. Current infrastructure cannot support huge volumes of devices and the exchange of significant quantities of information without lags. Because 5G improves speed and reduces latency, fewer resources will be needed to connect an increasing number of devices.
Gartner has predicted that we’ll have as many as 20.4 billion connected devices by 2020, which means 5G’s rise is opportune. Connecting many devices can sap the batteries of the devices and consume significant amounts of energy, but on 5G networks, network energy usage will decrease by 90%, and battery life for low-power devices will extend to 10 years maximum. The new networks will also support 100 times more connected devices per unit area, compared to 4G LTE. Connecting even more devices to gather data in real time will revolutionize many aspects of society.
How will 5G affect healthcare? As mentioned previously, 5G’s implications for healthcare include increased use of massive machine-type communications (mMTC). Healthcare services will improve for rural and more remote areas, where the lack of adequate healthcare facilities can be solved by IoT connectivity. 5G’s enablement of ultra-reliable low-latency communications (URLLC) makes possible technologies such as telemedicine, remote recovery, AR physical therapy and even remote surgery. Launching 5G also means mMTC can be increasingly utilized in healthcare, including to monitor patients via massive sensor networks and track compliance by prescribing smart pills that can record drug ingestion.
How will 5G affect retail? The retail industry will be able to leverage mobile experiences to enhance customer engagement. Digital signage, augmented reality and virtual reality can spawn innovative methods to make customers’ experiences more informative and appealing. Customers can use VR technology to visualize different home improvements and kinds of furniture before making a purchase, for example.
How will 5G affect smart cities? Municipal initiatives encompassing everything from waste management to traffic monitoring can benefit from 5G. As more sensors incorporate themselves into city networks, more systems can integrate and communicate with one another. Cities and municipalities can increase the efficiency of operations for everything from utility usage to street light maintenance to traffic control.
How will 5G affect manufacturing? In manufacturing environments, the low latency that comes with 5G enables remote control of heavy machinery, which reduces risks in manufacturing environments.