Potential Business Opportunity of 5G and its Impact on our Economy
Mobile technology is evolving at a rapid speed. A few years back, we had low internet speed which is nothing compared to the present super-fast 4G. According to a latest survey, by the year 2023, nearly 1 billion users are believed to have 5G access which will have a speed of 1Gbps (Giga Bytes per second). Eventually, this brings advancements in various fields like Entertainment, Retail, Healthcare, and Education. In this blog, you’ll see the potential business opportunity of 5G and its impact on our country’s economy.
Socio-Economic Impact of 5G
5G is different from other generations as it combines the future and current standards of networks like Advanced LTE networks used in 4G. This aspect leverages the virtualized network core and cloud infrastructure which can be optimized for various industries. As the key features include the fastest speed and low latency, 5G will cause an immense impact on better communication. This socio-economic impact paves the way for advancements like virtual and augmented reality, remote health care, and even next-gen connectivity for cars.
According to the millimeter wave (mmWave) specific analysis, 5G forecasts a major contribution to GDP as well. Globally, it will contribute $565 billion GDP based on the 2034mm-Wave Spectrum Data Analysis.
Promising Job Opportunities from 5G
Firstly, 5G will bring an extraordinary user experience. It improves gaming, transaction, and entertainment much faster than it used to be. The greater the bandwidth more will be the connectivity with other devices like robots and sensors.
Secondly, the establishment of the network in new cities will increase job opportunities. Also, industries involving the production and development of 5G technology will have massive employment opportunities.
Impact of 5G - Manufacturing Industry
Companies like Intel, Nokia, and Telia succeeded with their industrial trial of leveraging the bandwidth capabilities of 5G to strengthen the efficiency in the manufacturing sector. Particularly, Nokia has worked on improving operational effectiveness. Along with Omron LD Autonomous Intelligent Vehicles, they have automated the material flow in Ethernet Cables from storage to production without any human interference. With the help of 5G technology, they’ve automated robots to do the task perfectly. This decreased the production cost of telecommunication devices by 45%
Impact of 5G - Healthcare Industry
Doctors are in huge demand especially during this critical covid situation. There are only one million doctors for 1.38 billion people. Yet, not each village/city has better hospital facilities. With 5G technology, doctors can monitor patients remotely with live updates every second. How? AR/VR-related healthcare is in development and helps in disease management in no time. Additionally, drone-enabled medicine delivery will increase the accessibility to quality healthcare for everyone.
Impact of 5G - Entertainment Industry
After the pandemic, the entertainment industry has been redefined for “At Home Live Streaming.” People want to feel the LIVE experience without physically being in the location. Fortunately, 5G technology makes this possible. It will expand the immersive and interactive form of entertainment. Some of them include cloud gaming, live-in stadium experiences, and in-venue media. As a result, the entertainment industry will get an increase in consumer engagement.
THE BOTTOM LINE
With the onset of 5G technology, every industry will have countless opportunities and solutions to existing problems. We at AG Horizon Pvt Ltd, are well-known for understanding the technology and providing apt business solutions for you. Check out our services to know more!
Disclaimer: This information has been collected through secondary research and AG HORIZON PVT LTD is not responsible for any errors in the same.