5G Technology and its possible business opportunities
With 4G technology dominating the wireless networks of the present, a successor is emerging in the form of 5G technology. 5G is expected to replace 4G technology and dominate the wireless networks of the future. This may feel far away, but this innovation may have major implications for business. Businesses who are prepared and ready to adapt to this new technology may have an advantage compared to its competitors. Let's take a better look at 5G technology and the knowledge we already have about it.
5G. What is it?
4G LTE is referred to as the gold standard of wireless technology, but only until the arrival of 5G networks – the latest generation of mobile internet connectivity which provides faster speeds and more reliable connections than ever before. The improved networks will act as a catalyst of both innovation and implementation of IoT technology, providing the necessary infrastructure to carry masses of data.
How big will it be?
5G networks are expected to launch across the world by 2020, but will require ongoing innovation and investment. Penetration and adoption is not expected until 2025-2030. It is estimated that 5G will boost real global GDP growth by $3 trillion dollars cumulatively between 2020 and 2035.
What are possible opportunities?
5G is more than just faster internet. It is a more consistent, efficient, and seamless way to open doors for many cross-sector and integrated technologies. These are some of the most exciting examples:
- Autonomous vehicles: 5G is expected to catapult the autonomous vehicle market into the mainstream. The potential for car-to-car communication through 5G technology means cars will be able to communicate with each other rather than react, making them safer and able to make immediate decisions.
- Smart cities: 5G will transform the development of smart cities. For example, capturing data through 5G will help enable smart energy grids to provide real-time diagnosis in the event of power outages, and smart parking management systems that run on 5G will inform drivers of open parking spaces in real time and therefore reduce traffic and emissions.
- Drones: 5G networks can be used to optimize drone operation and to integrate fleets of drones, enabling them to fight fires, deliver medical supplies and to provide other services in the case of an emergency.
- Healthcare: 5G networks have the power to revolutionise the healthcare industry by using wearables and biosensors to remotely track health data and provide real-time diagnoses. This can benefit healthcare providers by allowing patients to be monitored at home, as well as benefit employers who can monitor employee health in high-risk and remote environments such as mines.
As we accelerate towards wide-scale adoption of 5G technologies, businesses need to start planning now if they are to take full advantage. The infrastructure put in place will transform many new and existing sectors, and allow for Industry 4.0 to become a reality.
The ultra-fast speeds, ultra-low latency and increased connectivity means businesses will be able to use technologies such as IoT networks, artificial intelligence, automation and machine learning to gather and process masses of data from multiple sources anywhere in the world. This data can be used to maximise the efficiency of business operations and introduce new and innovative solutions to the market.
Source: B2B international