Both individuals and businesses will reap the benefits of faster browsing and download speeds, as well as lower latencies and a much larger capacity for more users. Whether you’re an AI enthusiast, an online shopper ready for e-commerce implementations of augmented reality, or just a multiplayer gamer excited for virtual reality, there are many reasons to look forward to 5G.
For society as a whole, 5G will have immense implications for economic development. Let’s look at what the current studies show about the imminent impact of 5G’s rollout. Two reports we’re looking at here are the 2020 report from IHS Markit and the 2021 Accenture reports for both the United States and Europe.
In terms of overall financial growth, we’re expecting by 2035 that $13.1 trillion worth of sales will be enabled partly by 5G technology. 22.8 million new jobs will also be created thanks to the network. GDP will grow by 10.8%, a rate of $265 billion annually, over the next 15 years.
Many industries will also see a major boost in activity thanks to 5G:
- Retail will see a 50% sales growth, as well as the adoption of new features for consumers like in-store video experiences.
- Manufacturing will likely see a 25% increase in productivity thanks to optimizations enabled by 5G.
- Healthcare can start implementing remote care from home for patients, resulting in lower costs and better outcomes.
- Automotives can use IoT and other 5G applications to cut down on traffic and reduce the cost of collisions by $3.6 billion in total.
These are just a few examples of industries that will benefit from 5G rollout. In fact, experts predict that entirely new markets will pop up as well. Cities, for instance, might start implementing more efficient infrastructure and safety features enabled by IoT.
And on top of all these changes, 5G is a huge step in the right direction for sustainability because it introduces new methods of cutting down on carbon emissions and boosting energy efficiency. More optimized transportation routes will result in less gasoline usage in cars, and agricultural applications of 5G will enable reduced herbicide and pesticide usage.